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Cushman & Wakefield of Florida, Inc.
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Southeast Financial Center
Citigroup Center
Wells Fargo Center
New World Tower
200 Building
SunTrust International
DOWNTOWN PRICING
HIGHLIGHTS
The last three quarters saw small bumps in Class A asking rates, ending this quarter’s direct
quote at $44.83 PSF. The average, however, was down from year-end 2016’s $45.80 PSF. For
prime, high floor spaces, one of the highest asking rental rates was $59.00 PSF for the 43rd and
44th floors at Southeast Financial Center. One of only a few remaining CBD penthouse spaces
(34th floor) was at Citigroup Center, quoted at $57.00-$67.00 PSF. Miami Tower’s top two floors
(46th and 47th) were priced at $51.00-$54.00 PSF while quoted rates for mid-level floors ranged
from $46.00 PSF-$49.00 PSF and for lower floors, asking rates ranged from $43.00-$46.00 PSF.
Pricing for Wells Fargo Center ranged from $43.00-$48.00 PSF.
Third quarter 2017 asking rates at One Biscayne Tower ranged from $38.00-$44.00 PSF while
the rental rate range was lower at SunTrust International, with quotes of $36.00-$40.00 PSF for
all of its direct spaces.
Also experiencing rising vacancy, Class B average rates still reached an annual historic peak
this quarter at $27.98 PSF. Average quarterly quotes have stayed above $27.00 PSF since the
beginning of 2016. Mirroring their Brickell counterparts, these buildings were surrounded by on-
going new and redevelopment activity with accompanying amenities.
The renovated 200 Building, located at 200 S.E. 1st Street, had an increase in third quarter
quoted rates from $28.00-$34.00 PSF to $30.00 PSF-$34.00 PSF. The 142,000 SF building
was purchased last year by New York-based Brickman. New World Tower’s quotes ranged from
$34.00-$40.00 PSF. Both of these buildings cater to smaller office users. The Omni’s 130,000
SF availability had their midyear asking rates lowered from $40.00-$44.00 PSF to the current
quarter’s range of $30.00-$40.00 PSF. The under construction Two MiamiCentral increased its
quotes by $1.00 PSF over the quarter to $43.10 PSF but left intact the $49.10 PSF asking rate at
Three MiamiCentral.
INVESTMENT SALES
DURING 3Q 2017
No buildings traded during the quarter.