The Miami-Dade office market as a whole had 516,963 square feet of leasing activity in the first quarter of 2010, a 6.7% increase from the fourth quarter of 2009, according to a Cushman & Wakefield's MarketBeat office report. Still, the overall vacancy rate increased to 18.5% from 17% for the same period.

While the sublease vacancy rate actually fell from 1.5% to 1.3%, between fourth quarter 2009 and first quarter 2010, more direct space became available during the first three months of the year, thanks to the completion of two new buildings—the 585,000-square foot 1450 Brickell building on Brickell Avenue, and the 87,358-square foot Causeway Square building in North Miami, roughly ten miles to the north. Both of these buildings were completed in January.

At the end of first quarter 2010, over 1.5 million square feet of speculative space were under construction, with only 18% of it pre-leased. Two more buildings are scheduled to come online this year, the 750,000-square foot Met2, in downtown, and the 150,000-square-foot 8333 Downtown Doral in the city of Doral near Miami International. A third building, the Brickell Financial Centre with 610,629-square feet, in the Brickell Avenue area, is expected to be delivered in August of 2011.