Changes in Asset Branding Reflect Office Market Moves

MIAMI-Putting a company’s name or logo atop a prominent office building is the next best thing to branding rights on a sports stadium. Now it appears those opportunities will be plentiful this year within Florida’s largest commercial real estate market.

No less than five signature landmark office properties in Miami will have building signage rights available for the first time in decades, according to Cushman & Wakefield. Such invaluable significant branding opportunities may prove to be the determining factor as to where many large tenants execute leases, the brokerage states in its latest research report on the Miami office market.

The tangible value on naming rights to office buildings is difficult to pin down lately, with asking rents falling to as low as $30 per square foot overall but just below $47 per square foot in Miami’s central business district. Local office brokers say marquee tenants can work out those details as part of a new large lease for little or nothing beyond the agreed-upon rent.