This document summarizes the state of the Miami-Dade office market in 2010 and provides a forecast for 2011. It discusses trends such as tenants moving to higher quality buildings while still being able to negotiate good lease terms. Large tenants made significant moves in 2010, increasing available sublease space. The forecast predicts continued flight to quality and slow economic recovery allowing small expansions. The document also provides statistics on vacancy rates, absorption, lease rates, and construction in different submarkets. It highlights some of the largest lease deals in 2010 and a featured property for lease.

1. CB Richard Ellis
777 Brickell Ave, Suite 900
Miami, FL 33131
Office
NOTES
News on the state of the Miami-Dade Office Market...

2. CB RICHARD ELLIS :: MIAMI-DADE
OfficeNotes
March 2011
OFFICE SPECIALIST
Elizabeth Santos
elizabeth.santos@cbre.com 2010 YEAR END STATS
T 305.779.3133
CB Richard Ellis, Inc. | Licensed Real Estate Broker
AND 2011 FORECAST
2010 was a year of transition for the Miami office Landlords have been voicing their desire to cut back
market. Large tenants made bold moves, trophy as- on concessions, however, market conditions may
sets were traded and 1.5 million square feet of new dictate the persistent need for aggressive concessions
office buildings were added to the market inventory. to keep and attract tenants. Large tenants continue
The substantial increased inventory of Class “A” of- to have viable options for relocation so their current
fice space continues to pressure existing buildings to landlords will be hard pressed to retain them.
lower lease rates and offer competitive concession
One interesting trend is the small amount of sublease
packages.
space available. For example, at the end of 2010,
Although our statistics are showing positive ab- our database shows 95,858 square feet of available
sorption for 2010 for Brickell sublease space in the Miami Airprot
and Downtown (CBD – Central WE FORECAST the trends for 2011 office submarket. At year-end 2009, we
Business District), these numbers leasing to include a continued flight to had 153,661 square feet. This
will shift to a negative number by trend of decreased sublease space
quality. Tenants will be able to move into
the end of the first quarter in 2011 is a positive trend for both tenants
higher quality buildings with the market
as tenants move from one build- and landlords. Landlords are not
ing to another. Coral Gables was conditions still favoring tenants competing with space being of-
hardest hit last year, losing almost fered at fire-sale prices and fewer
150,000 square feet of tenants. The completion of tenants are stuck with excess office space wreaking
396 Alhambra will keep Coral Gables a strong ten- havoc on their bottom line.
ant market through 2011.
We are seeing positive signs of economic recovery
We forecast the trends for 2011 office leasing to with companies making small expansions and
include a continued flight to quality. Tenants will still modest additions to staff. As companies feel more
be able to move into higher quality buildings with confident as the economy continues a slow recovery,
the market conditions still favoring tenants. we anticipate more moderate, albeit slow, growth in
both staff and office square footage.
For the full Fourth Quarter 2010 MarketView visit http://gkc3.cbre.com
Elizabeth Santos has over 18 years of experience in office leasing with over $150 million
of lease transactions during that time. Her primary focus is tenant representation. Elizabeth
is currently on the Leadership Council for Take Stock in Children and a member of both the
Doral Business Council and The Commonwealth Institute. She is the 2009 Rising Star for
CBRE’s Miami Office and Top 25 for CBRE Florida
© 2011, CB Richard Ellis, Inc.

3. FOURTH QUARTER 2010 MARKET STATISTICS
OfifceNotes
Avg Asking Dir
Total Availability Total YTD Net Construction Under
Submarket Building SF Lse Rate ($/SF/Yr)
% Vacancy % Absorption Completions Construction
Full Service Gross
Airport West 10,182,044 25.2 19.1 $24.82 (7,608) 0 0
Brickell 6,536,894 27.4 19.0 $35.49 81,319 0 605,886
Coral Gables 6,147,932 24.1 17.3 $33.39 (148,526) 0 229,000
Downtown Miami 7,605,092 27.5 19.4 $33.53 69,488 0 0
CBD Total 14,141,986 27.4 19.2 $34.44 150,807 0 605,886
Suburban Total 30,124,627 24.7 18.1 $27.25 (90,197) 0 229,000
Overall Total 44,266,613 25.6 18.4 $29.87 60,610 0 834,886
Class A Total 19,863,905 24.4 18.1 $36.10 518,993 0 834,886
Class B Total 18,163,864 26.6 19.4 $26.12 (258,185) 0 0
Class C Total 6,238,844 26.7 16.8 $21.97 (200,198) 0 0
Source: www.cbre.com/research
With several large tenants slated to move in 2011, the CBD
and Airport West submarkets are anticipating increased
negative absorption in the next first quarter of 2011.
2010 TOP 10 LEASES
SF Tenant Submarket
100,000 Amadeus Airport West 2009 had overall total availability of 21.4%
and total vacancy of 14.9%. It appears the
100,000 Discovery Channel Airport West market is reaching the bottom.
96,012 Nova Southeastern Univ. Kendall In comparison, 2009’s top 10 leases
averaged less than 40,000 square feet
CB RICHARD ELLIS :: MIAMI-DADE
91,000 Wells Fargo Downtown Miami and were primarily renewals of smaller
square footage. 2010’s strong activity by
80,000 Oceania Airport West large tenants is an indication of recession
recovery.
75,000 Vitas Downtown
65,000 Hunton & Williams Brickell
60,000 State Farm Airport West
50,000 Banco Sabadell Brickell
March 2011
40,000 JP Morgan Chase Brickell
Source: www.cbre.com/research

4. FEATURED PROPERTY
OfifceNotes
Belgravia Management, LLC, the Hialeah Expy
LeJeune Rd
S.
East 4th Ave
Palm Ave
O
new owners of Airport Financial 826 ke
e ch
ob
ee NW 62nd St
SITE
NW 22nd Ave
NW 17th Ave
Rd
NW 27th Ave
NW 32nd Ave
Center, have selected me as
NW 2 d A
NW 7th Ave
MIAMI NW 54th St
NW 72nd Ave
Palmetto Expy
SPRINGS
their exclusive leasing agent.
y
NW 46th St
kw
East Dr
P
Airport Expy
Curtiss
This 100,000 sf building sits on S
NW 36th St
NW 10th Ave
Ro
ya
lP
95
the northeast corner of Miami
MIAMI oi
Ave
nc
INTERNATIONAL
S LeJeune Rd
ia
AIRPORT na
NW 37t h
B
NW 20th St
International Airport.
lv d
.
836 Dolphin Ex
py
If you want to escape the traffic W Flagler St
congestion and construction of SR
836, consider this building.
The ownership has launched an extensive renovation program to update it. We will be having a
grand opening party later this year to re-introduce the building. In the meantime, call me for more
information.
PERSONAL NOTE
My 15-year-old son is the lacrosse goalie for Palmetto High School’s JV team. The season is almost
over and his team has done well. These boys have been playing together for several years and it
shows. My husband and I attend every game. We keep the statistics for the team – mainly as an
effort to remain calm as balls are fired at our precious child. It’s a great sport and fun to watch!
CB RICHARD ELLIS :: MIAMI-DADE
March 2011
© 2011 CB Richard Ellis, Inc. CB Richard Ellis statistics contained herein may represent a different data set than that used to generate National Vacancy and Availability Index statistics published by CB Richard Ellis’ Corporate
Communications Department or CB Richard Ellis’ research and econometric forecasting unit, CB Richard Ellis—Econometric Advisors. Information herein has been obtained from sources believed reliable. While we do not doubt its
accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for
example only and do not represent the current or future performance of the market. This information is designed exclusively for use by CB Richard Ellis clients, and cannot be reproduced without prior written permission of CB Richard Ellis.