According to a new report from Colliers, Miami’s emergence as one of the largest fintech hubs in the U.S. has led to increased office rents across Miami-Dade County.
In fact, asking rents for Class A office space in Miami Beach has grown to $55.66 per square feet, which is up 10.2% year-over-year. The market is showing some of the fastest post-pandemic recovery rates. The submarket’s supply is also limited when it comes to feasible office space.
In Brickell, the Class A market has seen a great rate of recovery due to many corporations relocating from the Northeast and Midwest. For instance, Thoma Bravo signed a 36,500 square foot lease, while other existing tenants like HIG Capital have renewed their leases.
The suburb of Coconut Grove has also benefited from companies migrating to the area. For example, Mercy Hospital and many other tenants are renewing their existing office leases in the area.
The Wynwood neighborhood of Miami is also seeing new transplants from out of state, such as Spotify and Live Nation Entertainment Co.