MIAMI—There's been some talk about Miami office users moving north. Is the real and perceived increase in rental rates causing businesses to move out of Miami's CBD to other emerging South Florida submarkets? After all, some have said that Miami is the most expensive office market.
It's definitely true that some office users are moving outside the urban core. Some are moving to Coral Gables. Others to Airport West. Still others are moving to Fort Lauderdale or even Boca Raton. We also know that rental rates are impacting renewals.
But Donald Cartwright, senior vice president of JLL, tells GlobeSt.comrental rates by themselves are not the primary cause for tenants that choose to remain or move out of Miami's CBD or to other markets for that matter. So, then, what is?
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