MIAMI—Going into 2015, commercial real estate industry watchers have plenty of concerns—and plenty of opinions. I asked Christian Driussi, vice president of Brickell Bay Office Tower, for his musings about what 2015 will bring to the market and how he’s preparing for those probabilities.
“I believe that in 2015 we will see a consistent strong performance in both the job market and the economy overall,” Driussi tells GlobeSt.com. “The Brickell Downtown area office market will benefit from such positive signs and we will see vacancy rate going down and rates get stronger.”
From where he sits, Driussi perceives companies are feeling more comfortable about the future and looking to expand. At Brickell Bay Office Tower, his team recently signed over eight lease expansions and he reports there are five more in the works.
Brickell Bay Office Tower is a class A office building in the Brickell Financial District. The 32-story tower has 280,500 square feet of office space directly on Biscayne Bay. A number of retail businesses and top-tier hotels and restaurants surround the office tower.
“It becomes much easier for a landlord when the existing tenant asks you to expand and we are positioned to satisfy such needs,” Driussi says. “For these reasons I expect our occupancy rate to go to 95% or higher and rates jumping the high $40s.”
Beyond his building, Driussi sees three key trends developing over the next year. First, he predicts Miami will continue to benefit from the investments coming from within the United States, Europe, and South America.
“The EB-5 Visa program will provide another boost to the real estate market, we already start seeing some important project being developed thanks to this program but there are many more in the pipeline,” he adds. “Early stage development of the tech sector are one of the best news for Miami. Being able to retain talent and build on a New Economy that can be significantly different from other cities will allow Miami to compete in the global market in the years to come.”