PRG Commercial Property Advisors on LinkedIn: Located in the heart of downtown Frankfort, KY, 0.2 miles from the state… (2024)

Miami’s newest #office tower is still under construction, but it’s earned a distinction that eludes most other U.S. office buildings: It’s full, reports Oshrat Carmiel for The Messenger. More than six months before the 55-story glass tower#830Brickelleven opens, all 640,000 square feet of its available space have been leased at rents that are double the landlords'initial estimates and set records for Miami’s office market.Microsoft and Citadel are among those that have committed to moving in, and the queries keep coming fromblue-chip financial firms and white-shoe law firms.“Not only have I turned people away, but the tenants we leased to, four or five of them still want more space," says Andrew Trench of C&W, whose group isthe leasing team representing the landlords, OKO Group and Cain International. In 2021, aprivate equity firm signed a lease for two floors at $80 per foot and “we felt like we beat the world, and we were blowing out our project,’’ Trench says.That would turn out to be among the cheapest rents.Rents crossed $100 per foot with one financial institution, then climbed to $100 and cleared $130. Legal firm took the last available block of space in December.Ninety-percent of all the building's tenants are new to #Miami market.“If we had another hundred thousand, two-hundred thousand square feet, it would fill up,” says Trench.The office #migration began in mid-2020, when workplaces most everywhere were still shuttered and employees decamped from crowded cities to work from warmer, less crowded climates, near the beach. The #finance and #insurance world’s top executives already owned second homes in South Florida and soon their lower- level employees did, too. #Hedgefunds, #privateequity firms and #familyoffices were the first wave of new Florida commercial space seekers, seeing a chance to get their newly local employees back to the office with an ocean view at a fraction of what high-rise space costs in Manhattan, says Steven Hurwitz, a managing director at brokerage JLL in Miami. To look at South #Florida is to see the opposite of everything we’ve come to expect about office buildings in the post-pandemic era, where companies, struggling to coax workers back in-person are shrinking their leases, and#landlords are practically giving away spacejust to reverse the tide of vacancies. Office vacancy rates nationally on averagewere nearly 18%in the first quarter.By every measure and metric, #SouthFlorida stands out. Of 15 major office markets in the country, Miami was one of two where morespace was leased than vacated in the firstquarter. In the financial district known as Brickell, asking rents for prime buildings jumped 24% from a year ago while vacancy rate is less than 10%.Schwartz Media Strategies Ryan Holtzman Brian Gale Justin Oates Charlotte Maslaveckas Douglas Okun Madeline Fine

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Not surprising that #Florida is attracting the business much like #Texas. No income taxes, great weather, and higher quality of life. Florida office space is doing better than Texas as a whole. Particularly here in #Austin, as reported by KVUE, vacancy rates are at almost 16%. EPOC Real EstateEPOC Property Management#miamiofficemarket #officeleasing #commercialrealestate #officespace #officedemand #floridabusiness #miamiEconomy #corporaterealestate #tenantdemand #southflorida #officedevelopment #recordleasing#workplacetrends #newofficetower #businessexpansion #professionalservices #miamifinance #lawfirms #officemarkettrends

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Office space is in demand in south Florida.

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Office Lease Opportunity in Scarborough

The Phoenix office market continues to experience record-high sublease availability — now at 7.5 million SF. Read more from Kidder Mathews' Q2 Phoenix Office Market report in AZ Big Media.#CRE #OfficeCRE #Phoenix #KMresearch #KidderMathews

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Interesting read about Clayton office market.

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What are your thoughts on the Washington, D.C. office market? Let us know in the comments, and count on us to keep you informed.Read the full report here: https://lnkd.in/gqHAgziu#marcusmillichap #cre #commercialrealestate #washingtondc #office Brian Hosey Timothy Stephenson

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In summary, San Francisco is starting its revival process from an office perspective. Despite a vacancy rate of over 25%; a massive reduction in rents and sellers becoming more adherent to current market conditions have boosted sales traction in the area. The Tenant market is, reportedly, being driven by the AI sector.For example, 350 California Street - previously leasing at $90.00/RSF - just reduced their rental rate to $50.00 - $70.00/RSF. This is after the site was just acquired last month at $61M at a 37.2% occupancy - a "fraction" of its pre-pandemic worth. Competitor markets, such as Phoenix or Vegas, are not seeing nearly as high rental rates for most of their Class A space. Albeit, there are exceptions - such as The Grove on 44th & Camelback, leasing their latest at $57.00/RSF Full Service.In addition, San Francisco's issues with quality of life, crime rates, and cost of living continue to pose issues for the market at large. Personally, I do not see a revival of much of the California primary submarket office sectors soon, but in due time.#officeleasing #tenantrep #sanfranciscorealestate #ccimhttps://lnkd.in/guZDaYVQ

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"Madison Office Building Fully Leased and Sold for $27M"Read the full article below..

Here's your Thursday round-up of news, views and interviews from EG, plus some real estate-relevant stories from the papers.🏢 More glum news for Westminster's office market following this week’s refusal of an office redevelopment proposed by The Pollen Estate on Savile Row. We dug into a report on the state of the Westminster and West End core office market prepared by Kontor, Knight Frank and Gerald Eve as part of that application and it isn’t pretty reading. 🏙 If that reminds you of anything, it’s probably last week’s report from the and Arup, revealed exclusively in EG, analysing the best- and worst-case scenarios over the coming decades for the borough’s economic growth under different approaches to planning policy. In the worst, said the WPA’s chair, the borough could face a “catastrophic decline” in office space.☕ At least TikTok is getting more office space – OK, just a little. The developers of its new Farringdon HQ have decided scrap a small café on the ground floor now that they’ve let the entire building to the social media giant. The space will be used now as more offices for the tenant. And fair enough, it’s not like a cup of coffee is hard to find in Farringdon. 🏆 Finally, a reminder that if you want to top the EG Radius leaderboard for the first quarter, you need to get those deals logged before the end of this week. All that and more here ⤵ https://lnkd.in/enNjA9cH

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