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New Product Spikes Miami Office Vacancy

MIAMI-At the end of first quarter 2010, over 1.5 million square feet of spec office was under construction, with only 18% pre-leased.

By Hortense Leon | Updated on May 04, 2010

MIAMI-At a time when downtown Miami and Brickell Avenue, just to the south of downtown, are benefiting from the influx of thousands of new residents, the office market in the area continues to chalk up higher vacancies. This is exacerbated by new projects coming to completion.

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.

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