New construction is occurring along Brickell Avenue where the500,000-sf Barclays Financial Centre is due for delivery thisNovember. The asset is already more than half preleased—includingthe recent signing by Wall Street's Morgan Stanley Dean Witter for48,000 sf.
The Airport/West Dade, Coral Gables and Miami Beach submarketsare even hotter, though new construction in the suburbs softenedthe vacancy-rate decline there from 13.4% to 11.2% over the lastyear.
Miami-Dade County's mid-2000 office vacancy rate was 11.3%, down2.6 percentage points during the previous 12 months and the lowestin more than a decade. The average asking rent for class A CBDspace is now up to $30.48 psf. Non-CBD space averages $24.71 psf.Countywide (the CBD plus the suburbs), the average class A rentalwas $27.05 psf at this year's midpoint.
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