May 13, 2016
When Florida East Coast Industries announced a few years ago that it would build two office buildings as part of its passenger rail station in downtown Miami, the prospects for landing tenants were uncertain because the office market was just bouncing back. But about a year before Two MiamiCentral is slated to open, the project is off to a good start. Blanca Commercial Real Estate CEO Tere Blanca said it’s more than 50 percent preleased. Accounting and consulting firm Ernst & Young will occupy 23,000 square feet after relocating from Miami Center, Regus leased 20,000 square feet for a business center, and FECI will move its headquarters, currently in Coral Gables, into 20,000 square feet in the new building.
Blanca said she plans to announce additional leases soon, including some for companies new to the market.
“For a corporation, a top priority is to attract and retain top talent,” she said. “And by being in a location with connectivity to South Florida, and eventually to Orlando in three hours, you open your ability to connect to an entire region.”
By 2017, the Brightline passenger rail should connect the station at MiamiCentral to Fort Lauderdale in a half-hour and West Palm Beach in an hour. Blanca noted the office building will also have easy access to Interstate 95 via Eighth Street, with few intersections in between. The other amenities in the project, such as the 180,000 square feet of restaurants and retail, also makes it more appealing to tenants who want to stay on-site for their daily needs, she said.
FECI also plans to build 90,000 square feet of office space at Three MiamiCentral. Blanca declined to say how much that building is preleased.
“There is tremendous activity in the Miami downtown market,” Blanca said. “We are seeing a continuous flow of new companies entering the market. They are moving from out of state or opening new regional locations.”
560: Net increase in new condos sold in Q1, up from 302 in Q4
4,354: Inventory of new condos on the market
76%: Percentage of new condo units started in 2011 or later that sold
18: Condo projects with less than 50 percent of units presold.