Transactions In Miami’s Office Market Are Growing
According to recent data from CommercialEdge, sales within the office sector have remained stagnant, but Miami and Phoenix have become outliers.
The analysis found that both markets saw year-on-year growth in both transaction volume and price per square foot. In Miami, this increase was largely contributed by Blackstone’s $230 million Florida expansion that occurred in March.
Blackstone’s deals included a Class A 330,000 square, two-asset purchase from Shorenstein Properties in Miami’s CBD. This featured the 202,438 square feet 2 MiamiCentral and the 131,000 square feet 3 MiamiCentral LEED buildings.
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During the first quarter of 2021, Miami saw $395 million in office transactions, which is nearly six times more than the same period in 2020.
The largest office property to change hands in Fort Lauderdale was the over 180,000 square foot, Class B asset on 1250 E. Hallandale Beach Boulevard. Montreal-based Soliman Corporation purchased the building for $16.5 million.
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