The developer of Brickell City Centre has placed a larger bet on the office market, as it has converted a planned wellness usage into “Class A” office.
In 2014, law firm Akerman LLP signed a lease to occupy 80 percent of the 130,000-square-foot Brickell City Centre Green tower that was under construction as part of the $1.05 billion project in Miami. The rest of the space was supposed to be for wellness, but developer Swire Properties has made the 26,000 square feet available for office tenants. It also rebranded the tower Three Brickell City Centre. The project will include another office tower of the same size, Two Brickell City Centre.
“One of the two towers, Three Brickell City Centre, although designed with use flexibility, was originally designated as a wellness center, but current market conditions show demand for additional office space,” said Edward Owen, Swire Properties’ office leasing manager. “Swire decided that it was in the best interest of the market to create supply to further Brickell’s growth as a leading international business hub.”
Arquitectonica designed both buildings, which will have floor-to-ceiling glass and 10-foot high walls. Brickell City Centre will also feature a shopping center, restaurants, condos and a hotel. The office, condo and hotel parts of the project should be ready this winter.
According to Cushman & Wakefield’s second quarter report, the Class A office market in downtown Miami has a 13.3 percent vacancy rate and average asking rent of $41.81 per square foot. The last new office delivery was 2010.
CBRE reports that about 1 million square feet of office space is under construction in Miami-Dade County, with Brickell City Centre and All Aboard Florida’s Miami Central Station as the largest projects.
The Business Journal is tracking another 5.4 million square feet of office space that’s in the pipeline in South Florida, as described in a recent centerpiece.
Click here for a “Behind the Scenes” slideshow of the Brickell City Center