MIAMI-600 Brickell at Brickell World Plaza just added another 487,000 square feet of office space to the Downtown Miami market. The flood of space pushes the vacancy rate up toward 25%.

Foram Group, developer of the project, resurrected the incomplete tower after securing a $130 million loan earlier this year. Formerly known as the Brickell Financial Centre, the 600,000-square-foot, 40-story project is competing with assets like new 1450 Brickell and the older Miami Tower and Southeast Financial Center.

Are competing brokers worried with the glut of new space? Not really.

Tere Blanca, CEO of Blanca Commercial Real Estate, handles leasing for 1450 Brickell and tells GlobeSt.com that 1450 Brickell is already established in the marketplace. The asset is about 60% occupied. Although she knows that tenants will explore all the options, including 600 Brickell, Wells Fargo and other class A buildings, she remains confident that 1450 Brickell will maintain its momentum.

“I’ve heard tenants already talking about how they are doing business just by riding the elevators in the building,” Blanca says. “That synergy creates a big draw to the property. And our existing tenant base is a terrific source of referrals. We have support from our current tenants to help the continued lease up of the property.”

Five buildings offering 1.6 million square feet of office space came online in Downtown Miami in 2010. But things are looking brighter countywide, with 4,800 new office jobs in the first half of the year, according to Marcus & Millichap. And other than 600 Brickell, no competitive for-lease projects have come to market this year.

“600 Brickell will certainly affect the dynamics of the market,” Gordon Messinger, a vice president at Transwestern, which handles leasing for Miami Tower, tells GlobeSt.com. “However, Miami Tower’s value proposition is different than any other asset within the submarket. Our focus will remain on retaining and attracting the types of tenants that can appreciate a building unmatched in iconic design, access, amenities and ownership.”

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