MIAMI—As Miami's residential construction boom causes land prices to soar, the city's office market is feeling the squeeze. In fact, a new JLL report shows the Miami office market is experiencing the highest absorption gains in nine years and rents are reaching their highest level since before the recession.

But as developers and investors continue snatching up the last remaining prime land parcels and centrally-located office properties, such as the recent $140 million purchase of the 777 Brickell tower, to build decked out condos and mixed-use developments, what will this mean for the fate of the office market in Miami's urban core? We asked two experts in part one of this article.

“We've gone over two years of positive absorption with no new office developing coming online until next year with City Centre,” Scott Strickland, executive vice president at JLL, tells GlobeSt.com. “As a result we are seeing office rents rising and availability decreasing as quality space is absorbed. Finding quality space is becoming a challenge, especially for tenants seeking high-floor space with water views.”