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Cushman & Wakefield of Florida, Inc.
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BRICKELL PRICING
HIGHLIGHTS
Steady demand continued to bolster landlord confidence on the pricing front as asking
rates for most Brickell assets increased incrementally and annually since the end of the
Recession. Far exceeding the historical $40.00 PSF average benchmark, half of the
Class A towers now average quotes above the $50.00 PSF mark. The last five quarters
saw Brickell’s Class A rental rate average above $50.00 PSF with the last two quarters
posting historic highs of $52.45 PSF.
At the top of the food chain were Brickell World Plaza’s $68.00 PSF asking rate for
its 40th floor penthouse, followed by 1450 Brickell’s $62.00-$65.00 PSF rate all of its
remaining spaces. Brickell’s newest asset, Two Brickell City Centre, increased quotes
from $53.00 to $55.00 PSF since its 2016 opening. 701 Brickell quoted rates of $52.00-
$56.00 PSF for most of its direct availabilities while the full 19th floor sublet advertised
an asking rate of $47.00 PSF.
Sabadell Financial Center’s asking rates at third quarter were up, with a quoted range
of $45.00-$52.00 PSF. Asking rates at 1221 Brickell ranged from $45.00 - $46.50 PSF,
unchanged over the quarter but up from earlier in the year ($44.00 - $46.00 PSF).
Following suit and despite rising supply levels, Class B landlords seized upon their
advantageous Brickell address to increase their pricing which reached another 10-
year annual historic high at third quarter of $35.70 PSF. The average stayed above the
$35.00 PSF threshold for the last three quarters.
Brickell City Tower, well positioned in the midst of the massive $1.0+ billion, mixed-use
Brickell City Centre development and the Mary Brickell Village retail project, had third
quarter quotes of $40.00-$41.00 PSF. Unchanged from midyear, higher rental rates
were being asked at 800 Brickell (also possessing excellent Brickell Avenue frontage)
at $42.00-$43.50 PSF. At 777 Brickell, the rental rate ranged from $40.00-$45.00 PSF
while the two buildings at 1101 Brickell quoted a $35.00 PSF rate. 999 Brickell had
quotes of $33.50-$35.00 PSF. Nearly all of 444 Brickell’s availabilities were priced at
$28.00 PSF at third quarter.
INVESTMENT SALES
DURING 3Q 2017
No buildings traded during the quarter.
Brickell World Plaza
1450 Brickell
Two Brickell City Centre
Courvoisier Center