Miami Office Investment Rises as Vacancies Decline

The Miami Herald has reported that “real estate giant” Tishman Speyer has bought Courvoisier Centre for $150 million. Tishman Speyer owns the landmark Rockefeller Center and Chrysler Building in NYC, and according to the Herald, the New York firm recently closed on the biggest real estate deal in U.S. history by acquiring an 80 acre apartment complex in Manhattan for $5.4 billion. Tishman Speyer’s reemergence into the Miami office market is not the only exciting news. Chicago-based Equity Office Properties recently acquired stakes in two Miami office buildings. Transwestern Investments, another Chicago-based company, bought a large office complex in the Gables. In the CBD, office vacancies have gone from 14.4% in the year 2005 to %10.2 in the present. On Brickell office vacancies have gone from 15% in 2005 to 7.7% in the present.

The boom in high rise construction in Miami has been mostly residential. This unprecedented vertical growth in the residential sector is highly unusual. Historically, high density booms throughout the globe, for the most part, have been composed of office buildings. Even today, in the major urban centers of the world (Shanghai, Hong Kong, Moscow, New York, Chicago, etc.) the most impressive high rises are commercial. This is not the case in Miami where there are plans for three 1,000ft towers, all residential, along with dozens of other residential skyscrapers taller than 400 ft.

With the economic growth and trade surplus of Miami, the city is primed for office growth. As mentioned here before, an increase in office development in Miami is inevitable and may eventually evolve into a boom.

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3 Comments

Filed under Commercial Developments, Economy

3 responses to “Miami Office Investment Rises as Vacancies Decline

  1. will neal

    Hello,.

    This is the crieteria for the Investors . They can show proof of funds, close very fast and pay in cash up to $120MM

    They are looking for properties such as Large High Rise Apartments Only and Low or High Rise Office buildings at 60 percent of the appraised value, not Less than 50 percent occupied.

    Locations are Orlando, Tampa, Palm Beach, Miami, Miami Beach, Boca Raton, and Ft. Lauderdale.

    Looking forward to working with you.

    Regards,

    Will Neal
    818.749.9909

    • I wish you could come and stay with us for a while! I would take you to the beach every day. I LOVED this post, because I too LOVE the Atlantic. I am haspiept floating in the ocean… the minute I taste that salt water I am calm and relaxed and happy. Funny about the fireworks. We go for fourth of July in Corolla and watch the ‘works right over our heads – sometimes it lands right by you! Scary but in a fun way. FW’s are illegal in NC – and the beaches are all dry so I get frustrated when ppl shoot them over the dry beach houses and brush… but they ARE beautiful!

  2. First, I don’t know how Dr. Helen feels about profanity on her blog. Maybe she doesn’t mind. I find it dftuasseitl, and a sign of sloppy and immature thinking. You are certainly free to disagree.Do you go to your mother’s house and say “fuck”? How about your boss’ home? What about your girlfriend’s parents’ house?It’s not exactly rocket science that you moderate your own language to match the environment. This is Dr. Helen’s blog. It is like her home. And you actually think YOU get to set the rules in HER house? She doesn’t have to allow comments at all. Many people, ranging on all sides of the political divide, do NOT allow comments. This isn’t because of “censoring” people, or fear of disagreement. It is that they don’t want to read nastiness and bilge-talk (as opposed to reasoned disagreement), which all to often pushes aside the more polite posters.Ace and Jeff Goldstein don’t mind people saying “fuck” in their house. And that’s fine. Their house, their rules. Maybe YOU don’t mind people in your home talking like a drunken sailor in the place of honest argument.But YOU don’t get to make the rules for other people. I thought that Leftie types, so concerned about language about race, gender, and sexual preference, would understand that. But I guess that sensitivity changes when the target is someone you don’t like.It’s a teenager argument that you should be able to say whatever you like, wherever you are. As a bank teller, you don’t get to say “fuck” to customers. Ditto at ANY job where you deal with the public. So don’t blather on about free speech. So if you cannot express yourself without insulting profanity, well, why not get your own blog and cuss away. Frankly, I wish those people would do that, so that the other posters could actually discuss real issues.Again, maybe Dr. Helen doesn’t care about that kind of thing. But look again at how Dr. Helen disagrees with people, as opposed to “What makes you think anyone gives a fuck what you’re doing for christmas?”Yep, mighty classy, huh?

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