Cordis Neurovascular Renews Space and Signs for More

MIAMI LAKES, FL-The recent expansion by Cordis Neurovascular at Miami Lakes might be another subtle indicator of renewed strength in the South Florida biotechnology and biopharmaceutical industries. The subsidiary of Miami-based Cordis Corp., a Johnson & Johnson company, has renewed its lease on 29,400 sf in the 300-acre Miami Lakes Business Park-East and leased an additional 29,755 sf of property belonging to Peter Lawrence Commercial Real Estate Inc.

Not including negotiated concessions, GlobeSt.com estimates the total value of the lease at about $4.1 million at roughly $7 per sf on a 10 year-lease, using Cushman & Wakefield’s most recent industry market survey. The survey on the Miami submarket for the fourth quarter ended Dec. 31 showed an estimated vacancy rate of 6.9% and net year-to-date absorption of 141,395 sf.

Ron Berger, a Trammell Crow vice president who represented the owner in the negotiations, could not confirm those estimates. He says, however, “the biomedical industry is on fire in the metropolitan Miami area as far as growth and expansion goes.”