1. Studley 25
Miami Index
Downtown Miami &
Brickell
Downtown Miami Market Highlights
Largest With increased activity across the board, vacancy rates in the
Building Year Building Contiguous Vacancy Studley 25 Miami Index continued to fall in March/April 2011 with
Building Address Class Built Size SF Available(1) Rate(2) total vacancy settling at just over 20%. While activity at 1450 Brickell
Avenue continued to outweigh its competitors, most buildings noticed
333 Avenue of the A 2010 752,488 SF 400,000 SF 57.8% an increase in transactions although average transaction sizes were
Americas
moderate.
100 SE 2nd St A 1987 600,959 SF 54,095 SF 22.5%
Miami Center, 201 S Biscayne Blvd., benefited from the consolidation
150 W. Flagler St A 1983 234,910 SF 14,087 SF 13.8% of Morgan Stanley Smith Barney’s Miami operations. The financial
service firm, although now independent from CitiBank, will relocate its
200 S. Biscayne Blvd A 1984 1,225,000 SF 67,629 SF 14.1% 1111 Brickell Avenue operations to consolidate with additional facilities
201 S. Biscayne Blvd A 1982 782,210 SF 45,796 SF 15.7% currently located at 201 S Biscayne. The firm will increase its leased
premises by 23,616 square feet to a total of approximately 45,000
1 SE 3rd Ave B 1973 420,080 SF 26,824 SF 16.4% square feet.
2 S. Biscayne Blvd B 1974 691,783 SF 30,708 SF 9.5% One Downtown building’s gain is another’s loss – moving in the
opposite direction of Morgan Stanley – Berger Singerman has signed
Brickell a lease to relocate from 200 S Biscayne Blvd. to 25,837 square feet
on the 19th floor of 1450 Brickell Avenue. Berger joins other law
Largest firms Bilzin Sumberg and Ratzan & Alters. The building is now at 65%
Building Year Building Contiguous Vacancy occupancy with the large majority of the remaining available space
Building Address Class Built Size SF Available(1) Rate(2) being the lower base floors including all five double height office “lofts”
701 Brickell Ave A 1986 677,667 SF 32,751 SF 13.4% consisting of approximately 6,000 square feet each. The building has
been seeking premium value for these floors.
801 Brickell Ave A 1985 415,150 SF 17,900 SF 14.9%
1221 Brickell Avenue has closed two law firm deals during this reporting
1111 Brickell Ave A 2000 522,892 SF 23,918 SF 12.3% period. Weiss, Alden & Polo, P.A., currently located at 1401 Brickell
Avenue, has signed a lease for approximately 4,000 square feet, and
1221 Brickell Ave A 1986 407,246 SF 130,021 SF 48.6% Lydecker, Diaz, currently at 1201 Brickell Avenue, has signed a lease
1395 Brickell Ave A 2004 260,000 SF 2,717 SF 3.3% for 22,712 consisting of part of the 18th and the entire 19th floors.
Although now less than 50% vacant, the building has many leasing
1441 Brickell Ave A 2003 254,648 SF 0 SF 0.0% challenges ahead.
1450 Brickell Ave A 2010 582,817 SF 78,323 SF 35.7% 701 Brickell Avenue has reduced its vacancy to below 10% with
the completion of a new lease for Ogletree, Deakins, Nash, Smoak
1001 Brickell Bay Dr A 1985 280,500 SF 10,780 SF 15.1% & Stewart, P.C. relocating in the building to 7,618 on the 16th floor;
501 Brickell Key Dr A 1986 120,531 SF 16,305 SF 14.9% Parmenter Realty Partners’ lease for 7,478 square feet on the 20th
floor; and GFG Capital’s lease for 6,068 square feet on the 14th
601 Brickell Key Dr A 1989 207,489 SF 17,309 SF 20.6% floor.
444 Brickell Ave B 1973 200,000 SF 32,778 SF 36.1% Construction activity and marketing has increased at 600 Brickell
Avenue which has been renamed Brickell World Plaza. The global title
777 Brickell Ave B 1980 288,457 SF 19,779 SF 9.5% may have helped the building as transactions with both German and
800 Brickell Ave B 1981 208,325 SF 10,590 SF 22.8% Suisse financial service firms continue to be whispered around town
and space has been removed from CoStar listings, which is believed
848 Brickell Ave B 1981 100,425 SF 2,231 SF 2.2% to be that under negotiations by Crédit Agricole. Officially, 522,555
rentable square feet will hit the market this summer increasing the
999 Brickell Ave B 1973 101,073 SF 9,249 SF 19.2%
vacancy rate in Index buildings to approximately 24%.
1200 Brickell Ave B 1986 231,501 SF 6,107 SF 2.6% 90.0%
88.0%
1401 Brickell Ave B 1974 188,138 SF 6,180 SF 14.0%
86.0%
80 SW 8th St B 1986 286,341 SF 16,214 SF 22.0%
84.0%
Total
Percent Leased Rate
82.0%
Existing RBA: 10,048,886 SF 80.0%
Vacant: 2,033,787 SF 20.2% 78.0%
Occupied: 8,015,099 SF 79.8% 76.0%
Average Asking Rent: $39.60 SF 74.0%
(1) (2)
Includes future availabilities currently being marketed. Vacancy Rate includes only space currently indicated as vacant. 72.0%
For additional information please contact: 70.0%
Chris Lovell at 305.423.1925 or clovell@studley.com
The Studley 25 Miami Index is a bi-monthly comparison of the top twenty-five
Class A and Class B buildings that constitute the competitive market
in the Downtown Miami & Brickell Financial District. Percent Leased in all Miami 25 Index Buildings
March/April 2011