The cost of Miami office space hit a new record as demand from blue-chip companies from New York, Chicago and Los Angeles for high-end offices outstrips supply.
Brazilian bank Banco Master has obtained the final 26,000 feet in the prestigious 830 Brickell building for nearly $200 per square foot, according to two people familiar with the deal, almost double the city’s office market record just two years ago.
The sky-high cost of luxury offices has been fuelled by the migration of top financial, legal and tech groups to Florida’s tax-friendly regime. Companies that moved large swaths of their workforce to Miami after the pandemic have driven up the price per square foot for offices in the city. Pre-pandemic, the market rate for luxury offices in the Brickell neighbourhood was $60 a square foot, according to research by Miami-based broker Blanca Commercial Real Estate.