MIAMI—Flight to quality. Those were three words we heard over and over again after the commercial real estate industry imploded and left Miami's office inventory largely dark in 2008.
“During the course of the past year, class A assets dominated the market, capturing more than 80% of the total positive net absorption across Miami-Dade County,” Tere Blanca, president and CEO of Blanca Commercial Real Estate tells GlobeSt.com. “Further evidencing the trend of tenants making a 'flight to quality,' major in-market moves, new-to-market entries and expansions were influenced by companies choosing to establish their footprints in premier trophy assets, as well as newly delivered office product.”
Where do we go from here in Miami's office space market? Blanca, who was a voice of optimism in the local industry's recession dark says, has some specific predictions.
“In 2018, companies will continue to gravitate towards premier new office space, hyperconnected to amenities and public transit, to elevate their corporate brands and attract new talent,” says Blanca. “The launch of Brightline will bring more region-wide business crossover, particularly along the urban centers, and fuel talent mobility across the region.”
In addition to creative new amenity offerings within a building, Blanca points to several other significant key office space drivers. She points to walkability, proximity to ample residential offerings and varied retail.
“A building's tenant mix will also influence a company's vetting and selection process, particularly for new developments, so projects offering a more 'curated' approach to office leasing strategy will stand out,” Blanca says. (Looking for the next generation of office space needs? Check this out.)
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