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Compared to pre-recession construction, newer deliveries lag

  • ​For buildings built since 2000 it has taken landlords an average of 8.6 quarters to achieve 85.0 percent occupancy. This average is buoyed by product delivered in the previous development cycle when buildings achieved high occupancy levels quickly.
  • Across the CBD, buildings delivered from 2010 on have seen slower occupancy gains compared to those built between 2000 and 2009. The one exception is Three Brickell City Centre, which was 97.0 percent occupied upon delivery thanks to Akerman Law's relocation within the submarket into roughly 111,000 square feet.
  • Preleasing at the MiamiCentral project has been strong, but with Downtown leasing activity slowing down and elevated vacancy north of the River, reaching the 85.0 percent threshold might not happen at the two year market despite the attraction of the transportation oriented development.
  • Currently, the Brickell Class A buildings built before 2000 have an occupancy rate of 89.5 percent compared to this Brickell development set (less Wells Fargo) at 90.0 percent. This may indicate tenants are a bit more price sensitive and are remaining in their current spaces oppose to relocating. All new Brickell developments except 1111 Brickell have asking rents above the pre-2000 Brickell Class A buildings.​

Source: JLL Research

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