Experts project rent to continue to rise by 8.9 percent through the end of the year.
The scarcity of space has had an effect in Miami-Dade, where the asking leasing rates increased 12.5% to $38.98 per square foot this third quarter, from $35.54 a square foot year-over-year.
Related has made offers to unit owners at both Champlain Towers North and Champlain Towers East.
With the future of offices still uncertain, Miami gained traction as an office boomtown. A slew of corporate giants and startups announced they would be opening up offices in Miami. But the office market has yet to produce eye-popping statistics matching the hype.
In its 890 feet of height, the Okan Tower is still planned to include three pools, one outside on the 70th floor, a spa, an outdoor lounge, a fitness center, a gastro kitchen, a children’s play center, a wine cellar, a rooftop restaurant, a movie theater and a cigar room.
The under-construction 55-story office tower — loaded with state-of-the-art amenities and building health systems — already is signing up big-name tenants, including Microsoft, WeWork, Thoma Bravo and CI Financial, with more to come ahead of its opening next year.
Cryptocurrency isn’t the only corner of the tech world exploring new realities in Miami.
Starting Oct. 1, the federal government plans to start gradually reducing subsidies for its flood insurance programs, pushing up rates for homeowners, according to the New York Times.
Currently, metropolitan Miami has the third tallest skyline in the country, and nearly every commercial neighborhood has construction of some kind occurring.
Microsoft will use the space at 830 Brickell as its new regional headquarters.