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Cushman & Wakefield of Florida, Inc.
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AIRPORT WEST DEMAND
HIGHLIGHTS
Average quarterly leasing levels for the three months of 2017 (697,000 SF) were on
par with last year’s pace of activity, when just under 1.0 million SF of new, renewal
and expansion activity was executed. The bulk of square footage (237,000) signed
during the current quarter was for large (20,000+ SF) office users in government,
manufacturing and real estate. This included Miami’s largest transaction during all of
2017: 94,000 SF for FEMA, a GSA entity.
This submarket offers free and ample parking (3.0 to 5.0 spaces per 1,000 SF),
which remains essential to larger office occupiers with a significant daily commuting
employee base. As such, 434,000 SF of office tenants are or will be touring here (does
not include Amazon’s 500,000 SF requirement). Similar to Coral Gables, requirement
sizes were typically larger (20,000+ SF). The total tour pipeline for Airport West was
led by occupiers in the media & entertainment, tech and finance sectors.
Third quarter leasing at Downtown Doral totaled nearly 50,000 SF, the majority of
which were large occupiers. Leases of 20,000 SF each were executed by Florida’s
Department of Business Regulations and executive suites provider, Xoffices. Both were
renewal and expansion transactions.
Two tenants signed third quarter leases at 800 Waterford, TIAA-Allianz’s newest Class
A asset. They included FirstBank’s 26,000 SF relocation (from 701 Waterford) and a
10,300 SF lease for Cargil (relocation from Coral Gables). The 246,000 SF building
opened this quarter with 41.0% of its space pre-leased.
Another 28,000 SF were also executed at the TIAA-Allianz Waterford portfolio. Tenants
that renewed included Areas USA (9,900 SF) and TEKsystems (6,000 SF) while one
of the largest users, Miami Children's Hospital, expanded by another 9,000 SF. The
hospital now occupies 129,000 SF or 8.0% of the entire TIAA-Allianz portfolio’s space.
Additional leasing included LEAD Engineering Contractors, a sublease tenant (in Sony
space) at the park, who executed a new direct lease for 3,400 SF.
Among Waterford’s (MetLife) Class B assets, the 6101 Building renewed Pescatlantic
Group (1,000 SF) while the 6303 Building welcomed new user, Conarina Group. Both
firms service the maritime industry.
At Prudential’s three-building, 364,000 SF Westside Plaza office park, 13,000 SF were
executed during the quarter. The largest were International Hotel Group’s 4,400 SF
renewal and BenQ Latin America’s 3,500 SF sublease.
Flagler Corporate Center, a six-story, 635,000 SF multi-tenant office building is located
on 26 acres. The building was originally designed and constructed for Florida Power
& Light, who remains as the largest tenant in the building. It is also home to Simply
Healthcare, who relocated to Flagler Corporate Center in 2015. At midyear 2017, Simply
Healthcare expanded its corporate headquarters by another 24,000 SF – increasing its
total occupancy to 107,000 SF. The building’s largest contiguous space available was
17,000 SF on the 5th floor.
EXECUTED LEASES
3Q 2017
% Of Total By Employment Industry
AIRPORT WEST Executed Leases, 3Q 2017
% of Total by Employment Industry
Government
Manufacturing
Real Estate
Retail Trade
Healthcare
Business Services
Transportation & Utili
Tech
16%
12%
7%
4%
4% 3
50%
5%
Manufacturing
Transportation & Utilities
Real Estate
Technology
Retail Trade
Healthcare
Business Services
Government