This Brickell office alternative is centrally located -- and a relative bargain

With its financial offices and the sleek new 830 Brickell coming online, Brickell remains downtown Miami’s prestige business address. But with lease prices around $65 per square foot, companies are beginning to look north.

That wisdom comes from panelists at this week’s CREW panel on office development.

Brian Gale, vice chair of Cushman & Wakefield, which represents 830 Brickell, said some price-sensitive firms are eschewing Brickell Avenue and heading to the central business district of downtown north of the Miami River. Class A space there is going for $50 to $55 per square foot. “Purely on rate, the value really is in downtown,” he said.

Coral Gables is also drawing interest, said Danet Linares, vice chairman of Blanca Commercial Real Estate. Her firm is handling the mixed-use project The Plaza Coral Gables.

Maggie Kurtz, senior vice president of CBRE, agreed. But for new office space, the best value in town, said Kurtz, is the project her firm is representing at 850 Lejeune. Because developer Sergio Pino bought the underlying land years ago, the overall cost is lower than other new projects. The result: Rates starting at $42.

This story was originally published February 14, 2020 at 7:00 AM.