Brickell Office Space for Rent
Brickell, or the Brickell Financial District, is the primary financial center of Miami and South Florida. Located just south of the CBD, it is one of the fastest growing and most densely populated neighborhoods in the city. In addition to banking, investment, and finance, Brickell is home to most of Florida’s foreign consulates, including those of Argentina, Brazil, Chile, Dominican Republic, Ecuador, France, Guatemala, Japan, Mexico, Netherlands, Peru, Switzerland, and the United Kingdom.
Historically a wealthy suburb, the adoption of high-density zoning laws led to the rapid urbanization of Brickell, with extensive developments of condominiums, luxury apartments and hotels, and office towers. Little remains today of Brickell’s original architecture and character, though it can be found scattered among the high-rises. And while it is known primarily as the financial center of Miami, there is also a market for high-class retail, entertainment, and more.
Brickell consists of three sub-districts recognized by the Downtown Development Authority: West Brickell, which previously blended into neighboring Little Havana, is primarily a residential neighborhood with low to mid-rise non-luxury apartment buildings; South Brickell is also largely residential, with single-family homes from the early 20th century along South Miami Avenue, and high-rise apartment and condominium towers along the east side of Brickell Avenue; the Financial District, which earned its name as the hub of commercial and office development in the 1970’s and onwards, remains the financial center of Miami to this day, though the influx of residential development in the past two decades has led many to refer to the area just as Brickell.
The population of Brickell is highly educated and affluent, with 75% of residents over 25 holding a bachelor’s degree and 34% holding an advanced degree as of 2014.
Brickell Office Space | Lease Data & Trends
There is just under seven million square feet of commercial real estate inventory in Brickell, more than 4.5 million of which is Class A office space for rent. Those Class A spaces have average asking rents of $55 per square foot, while Class B office space in Brickell rents for $37 per square foot on average. Asking rents and final, agreed upon lease amounts will vary by a range of factors, including but not limited to building quality (class, age, location), lease type and length, and whether the lease is direct or a sublease.
Because of this steep difference in asking rent by building class, subleases remain common in Brickell, despite opposing trends in the rest of Miami where more sublets were vacated than occupied during the first half of 2018.
There is currently no inventory under construction in Brickell, and supply is expected to continue shifting towards smaller and suburban markets throughout 2018.
What Our Brokers Say About Brickell Office Space for Rent
Brickell is more than just a center for banking and finance. With ever-increasing residential developments and a fast-growing, affluent, and educated population, it also offers a promising market for high-class retail, entertainment, and more.
Mary Brickell Village, a downtown destination designed after a French village, is a central part of the growing retail and restaurant scene in Brickell. It spans the 9th and 10th street blocks of Miami Avenue, boasting a variety of shops, services, and popular restaurants and bars, including Baru Urbano, Blue Martini, and Doraku Sushi.
There are many office towers in Brickell, including Brickell World Plaza, Colonnade Plaza, 1450 Brickell, Brickell Arch, Latitude One International Business Center, and more. Other attractions include the Simpson Park Hammock and Alice Wainwright Park nature preserves, the Miami Main Library, Florida International University’s downtown campus, and Millionaire’s Row.
While Brickell has exhibited rapid residential and commercial growth over the past couple of decades, its restaurant scene has not always kept up. However, according to the Miami New Times, that disparity is starting to change, especially when it comes to more upscale dining destinations. Neighborhood favorites include Edge Steak & Bar, the River Seafood & Oyster Bar, Momi Ramen, and Naoe. La Mar by Gastón Acurio offers a unique fusion of Japanese and Peruvian cuisine, while Bachour Bakery + Bistro offers eye-catching pastries as well as breakfast classics and Peruvian-inspired house specials. Bazaar Mar provides quality seafood with a creative and whimsical presentation, turning dinner into an event all its own, and Columbian restaurant La Moon is a go-to for late night snacks after a night on the town. The restaurant industry in Brickell is largely a reflection of its affluent population, with fewer options for less expensive dining, though Stanzione 87 and Toasted Bagelry & Deli are both good choices, and there is a future Italian food hall in the works at Brickell City Centre.
Brickell Neighborhood History
Modern settlement of the Brickell area began with pioneers in the mid-19th century. In the early 20th century, Mary Brickell constructed a series of mansions along Brickell Avenue; this stretch of luxury homes became known as “Millionaire’s Row.” Millionaire’s row remains, though many of the original mansions have since been replaced by luxury apartments and condominiums, including the famous Atlantis Condominium skyscraper.
Rapid urbanization of Brickell began in the 1970’s and picked up steam during a commercial boom in the 1980’s, when a slew of office towers, hotels, and apartments were built, helping Brickell to overtake the Central Business District as one of the largest financial districts in the United States. That growth continues to this day, with the upscale residential feel of South Brickell extending up into the Financial District as well.
Some historic sites can still be found, such as the Brickell Mausoleum at Brickell Park, the Tequesta burial grounds, Southside School, and the Saint Jude Catholic Church. Brickell is also home to Tobacco Road, which claims to be Miami’s oldest bar still in business, though its original building, built in 1915, has been demolished.
Getting to, From, and Around Brickell
Walkscore ranks Brickell as a Walker’s and Rider’s Paradise. As a dense urban neighborhood, walking and public transportation are the most popular ways of getting around. Brickell is also ranked as Very Bikeable, and several projects promoting biking are underway, such as bike lanes, bike parking, and bike share stations.
Brickell is serviced by the Miami Metrorail, the Metromover Brickell Loop, and the Metrobus.