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Brickell office supply set to rise after long gap
Two major towers, including Banco Santander's new headquarters and a larger Citadel-led project, are expected to add more than 1 million SF of office space by 2031.
Miami's Brickell neighborhood is preparing for a new wave of office development, with multiple towers set to break the market's longest stretch of limited new supply, according to Bisnow.
Blanca Commercial Real Estate has been tapped to lease 560K SF of office space in a Brickell skyscraper for Banco Santander, which broke ground this spring. The project is expected to be completed by the summer of 2029, marking the first office tower to rise in the city's urban core since the onset of the pandemic.
A second, larger tower led by Citadel founder Ken Griffin is expected to follow, with completion projected for 2031. Together, the two buildings are expected to add more than 1 million SF of office space for outside companies, expanding options for large corporate tenants as the market has faced a mismatch between demand and available block-size space.
Bisnow notes that leasing has slowed from earlier highs, falling by 20% this year from 2022 and 2023, citing CoStar data reported by The Real Deal. Brokers cited the lack of supply capable of accommodating large companies as a key issue, even as overall demand has remained strong and new boutique office construction has struggled to meet larger footprint requirements.