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BRICKELL CITY CENTRE’S FIRST PHASE SHOULD HAVE HAD MORE OFFICE SPACE, SWIRE CEO SAYS

Brickell City Centre’s office space is 100% full, and the CEO of developer Swire Properties said he would like to have more of the space to lease.

“I kind of wish we had built more office” Swire chief Guy Bradley told investors in Hong Kong last week, referring to Brickell City Centre.

Bradley added that phase two of Brickell City Centre would include an office component. No update on a construction timeline was provided, however.

The office market in Miami is now very favorable to landlords, he said. A company presentation last week also said the Miami retail market is seeing growing sales and steady demand.

Swire’s presentation said that the One Brickell City Centre supertall tower would include a total of 1.96 million square feet of gross floor area.

The tenant quality now in place at the first phase of Brickell City Centre is extremely good quality, in both the shopping mall and office buildings, Bradley said.

The mall is nicely positioned for the future, Bradley added. Retail space has now reached 90% leased and sales at the mall are continuing to grow.

Condo sales are moving at a “reasonably slow” pace compared to the hot Miami residential market of 2014, Bradley said. Weakness in Latin America continues to affect Miami, but the Reach condo is now nearly sold out and Rise is now around three quarters sold, Bradley added.

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NXT