777 Brickell location in the heart of Miami's CBD gives office tenants access to Downtown Miami, the Miami International Airport, South Florida's major thoroughfares, and some of the region's most exclusive residential neighborhoods. The ENERGY-STAR office building offers on-site management, a restaurant, a full-service beauty salon, on-site banking and 24-hour security and has twice been awarded BOMA Miami-Dade's Building of the Year Award (TOBY). That gives it an advantage in the market.

“While leasing activity decreased year-over-year, the drop in activity can largely be attributed to the lack of available space options in the market,” says Owen. “The dwindling supply of availabilities and decrease in leasing activity levels will likely lead to lower absorption numbers in upcoming quarters until new product is introduced to inventory.”

MIAMI—777 Brickell is seeing some office leasing traction as the market tightens. Beta Capital Wealth Management just inked an 8,653-square-foot lease in the urban core office building.

Cushman & Wakefield senior director Tony Jones and director Ryan Levy represented Beta Capital in the restructuring of its existing lease. The firm's project team advised Beta Capital to restructure its lease well in advance of expiration based on projected market tightening and continued rental rate growth.

“Direct vacancy in the office market ended the second quarter at 13.1%, down 10 basis points from a year ago,” CushWake Florida research manager Chris Owen tells GlobeSt.com. “Leasing activity totaled 467,775 square feet during the last three months with the Brickell Avenue, Downtown, and Airport West submarkets accounting for 68% of all new or expansion leases signed.”

CushWake managing director Andrew Trench of represented the landlord, Alliance RE Holdings, a subsidiary of Brazilian construction firm Grupo ARG, in the lease at the 286,822-square-foot, 13-story office tower that offers views of Biscayne Bay and covered parking.

777 Brickell location in the heart of Miami's CBD gives office tenants access to Downtown Miami, the Miami International Airport, South Florida's major thoroughfares, and some of the region's most exclusive residential neighborhoods. The ENERGY-STAR office building offers on-site management, a restaurant, a full-service beauty salon, on-site banking and 24-hour security and has twice been awarded BOMA Miami-Dade's Building of the Year Award (TOBY). That gives it an advantage in the market.

“While leasing activity decreased year-over-year, the drop in activity can largely be attributed to the lack of available space options in the market,” says Owen. “The dwindling supply of availabilities and decrease in leasing activity levels will likely lead to lower absorption numbers in upcoming quarters until new product is introduced to inventory.”