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Center of gravity for office deliveries shifting to suburban and emerging markets.

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• In terms of future office deliveries, Miami’s submarkets remain clouded in uncertainty.

• After the delivery of Two and Three MiamiCentral’s 315,000 square feet at the start of 2018, no additional office space deliveries are expected in the CBD until potentially 2022.

• In 2018, an additional 225,000 square feet of office product is expected to deliver in Coral Gables and Coconut Grove.

• As of 2019, the only credible space that will be delivered is a combined 76,000 square feet in Wynwood (Wynwood 25 Annex & The Wynwood Garage).

• In other words, the center of gravity for future deliveries seems to be located in suburban and emerging markets.

• In terms of proposed office space, Downtown tops the charts with a projected 1,363,000 square feet scheduled for delivery in the next four to five years, followed by another 330,000 square feet is Miami Airport.

• However, given Downtown’s current vacancy of 22.0 percent, its proposed deliveries remain extremely tentative.

Note: Burger King’s new headquarters in Miami Airport is a build to suit. Their current space at 5505 Blue Lagoon Drive will be vacated by the end of 2018.​

Source: JLL Research

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