MIAMI—Two buildings unveiled in the past month – Terra's Mary Street and Federal Realty's One CocoWalk – will relieve pent-up demand that has led to an office market vacancy rate of only 1% in the Grove; the lowest rate in all of South Florida.

The buildings will total a combined 140,000 square feet and cater to companies looking to locate their offices in proximity to some of the city's trendiest shops and restaurants. It's all part of the new wave in the office sector, where businesses forego locating in corporate districts in favor of hip, urban, walkable neighborhoods.

GlobeSt.com caught up with Chris Dekker, vice president of Mayfair Real Estate Advisors and Tere Blanca, president and CEO of Blanca Commercial Real Estate, to get their take on the office aspects of this project in part one of this exclusive interview. Stay tuned for part two, in which the duo will talk more about the types of tenants that flock to Coconut Grove.