Even though Florida’s office sector held strong during the pandemic, some investors are now feeling cautious as a result of geopolitical tensions, inflation, reduced spending, and rising interest rates. Despite the cooling sentiment, vacancy rates for commercial spaces are continuing to decrease across the State, especially in the office market. Fuelling Florida’s continued market positive is an overall increase in jobs, combined with low unemployment rates and generally favorable business conditions.

Market Highlights

Asking rates in Miami Beach have increased significantly, with some offices costing more than $120 sq/ft. On average, however, actual rental prices for this premium market are much lower, at roughly $70 sq/ft.

Additionally, the vacancy rate for Miami Beach is relatively low at 12.7%, just behind Brickell and Wynwood. Consequently, there has been a recent uptick in development activity driven by those looking to take advantage of the favorable conditions. Some notable projects include 1177 Kane Concourse (101,000 sq/ft) and Terminal Island Office Project (161,000 sq/ft), slated for delivery in 2024.

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Tempo Miami
Tempo fashions itself as a Rock Resort of sorts, and it lives up to that name. All of the luxury furnishings are designed with a more modern, vibrant look than other hotels in Florida. Here, there is an emphasis on sleek designs, and the awesome Rock Resort Spa, located directly on the premises. The Tempo is a five star hotel, yet has a number of options that can suit most budgets.

Hilton Bently
This is a hotel that definitely has the luxury traveler in mind. The hotel is comprised entirely of suites, with different types of suites available for different budgets. The rooms are all furnished with European furnishings, and there is a lot of Italian marble throughout the building. The big reason for the popularity of the Hilton Bently is its proximity to everything you could ever want to see on Miami Beach. Read the rest of this entry »