MIAMI—When a glut of office space hit Miami's urban core in 2010, vacancy rates went through the roof. Almost five years later, the picture is much different. That said, there's still plenty of opportunity to rent office space in Downtown Miami and Brickell.

GlobeSt.com caught up with Danet Linares, vice chairman of Blanca Commercial Real Estate, to get her thoughts on the state of Downtown's office market in part one of this exclusive series. Be sure to come back to this afternoons' Miami edition for part two.

GlobeSt.com: Vacancy remains relatively high in the Brickell area and the CBD, also known as the DDA Office Area. Why is that good news?

Linares: According to the Miami Downtown Development Authority (DDA) Office Study, Brickell's vacancy rate is about 15%, down from 24.6% in 2011. The CBD has vacancy of 20%, down from more than 23% t at the height of the recession.

Although vacancy remains relatively high in the Miami DDA Office Area, it is well off its peak and we have experienced strong positive net absorption during several consecutive quarters. Steady and growing positive net absorption has fueled a rapid recovery of the office market in the last three years.

We are increasingly seeing new tenants enter our market, accounting for approximately 35% of the leases executed, and existing tenants expand. This can only be seen as good news.  We predict sustainable and growing demand for Miami's CBD and Brickell office space. Some of the tenants now discovering downtown Miami and helping absorb space include hedge funds, tech companies, reinsurance companies, and energy companies.

GlobeSt.com: How much have rental rates recovered since the economy collapsed?

Linares: For the past eight quarters, both Brickell and the CBD have experienced steady growth and rents are now well above levels of 2006 and 2007, according to the study. For the most part, rents have recovered by about 15% in the last three years.

For example, office space that would rent for $38 per square foot back then is now renting for a solid $40 to $43 per square foot. Tier 1 class A space is commanding a premium and now is quoted at $45 to $50 and even $60 per square foot.