FLORIDA TREND MAGAZINE – OCT 2009
Commercial Real Estate Update
The Other Shoe Is Dropping: Where we are and how we got there.
by Mike Vogel
Miami: Thinking Long Term
No market in Florida faces what Miami will next year: Three, new, top-tier office towers adding 1.9 million square feet to a market struggling with falling occupancy and lease rates.
“The market has actually improved significantly from what it was six, nine months ago. That’s not to say we haven’t had to mark to market and be competitive to attract the quality of tenants we want. Existing landlords have been extremely aggressive.”
— Tere Blanca
Tere Blanca, whose company handles leasing for one of them, 1450 Brickell, argues for context: It’s a market with 47 million square feet, a nearly empty pipeline of new projects and significant barriers to entry. Still, she acknowledges, “It’s a tenant’s market. No one can deny that.”