The document discusses the increasing vacancy rates in Miami's downtown and Brickell financial districts, with overall vacancy rising to 24.7%. Notable leases were signed, including by Crédite Agricole Miami Private Bank and Willis of Florida, Inc., while potential transactions are on the horizon as companies evaluate space for relocation and consolidation. The average asking rent stands at $40.11 per square foot, reflecting the challenging market conditions for building owners.

1. Studley 25
Miami Index
Downtown Miami &
Brickell
Downtown Miami Market Highlights
Build- Largest Despite increasing activity and a general sense of growing
ing Year Building Contiguous Vacancy confidence in the overall markets, substantial pressures remain
Building Address Class Built Size SF Available(1) Rate(2) on building owners in Miami’s Downtown and Brickell Financial
333 Avenue of the A 2010 752,488 SF 391,900 SF 56.7% Districts with overall vacancy increasing to 24.7% in the Class A
Americas and Class B Index buildings that constitute the competitive market
100 SE 2nd St A 1987 600,959 SF 54,095 SF 20.3% in Miami’s Financial District. Available sublease space in all Index
buildings is currently 263,606 square feet, but this occupied space
150 W. Flagler St A 1983 234,166 SF 14,087 SF 13.8%
is not included in vacancy calculations presented in this report.
200 S. Biscayne Blvd A 1984 1,225,000 SF 102,246 SF 16.6%
The increased vacancy is due in large part to the addition this period
201 S. Biscayne Blvd A 1982 782,210 SF 45,796 SF 18.4% of 600 Brickell Avenue. Renamed Brickell World Plaza, the building
1 SE 3rd Ave B 1973 420,080 SF 26,824 SF 16.4% contains a total of 614,908 square feet on 40 floors with floors 3-12
reserved for parking; floor 14 reserved for building amenities and
2 S. Biscayne Blvd B 1974 691,783 SF 25,476 SF 10.2%
management offices; and floors 15 and 16 reserved for building
Brickell managed executive suites. As reported in the previous Index, Crédit
Agricole Miami Private Bank has signed a lease for the entire 37th
Build- Largest floor consisting of approximately 19,500 square feet.
ing Year Building Contiguous Vacancy
Building Address Class Built Size SF Available(1) Rate(2) Willis of Florida, Inc has signed a new lease for 18,875 square feet
600 Brickell Ave A 2011 614,905 SF 308,346 SF 83.0% for the majority of the 16th floor of 1450 Brickell Avenue bringing that
building to just over 70% occupancy. New leases were also signed
701 Brickell Ave A 1986 677,667 SF 30,995 SF 13.7% by: Merrill Lynch in a 22,498 square foot renewal and expansion of
801 Brickell Ave A 1985 415,150 SF 17,900 SF 16.3% its 200 S Biscayne lease; Morgan Stanley in a 43,000 square foot
1111 Brickell Ave A 2000 522,892 SF 23,918 SF 14.2% renewal and expansion at 201 S Biscayne; Interaudi Bank in a 8,540
square foot renewal at 200 S Biscayne; and the British Consulate
1221 Brickell Ave A 1986 407,246 SF 75,022 SF 42.1% General office has expanded and renewed its approximate 11,000
1395 Brickell Ave A 2004 260,000 SF 2,717 SF 1.1% square foot Miami consulate at 1001 Brickell Bay Drive.
1441 Brickell Ave A 2003 254,648 SF 0 SF 0.0% As pressure of increased vacancy hangs on the market, several
1450 Brickell Ave A 2010 582,817 SF 59,448 SF 29.4% notable potential transactions are causing building owners to keep
their pencils well honed. Young & Rubicam is reportedly seeking
1001 Brickell Bay Dr A 1985 280,500 SF 10,780 SF 11.3% 60,000 square feet in a potential relocation from 601 Brickell Key Drive
501 Brickell Key Dr A 1986 120,531 SF 9,029 SF 10.2% and Preferred Care Partners may look at as much as 75,000 square
feet in a financial district location as it considers an expansion and
601 Brickell Key Dr A 1989 207,489 SF 11,521 SF 15.0%
consolidation of its current Miami locations – although a suburban
444 Brickell Ave B 1973 200,000 SF 32,778 SF 40.0% alternative is likely to prevail. UBS Wealth Management offices
777 Brickell Ave B 1980 288,457 SF 19,779 SF 16.4% in Miami are evaluating a consolidation of approximately 40,000
square feet, which could involve current Downtown and Brickell
800 Brickell Ave B 1981 208,325 SF 10,590 SF 27.7%
Avenue operations, and at least two major law firms have started
1101 Brickell Ave (N/S) B 85/64 251,829 SF 10,708 SF 46.8% to evaluate the market in what would ultimately be transactions of
1200 Brickell Ave B 1986 231,501 SF 14,727 SF 10.5% approximately 100,000 square feet each.
30.0%
1401 Brickell Ave B 1974 188,138 SF 6,180 SF 12.6%
28.0%
80 SW 8th St B 1986 285,959 SF 26,010 SF 20.8%
26.0%
24.0%
Total
22.0%
Percent Leased Rate
Existing RBA: 10,713,740 SF
20.0%
Vacant: 2,645,152 SF 24.7%
18.0%
Occupied: 8,068,588 SF 75.3%
16.0%
Average Asking Rent: $40.11 SF
14.0%
(1) (2)
Includes future availabilities currently being marketed. Vacancy Rate includes only space currently indicated as vacant.
12.0%
For additional information please contact:
10.0%
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.
July/August 2011