MIAMI—It's no surprise that trophy office space is the by far the most expensive to lease. Would you believe that trophy office space sees rental rates 77% higher than other office buildings? That's according to JLL's 2015 Digital Skyline.

Specifically, average trophy rates in the first quarter of 2015 were $57.97 per square foot compared to $32.70 per square foot in non-trophy buildings. JLL reports this gap between represents a seismic shift from historical spreads: 10 years ago, the difference was just 20.8%.

“International capital is making a long-term impression on the US skyline,” says Steve Collins, international director with JLL's Capital Markets. “We predict foreign buyers to invest $50 billion into US commercial real estate in 2015, and they appear to be buying for the duration. This will have a major impact on future skyline liquidity, particularly for trophy assets in primary markets, where more than half of foreign capital is being invested.”

So where does Miami fit into this equation? The report reveals volume of foreign capital chasing Miami Skyline office deals continues to grow and is having a large impact on pricing.

What's more, there is a growing segment of tenants turning away from “skyline” buildings in favor of non-core class A and class B buildings, inside and outside of traditional Central Business Districts (CBDs). The perception of an “address” has been replaced by the desire for highly customized office space, particularly among fast growing tech and other creative companies.

“A lot of these B-buildings are on the perimeter of the traditional high-rise CBDs in areas that have more of a neighborhood feel,” says Julia Georgules, vice president of JLL Research. “In turn, they like the idea of adaptive reuse and contributing to neighborhood revitalization. As the gap between trophy and non-trophy space continues to grow over the short-term, we actually could be reaching a peak inflection point based on future demand patterns favoring space over building.”

In Miami, two new class A buildings—Brickell City Centre Green and Two Brickell City Centre—are currently under construction expected to be completed in 2016. JLL says this highlights continuous strong demand for companies to be in the urban core despite high pricing. Finally, the Miami skyline continues to have high demand especially as more and more companies are opening offices in Miami want to be located in the urban core, but a high pricing and lack of quality space continue to drive existing tenants into other submarkets.

On another note, the growing Millennial workforce and their employers are increasingly drawn to architecturally significant class B buildings located in dense neighborhoods packed with amenities. On a national level, among scientific and technical companies over the past three quarters, class B office leasing surged above trophy leasing, representing 25% of total office leases over 20,000 square feet. Those same companies only leased 6% of trophy space during that same time period.

“Tech users and other creative firms want unique space – they're mostly indifferent to building quality as long as they are able to design attractive, creative environments for their employees,” says JJ Shephard, managing director with JLL's Agency Leasing in Seattle. “They have shown a preference in recent years for leasing lower-cost space in well-located historic buildings or converted warehouses because they can spend more on their space's interior and less on rent. It allows them to create their own identity.”