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Highly doubt there's strong demand when office vacancy is 18.1% between Brickell and the CBD. Adding 555K sq ft in an area with vacancy rates that high is not smart at all.
Keep in mind the mixture of different functionalities and the type of office space (A,B,C). Not everyone wants Class A space. There is also demand for Class B office space.
World Center Miami is adding 500k of office space. Panorama Tower added up to 100k of office space.
With the functionalities, not all office space is created equally. Just because there might not be as much demand with finance, doesn't mean that the office space can't cater to medical for example.
If the demand wasn't there, we wouldn't be seeing so many developments rise, some which include office functionality.
Rest assured that risk is calculated. Kinda why a lot of Miami projects in the past have been on-hold, shelved, or reduced in size.
The events occurring show confidence and risk acceptance.
It doesn't have to ALL be leased right away either.
This has a tentative completion date of either Q1 or Q2 2021. The 146,000 square feet IMO should serve as a big confidence boost. I think smaller scale leases will do wonders, as to not overshoot for the big players. They can start u/c, and work on getting more leases.
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The suburbs are second-rate. Cookie-cutter houses, treeless yards, mediocre schools, and more crime than you think. Do your family a favor and move closer to the city.
__________________ Miami at Night Book - Available on Amazon.com, Books & Books, Barnes & Noble, Schiffer Publishing goldenduskphotography.com - Capturing Miami and beyond... @goldenduskphoto
__________________ Miami at Night Book - Available on Amazon.com, Books & Books, Barnes & Noble, Schiffer Publishing goldenduskphotography.com - Capturing Miami and beyond... @goldenduskphoto
This will be Miami's new tallest. CTUH has this as 2m taller than Panorama Tower. Aston Marin Residences is also rising, and will be the 3rd tallest at 249m.
This will be Miami's new tallest. CTUH has this as 2m taller than Panorama Tower. Aston Marin Residences is also rising, and will be the 3rd tallest at 249m.
__________________ Miami at Night Book - Available on Amazon.com, Books & Books, Barnes & Noble, Schiffer Publishing goldenduskphotography.com - Capturing Miami and beyond... @goldenduskphoto