MIAMI—Downtown Miami and Brickell are hot locations for local and global businesses that want to be where the action is. Even still, Brickell's vacancy rate is about 15% and the CBD's vacancy sits at 20%, according to the Miami Downtown Development Authority (DDA) Office Study.

Danet Linares, vice chairman of Blanca Commercial Real Estate, tells GlobeSt.com the vacancy has led to more new tenants entering the market, which is good news. Nevertheless, Brickell and the CBD are nevertheless being repositioned with future growth in mind.

“The Miami DDA Office Area is currently positioning itself to be a major hub for technology and workspace innovation throughout the southeast US and Latin America,” Linares says. “The fact that the US' first Microsoft Innovation Center will be located in the Miami DDA Office area highlights the importance of Downtown Miami as a catalyst for growth in the tech industry.”