Brickell Bay Office Tower recently reached 93% occupancy, reflecting the raising demand for space in Miami’s growing business district. Christian Driussi, who is the vice president of leasing at Brickell Bay Tower, said that they completed 15 leases that totaled 53,000 square feet in 2014. These transactions were a combination of new leases and lease renewals, with some tenants expanding to the amount of space they rented in order to accommodate their growing needs, with the current average asking rent for the building being $44 per square foot. Brickell Bay Office Tower occupies a stretch of coveted Miami Beach shorefront and is prime space for businesses located in South Florida, so it is no surprise that it is almost all filled up. Miami’s financial sector has recently skyrocketed in popularity, with new companies vying for space in the city, which is quickly becoming known as much for its flourishing economy as for its sunny beaches and popular nightlife. Therefore it seems only a matter of time until Miami’s commercial real estate buildings such as Brickell Bay Office Tower reach capacity.
This recent finding reflects the growing demand for properties in Miami Beach, whether commercial or residential. South Florida has so much to offer companies and individual residents in terms of both glamorous luxury escape as well as thriving international business, so it is no wonder that the real estate market in the sunshine state is growing at such a rapid pace with listing selling quickly and often very close to the original list price. Now is the time to invest in real estate in South Florida, and a RE/MAX agent would be happy to assist no matter what sort of luxury accommodations you may be interested in so please feel free to contact an agent today!