Robinson tells GlobeSt.com the asking rental rate is "between $18 per sf and $20 per sf, triple net plus $8 per sf in operating expenses." This is an increase from $17 per sf, triple net a year ago, he says, as "absorption rates are improving and demand for office space is picking up."
The vacancy rate in this Airport West submarket now stands at 13.6%, according to Robinson, who says it was 18.9% a year ago. One reason for the increased demand, he notes, is "a depletion of office suites due to the demand for multifamily projects." Others have also pointed out that land once devoted to office projects is now being used for multifamily development.
Doral Costa is located on 17 acres at 9800 and 9850 Doral Blvd. The initial four-story, 130,000-sf Phase I building is 100% leased. Among the tenants there are World Fuel Services, Whirlpool, Seitlin & Co., Allstate Insurance and HSBC Bank. A 20,000-sf, three-story third structure, built on an outparcel as part of Phase I, is also fully leased, Robinson says.
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