I'm 1000% rooting for this but unf I think JMKeynes sentiment is more realistic.
830 Brickell is still filling up and is the only new major office tower in Miami in years (decades?). And it's only 525,000 sqft office from what I've read I've been shocked at how relatively small the Miami office market is myself. Trend of companies 'Taking their talents to Miami' peaked during the pandemic years - I'm not sure how long this will carry over for years after when the initial excitement wanes.
One Brickell CityCentre is gonna be really hard to pre-lease 25-40% when the Citadel building is 100% a go/reliable and already anchored by Citadel itself and will put additional space on the market.
The square footages below are tiny, esp after WeWork pulled out of 147,000 sqft in August. And Citadel's 90k sqft is only temporary until their building is done. Those two leases were half the building... Now we're talking a puny 250k sqft (not fully leased) outside those two.
Quote:
https://floridayimby.com/2022/08/cit...-district.html
The roster includes: Sidley Austin – 60,000 square feet, Microsoft – 50,000 square feet, A-CAP – 20,000 square feet, Thoma Bravo – 36,500 square feet, Ci Financial – 40,000 square feet, Marsh Insurance – 25,000 square feet and AerCap – 20,000 square feet. Citadel now sits at the helm of this roster with the 90,000-square foot lease. Asking rents at 830 Brickell are reportedly far above the average in Miami. Commercial real estate firm JLL reports asking rents between $125 – $150 per square foot at the tower, while the average in Miami ranges around $51 per square foot.
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As mentioned Wework also pulled out of 147,000 sqft in August. Maybe the sqft $ was too expensive? Since Miami seems to be gravy for them
https://www.thenextmiami.com/wework-...top-worldwide/
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