Major Players Continue to Bet on Brickell
Brickell’s strong luxury market with enhanced building spaces in a highly urban setting continues to attract top-tier companies. With the quality of space and tenant demand rising, Class A rental rates have increased 18.7 percent year-over-year to $82.96 per square foot. Furthermore, the robust leasing at 830 Brickell has been a major contributor to rising rates, asking as high as $150 per square foot. With 830 Brickell being the first building under construction since 2015, it is capturing a lot of new-to-market tenants like A-CAP and Citadel, while also building its new Miami headquarters. Meanwhile, well-established trophy assets are securing existing tenants with renewals, and often expansions as businesses grow, like MasterCard at 801 Brickell and Kaseya at 777 and 800 Brickell. The increased demand has pushed vacancy rates down to 9.7 percent, lower than pre-pandemic levels.