US office occupancy losses totaled 84 million square feet last year, with more than half of the losses occurring in CBDs.

Overbuilding is one concern in the not-so-distant future.

The Austin-based investment firm has launched a $200 million REIT with a specific focus.

"The drafters of the City of Miami Charter, and the citizens who voted to approve it, granted the mayor a right to veto any 'land use decision,'" Miami-Dade Circuit Judge Michael Hanzman said. "This expansive, all-inclusive authority was not handed out willy-nilly and without forethought."