Foram Group Bullish on Miami’s Class A Office Market

Condo Boom Stimulating Class A Office Development

Loretta Cockrum, President of the Foram Group (builders of the Brickell Financial Center) has said that the condo market boom has impacted the demand for Class A office space. Most agree that the condo boom, with all of its problems, does have one major positive aspect: the improvement of Miami’s demographics. For Miami, the status quo means mostly low income. Although not likely to quickly change, the incoming occupancy waves in and around the urban core will bring up income levels so that they are more compatible with declining home prices. This demographic improvement, according to Loretta, has and will continue to result in significant high quality commercial development.

Local Small Business Owners Uninterested in Green

Regarding the “Green” or LEED aspects of the Brickell Financial Center, Loretta stated that local small business owners have been mostly indifferent to green development but larger outside corporations based out cities like Chicago, NYC, and San Francisco have come to expect green buildings. According to her, these types of companies are the ones likely to set up shop and bring jobs and affluence to the local market.

Commercial Market is Looking Up

If large corporations are persuaded to do business in urban Miami, then corporate condo-bundle acquisitions at below prevailing prices (sometimes 30% less) are likely. All in all, Ms. Cockrum and representatives of Cushman and Wakefield agree that the Class A commercial market will remain strong as new inventory comes in 2009. With Class A rates stagnant throughout the 1980’s and 1990’s, along with the lack of new inventory added, and a small office market compared to most other U.S. urban centers, Miami’s Class A market is primed for growth.

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7 Comments

Filed under BoB Articles, Commercial Developments

7 responses to “Foram Group Bullish on Miami’s Class A Office Market

  1. mike

    And not a second too soon for downtown Miami…this place will be amazing by 2010 with the transformation biscayne bay (park and mega yacht marina) and by 2015 when the tunnel gets built, everyone and their mother will want to be here!

  2. Pete

    That is if these projects get done. I want to have faith but the City doesn’t foster that too much.

    • have to use Remedy’s own packaging tool to despmorecs the max payne files, it’s somewhat of a hassle but eventually you get access to the models, textures, sfx, music graphic novels? in their original formats, ready to be modified or examined

  3. I was impressed with Edie Brickells album, Volcano, with Charlie Sexton, atlgouhh some people found fault with it.There is something about her voice and the way she shapes words that has a unique effect of making you feel she is right there talking, singing to you, not like a performer singing at you or above you. In a different style it is what Frank Sinatra did on his best songs. Capturing all that enigmatic and hard to pin down emotional content.Also Sextons arrangements supported her well, but I guess you have to like that kind of light music. It’s not the same as what she does with the New Bohemians. Nick

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