Brickell continues to attract new office tenants — and one expert says it’s just the beginning.
The Manhattan-based financial adviser firm Legend Advance Funding and the Madrid-based renewable energy investment company Matrix Renewables signed office leases in Brickell, according to Colliers Director Tyler de la Peña. Colliers oversees office leasing activity for Gatsby Enterprises, the landlord, at the 14-story 800 Brickell — the building where both firms signed leases.
Legend Advance Funding signed a 2,500-square-foot space, and Matrix Renewables secured another 2,500-square-foot office.
“A Brickell address is recognizable around the country. It’s a draw for companies,” de la Peña said. Highlighting the Metromover stops, restaurants and residential buildings in the neighborhood, he added, “The infrastructure is here. It’s an area that is more developed.”
Four other companies either renewed a lease or decided to move to 800 Brickell since January, including 0 Percent, Movement Mortgage, Yanbal USA and Exclaimer.com. The building is 80% occupied, according to a Colliers spokesperson.
The average direct asking rate gross runs at about $54 per square foot at 800 Brickell, de la Peña said. The average asking rate in Brickell runs at about $61 per square foot, the highest in the county, according to the second quarter 2021 Miami-Dade County office market report.
And more companies are expanding to Brickell, de la Peña said, noting the handful of new tenants at both 800 Brickell and 830 Brickell.
“When companies like Microsoft land in Miami, other companies follow suit,” he said. “It gives the market credibility. It validates Miami as a place to do business. It’s not just a place to vacation. It’s a global trading center.”
More office projects may follow as a result of the continued movement of new tenants, including CI Financial to 830 Brickell, de la Peña said. “830 Brickell is doing well. It shows that this market can handle new office development. I wouldn’t be surprised if we saw more.”