Big Tenants Out Hunting Office Space
Written by Laura Stace on April 11, 2013
By Laura Stace
There is plenty of movement in the office leasing market, real estate professionals say, with many big tenants exploring their options.
"The leasing market is strong," said Tom Byrne, EMW Commercial Broker Associate.
"Tenants need to be planning a year ahead for their move."
Anybody who requires 5,000 square feet or more would need to start looking a minimum of a year before their lease expiration, said Elizabeth Santos, Sime Realty vice president.
Tenants leasing large spaces need to leave enough time for negotiating a site and also time for planning and permitting of construction of a build-out, she said.
A tenant requiring 25,000 to 30,000 square feet and up should be on the market 18 months in advance, Ms. Santos said.
Thad Adams, vice president of The Allen Morris Co., said multiple creditworthy anchor tenants are in the market at present evaluating their options.
Mr. Adams recently represented RedNova -— a subsidiary of Macmillan Publishing — in signing a lease for 10,756 square feet at The Offices at Palmetto Bay Village Center.
Last month, Miami Today reported Northern Trust will be moving from its Florida headquarters of 40 years — 700 Brickell Ave. — to Brickell World Plaza at 600 Brickell Ave.
The bank will occupy approximately 62,000 square feet on the 22nd, 23rd and 24th floors as well as a 2,000-square-foot retail branch in the lobby.
Miami Today has recently reported prospective tenants looking for large blocks of space, include three major law firms as well as a prominent jewelry firm looking to establish its Latin American office in Miami.
Colliers International South Florida’s report South Florida Commercial Real Estate Review Q4 2012 recorded the largest lease of the quarter being signed by Ferraro Law Firm at Brickell World Plaza.
The report stated the firm signed on for 21,400 square feet.To read the entire issue of Miami Today online, subscribe to e-MIAMI TODAY, an exact digital replica of the printed edition.