Miami, FL – October 21, 2015 – CBRE has been named exclusive leasing agent for the Town Center portfolio of office buildings totaling 200,000 square feet in the suburban planned community of Miami Lakes, Florida. CBRE’s Carol Ellis-Cutler is marketing the available space on behalf of landlord and Miami Lakes town developer The Graham Companies.
Rising rental rates, a shortage of large blocks of office space in Miami’s CBD, and traffic congestion are all factors driving many tenants to smaller suburban office markets, where prices are more affordable, parking is plentiful and the commute more manageable. According to preliminary Q3 2015 CBRE Research, Miami’s suburban office markets experienced over 300,000 square feet of absorption so far this year – compared to only about 21,000 square feet in Downtown and Brickell.
“Today’s tenants are looking at historically ‘softer markets’ to find large blocks of space and lower rates,” said Ms. Cutler. “The walkability of Miami Lakes, and access to amenities like Shula’s Hotel, Shula’s Athletic Club and Spa, and a dozen or more restaurants, makes this very attractive to the business owner who understands the role amenities play in client hospitality and attracting and retaining employees.”
“The Graham Companies has enjoyed past success with CBRE utilizing their expertise and ability to extend our marketing reach throughout the marketplace. We look forward to their assistance, led by Carol Ellis-Cutler, in marketing our Miami Lakes Town Center office properties,” said Carol Graham Wyllie, President Graham Commercial.
The properties in this portfolio include:
• The Promenade, 15100 NW 67th Avenue (Available: 1,822 to 20,609 SF)
• Arbor Place, 15450 New Barn Road (Available: 826 to 2,272 SF)
• Laurel Court, 15500 New Barn Road (Available: 1,110 to 11,506 RSF)
• Plaza Royale, 15600 NW 67th Avenue (Available: 5,506 to 7,694 SF)
The Town Center is strategically located to serve both Miami and Broward counties with immediate access to I-75 and SR-826, and close proximity to I-95 and the Turnpike and two Tri-Rail stations. The office buildings feature move-in condition suites, renovated common areas and offices with views of the surrounding tree-lined Miami Lakes neighborhood. Properties also have a desirable parking ratio of 4 per 1,000 SF. Within walking distance are restaurants including Shula’s Steak 2, Miller Ale House, El Novillo, Vie De France, 100 Montaditos and Salsa Fiesta; several banks; Shula’s Hotel and Meeting Facilities; and Gerardo’s Marketplace.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.