US vacant sublease inventory dropped 1.5% in the third quarter from 132.4 million square feet to 130.4 million.

In the firm's Q3 earnings call, CEO David Simon said that he believes the REIT's stock is currently "undervalued."

All companies face the challenge of obtaining space to build in hot markets.

"Miami is so well-known for its diverse population, exciting attractions and beautiful beaches. But just as impressive is the flourishing business community the city has created."