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2012 Miami-Dade CLASS A OFFICES AT DADELAND2 0 12 8950OFFICE SW 74TH MARKET COURT | MIAMI, REPORT FL MIAMI-DADE COUNTY 2012 CIASF OFFICE MARKET REPORT 2012-2013 CIASF OFFICERS 2012 CIASF OFFICE MARKET REPORT PRESIDENT VIOLA SANCHEZ P.S. Business Parks PRESENTED BY VICE PRESIDENT ADRIANA J. ROSILLO aka “AJ”- Flagler Real Estate Services, LLC. NICK WIGODA Jones Lang LaSalle PANELISTS SECRETARY ADRIANA J. ROSILLO DEBBIE COLANGELO - CRE-Sources - Moderator Flagler CAROL ELLIS-CUTLER - Colliers TREASURER DANET LINARES - Blanca Real Estate Services ANDREW DIXON Dixon Commercial R.E. GREGORY E. KATZ - Studley JUAN RUIZ - Doral Center BOARD OF DIRECTORS SPECIAL THANKS PAT BIRCH Gallaher & Birch Inc. ANDREW DIXON - Dixon Commercial Real Estate, Inc. - Report Design AUDLEY BOSCH ROBERTA STEEN - Jones Lang LaSalle - Report Data Cushman & Wakefield DEBBIE COLANGELO About Jones Lang LaSalle CRE-Sources Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in CARLOS DIAZ real estate. The firm offers integrated services delivered by expert teams worldwide to clients Carlos Diaz & Assoc Architects seeking increased value by owning, occupying or investing in real estate. With 2011 global ZAC GRUBER Easton Lynd Management revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader AL HELTMAN Americas Property Management in property and corporate facility management services, with a portfolio of approximately 2.1 HARRY JORDAN billion square feet worldwide. LaSalle Investment Management, the company’s investment NAI Miami Commercial R.E. management business, is one of the world’s largest and most diverse in real estate with ALAN KRINZMAN $47.7 billion of assets under management. For further information, please visit our website, Becker & Poliakoff www.joneslanglasalle.com. HAL LEWIS Pathman & Lewis About Jones Lang LaSalle Research JORGE PENA AllSafe Insurance Jones Lang LaSalle’s research team delivers intelligence, analysis, and insight through market-leading reports and services that illuminate today’s commercial real estate dynamics GEORGE PINO State Street Realty and identify tomorrow’s challenges and opportunities. Our 300+ professional researchers RAY PRINCIOTTA track and analyze economic and property trends and forecast future conditions in over 60 Accelerated Commercial Realty countries, producing unrivalled local and global perspectives. Our research and expertise, GIAN RODRIGUEZ fueled by real-time information and innovative thinking around the world, creates a competitive Cushman & Wakefield advantage for our clients and drives successful strategies and optimal real estate decisions. RAFAEL SALDANA Banesco Jones Lang LaSalle CHRIS SUTTON Flagler Dev 1221 Brickell Avenue, Suite 200, Miami, FL 33131 Tel: +1 305 728 3700 RENE VIVO Vivo R.E. Group Inc. www.us.joneslanglasalle.com KRIS WAGNER Colliers The Commercial Industrial Association of South Florida Inc., “CIASF” is a non-profit RONNIE WEINGARDEN organization of business leaders involved in the development, design, construction, sales, Servpro of Kendall and leasing of Industrial and Commercial Real Estate in South Florida. DIRECTORS EMERITUS For information about membership or sponsoring an event call HORACIO STUART AGUIRRE CIASF Executive Director Gail Ackermann at: HS Aguirre & Associates TOM DIXON Dixon Commercial Real Estate Commercial Industrial Association of South Florida 11098 Marin Street, Coral Gables, FL 33156 RON KOHN Kohn Commercial Real Estate Phone: 305-667-7113 - Fax: 305-667-7116 MICHAEL SLIVER [email protected] | www.ciasf.com CB Richard Ellis PAGE 2 2012 CIASF OFFICE MARKET REPORT PANELISTS: Carol Ellis-Cutler, Senior Vice President - Partner at Colliers South Florida Carol Ellis-Cutler has been responsible for creating over $800 million in total transaction value since joining the firm in 1991. Carol specializes in institutional and entrepreneurial landlord representation and tenant representation and has leased over 2.5 million square feet in South Florida. She has also successfully sold several buildings, office condominium projects and land. Carol has strong ties to Miami-Dade County’s community, allowing her to network regularly with more than 2,000 decision-mak- ers. Her market knowledge and relationships with the community make her the ultimate business match maker. Her accomplisments include: Recipient of the Power Broker Award for Miami-Dade County office leasing transactions from CoStar Group and Real Estate Forum; chosen as one of the Top Women in Florida Commercial Real Estate by Florida Real Estate Journal Danet Linares, Executive Vice President at Blanca Commercial Real Estate Danet Linares is the executive vice president at Blanca Commercial Real Estate, a Miami-based brokerage and advisory firm. Ms. Linares represents leasing efforts for several Class A office buildings in Miami including Town Center One. Ms. Linares has received numerous accolades including, Top Women in Commercial Real Estate by Florida Real Estate Journal, Member of the Year by Commercial Real Estate Women (CREW), Best Commercial Real Estate Agent by South Florida CEO and being named Commercial Real Estate Heavy Hitter by South Florida Business Journal twice. Ms. Linares is also active in the community, having served as past president of CREW-Miami and a current board member of the Miami Downtown Development Authority and Greater Miami Chamber of Commerce. Gregory E. Katz, Executive Vice President at Studley Greg’s accomplished real estate career started in Washington, DC in 1990. Greg has more than 20 years experience in com- mercial real estate and has represented large users of office space in a wide array of real estate transactions. He joined Studley in 1996, as a member of the firm’s national accounts group, and has since been one of the firm’s top-producing brokers and a pivotal part of the firm’s national growth. In 2000, Greg moved to Florida to lead Studley’s Southern region and has been a significant contributor to the firm’s growth in that region. One year later, he was promoted to branch manager, the youngest in Studley’s 50-year history. Throughout his distinguished career, Greg has exclusively represented tenants with their commercial real estate requirements. His specific areas of expertise include strategic planning, space utilization, transaction management and financial structuring. Greg is recognized as an expert in tenant representation. In 2004, he was awarded the coveted NAIOP Deal of the Year Award. In 2005 and 2010, Greg was recognized as a “Heavy Hitter in Commercial Real Estate” by the South Florida Business Journal. He has also authored various articles in commercial real estate and trade publications. Juan Ruiz, MBA, Director at Codina Realty Services Juan Ruiz is director of Codina Realty Services, LLC, the real estate leasing division of Codina Partners that manages leasing of Codina Partners-owned properties including Downtown Doral, a 120-acre master-planned mixed-use development destined to be the heart of the City of Doral and home to the new $22 million Doral Government Center. Ruiz was previously vice president at Flagler Real Estate Services where he specialized in office sales and leasing and represented institutional owners as the leasing/ sales agent for more than 1.7 million square feet of office space throughout South Florida. Prior to joining Flagler, Ruiz worked as Leasing Director for the Miami Free Zone, a joint venture between Prudential Insurance and Flagler/Codina, where he was responsible for the leasing of 600,000 square feet of industrial, office and showroom space in the foreign trade zone park. Having completed an average of more than 100 lease transactions per year, Ruiz received Flagler’s Work Horse Award (awarded to the Broker with the most transactions per year) for 2005, 2006, 2007 and 2008. Ruiz has also been recognized as one of Costar’s Top 20 Miami Office Leasing Power Brokers since 2005 and was featured as one of South Florida Business Journal’s 40 under 40 in 2011. PAGE 3 2012 CIASF OFFICE MARKET REPORT BRICKELL Key market indicators North by Miami River, east by Biscayne Bay, south by SW 15th Road, west by I-95. Stock 6,415,566 SF Overall net absorption 19,099 SF Overall vacancy rate 24.8% Average asking rent $38.15 SF Under construction -0- SF Change from previous quarter Overall new deliveries / overall net absorption / overall vacancy rates New deliveries YTD Net absorption YTD Vacancy Class A Vacancy Class B 600000.0 30% 400000.0 25% sf in thousands 200000.0 20% 0.0 15% -200000.0 10% -400000.0 5% -600000.0 0% 2007 2008 2009 2010 2011 1Q 12 Significant lease transactions Florida Int’l University 28,350 SF 1101 Brickell SAB Miller 24,000 SF 1450 Brickell Doral Money 20,000 SF Brickell World Plaza Max Borges Agency 16,000 SF Brickell Bayview Centre China Grill Restaurant 15,000 SF 801 Brickell JAMS, Inc. 10,000 SF Brickell World Plaza ©2012 Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior written permission of Jones Lang LaSalle. The information contained in this document has been compiled from sources believed to be reliable. Jones Lang LaSalle or any of their affiliates accept no liability
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