Why South Florida - 2Q 2023_Final

Accelerated New-To-Market Tenant Demand

NTM interest has reached an all-time high with companies primarily from the Northeast and California expanding and relocating to the region. Over 40 companies accounting for over 600,000 square feet (SF) already signed since the beginning of 2020. There were at least another 20 companies currently in the market. Notable companies such as Blackstone, ThomaBravo, Subway, Elliott Management, and Point72 Asset Management have all expanded into the region. Blackstone also purchased two office buildings in Downtown Miami, 2 and 3 MiamiCentral, for $230 million, it’s first major office investment in the region. The recovery in South Florida was elevated at a faster pace due, in part, to the increase in interest from new companies.

INDUSTRIOUS

GOLDMAN SACHS

Jupiter

NATIONS BENEFITS

MILLENNIUM MANAGEMENT

West Palm Beach

Boca Raton

WEST MARINE

AMERICAN QUEEN VOYAGES

Fort Lauderdale

40+ Companies relocated or expanded over the past 15 months.

Hollywood

THOMABRAVO

BLOCKCHAIN

Miami

Miami Beach

Downtown

Brickell

AERCAP

Coconut Grove

HOUSE OF WISE

KNOTEL

SANTANDER

KASEYA

CITADEL

Cushman & Wakefield | Why South Florida