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Coconut Grove Sees a 30-Year First in Commercial Real Estate Development

MIAMI—Pent-up demand is about to be alleviated, at least in part. Get all the details.

By Jennifer LeClaire | jenniferleclaire | Updated on March 24, 2017

Tere Blanca

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.

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Assessment

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