Miami Market Update: Planned Stock Increases
- Apr 29, 2021
By the end of March, there were 4.1 million square feet of office space under construction within the greater Miami area, including Fort Lauderdale and West Palm Beach. The majority of projects are scheduled for delivery by year’s end.
Construction within the office sector has somewhat slowed down in Miami, with 2.2 million square feet underway in March, a modest drop from the 2.5 million square feet reported in the same period last year. Under construction and planned stock added up to 9.2 percent, up nearly 500 basis points year-over-year and exceeding the national average of 6.1 percent, mirroring positive investor outlook.
The only project extending to 500,000 square feet remained 830 Brickell Plaza, a 57-story tower developed by OKO Group and Cain International. With groundbreaking held back in 2019, the skyscraper will be the second-tallest office structure in the city and the first Class A office project in the Brickell submarket. Other hot submarkets for construction were Miami North, the CBD, Coral Gables and Airport South.
In Fort Lauderdale, 1.1 million square feet across four properties were under construction by the end of the first quarter. Spirit Airlines Headquarters, a 500,000-square-foot building that broke ground last year topped the list in terms of size. The $250 million property near Fort Lauderdale-Hollywood International Airport is poised for delivery next year.
West Palm Beach’s development pipeline amounted to nearly 857,000 square feet in March, spread across four properties. Construction should conclude on Related Cos.’ 360 Rosemary building, with no official announcement yet. Currently the largest office development in the city, the 20-story, 300,000 square-foot Class A building managed to attract an impressive tenant roster, including co-working operator Spaces, Elliott Management, artificial intelligence firm Levatas, and NewDay USA.
CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here. We included properties of 25,000+ square feet in our research.