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<\/p>\nWhile the trend of companies relocating to or opening offices in Miami has slowed, the businesses that\u00a0have recently moved\u00a0to the Magic City have hired more people, expanded their operations and gotten more confident in the city.<\/p>\n
Now, they need more space.<\/p>\n
<\/p>\n
\n Courtesy of OKO Group\/Cain International\n <\/p>\n
\n Multiple new-to-Miami tenants have expanded from their initial leases at 830 Brickell, including Citadel.\n <\/p>\n
\u201cIt was easy to hire people,\u201d said Cushman & Wakefield broker Brian Gale<\/a>, who represents some of the city’s premier buildings, including 830 Brickell.\u00a0\u201cThey were probably a little conservative in their initial takedown of space and then realized that, wow, it’s a real market. People want to be here.\u201d<\/p>\n New-to-market tenants made up between 15% and 21% of Miami office leasing\u00a0activity\u00a0between 2020 and 2022. Now, new entrants have fallen in line with pre-pandemic levels, making up only 6% of 2025 office deals, according to data from\u00a0Blanca Commercial Real Estate<\/a>.\u00a0<\/p>\n But last year’s\u00a0comeback year for office leasing<\/a>\u00a0was largely fueled by corporate expansions. Companies growing their offices accounted for 671K SF of space absorption in 2025, according to Blanca CRE.<\/p>\n After Amazon signed Wynwood’s largest office lease with 50K SF at Wynwood Plaza<\/a>\u00a0at the beginning of 2025,\u00a0the tech giant expanded its lease<\/a>\u00a0a few months later\u00a0to 76K SF. Uber nearly\u00a0doubled its office footprint<\/a>\u00a0at 3MiamiCentral\u00a0when it signed a 23K SF expansion in July.<\/p>\n New York City-based Ripco Real Estate<\/a>, which entered Miami\u2019s office market in 2021 with a small office at 1221 Brickell Ave.,\u00a0grew by 30% when it relocated to to 5,200 SF at The Gateway at Wynwood in October,\u00a0the South Florida Business Journal reported<\/a>.<\/p>\n The trend is expected to increase. Some companies are looking to expand by up to 10 times their current footprint\u00a0this year, Colliers Senior Vice President Kevin Gonzalez said.<\/p>\n Miami\u2019s\u00a0lack of income taxes and favorable\u00a0business climate has led many to expect another corporate migration south\u00a0as wealthy executives face\u00a0threats of\u00a0higher taxes in California<\/a> and potentially New York.<\/p>\n \u201cIt’s very much a trend,\u201d CBRE\u00a0Senior Vice President Randy Carballo said. \u201cIn light of the billionaire tax in California, we have seen a strong interest in groups looking at expanding their presence in Florida. The groups that are here are doubling down, and also new-to-market tenants.\u201d<\/p>\n Developed\u00a0by OKO Group<\/a> and Cain<\/a>, 830 Brickell was a magnet for transplants during the pandemic. Two companies,\u00a0Corient and Citadel, opted to expand their initial leases before the 724-foot office tower even delivered.<\/p>\n Gale, who leads leasing at 830 Brickell alongside Ryan Holtzman<\/a> and Andrew Trenchman, said one of the building’s largest tenants had more employees wanting to move\u00a0to the Sunshine State than it expected.\u00a0<\/p>\n \u201cWhen they went back to New York and said, \u2018Hey, we just opened up a Miami office,\u2019 they had a bunch of people raising their hand going, \u2018We want to move there,\u2019\u201d Gale said, declining to identify the firm. \u201cThey’re like, \u2018Oh, my God. OK, let’s see if we can get more space.\u2019\u201d<\/p>\n When Canadian\u00a0investment adviser CI Financial decided to open its U.S. headquarters in Miami in January 2022, it signed on for 19K SF at 830 Brickell<\/a>. It\u00a0expanded in February 2024 to\u00a034K SF at the building, Savills senior analyst Andrea Duque<\/a> told Bisnow in an email.<\/p>\n Corient\u00a0needed\u00a0more space as it grew both its portfolio and its headcount, said Savills<\/a> Vice Chairman and co-head Miami Donna Abood<\/a>,\u00a0who represented the company in the lease. It didn’t balk at the asking rents in 830 Brickell soaring\u00a0to never-before-seen heights.<\/p>\n \u201cCompared to what they’re used to paying in Toronto, they thought it was a very fair number. A very fair number,\u201d\u00a0Abood said. \u201cThose of us that were local for decades doing business here, we were blown away.\u201d<\/p>\n It was fully leased\u00a0when it\u00a0opened its doors in October 2024, leaving no more room for tenants who want to grow. But that could be about to change.<\/p>\n In November,\u00a0Banco Master SA<\/a>\u00a0\u2014\u00a0which signed a record-breaking, nearly\u00a0$200 per SF lease to take the\u00a0final 27K SF in the building \u2014 was\u00a0shut down<\/a>\u00a0and its controlling shareholder was arrested.<\/p>\n This has led to four of the largest tenants in the building \u2014\u00a0which could include Citadel, Microsoft and\u00a0Thoma Bravo<\/a>\u00a0\u2014\u00a0to inquire about the remaining space, Gale said.<\/p>\n He declined to comment on which firms are inquiring, but he doesn’t expect it to be vacant long once the space is legally returned. The landlords started that\u00a0process last week when they\u00a0moved to evict<\/a>\u00a0Banco Master.<\/p>\n \u201cOnce that all gets worked out, I think it’ll lease to an existing tenant in the building in short order,\u201d Gale said.<\/p>\n \n Bisnow\/Chloe Gallivan\n <\/p>\n \n Despite new-to-market activity slowing, new Miami tenants are growing.\n <\/p>\n Many\u00a0companies moving to Miami are coming with plans to eventually scale up, and a huge driver in tenant expansion across the board is growing headcounts, Abood said.<\/p>\n Black & Veatch plans to double its office footprint in Miami\u00a0after signing a\u00a0nearly 7K SF lease at 2121 Ponce de Leon Blvd. in Coral Gables.\u00a0It plans to\u00a0grow its workforce by both hiring\u00a0locally and relocating\u00a0staff from Kansas City, where it is based.<\/p>\n \u201cSouth Florida’s team has been growing, and the need for a bigger office space has resulted in new lease contracts,\u201d Black & Veatch Director of Governments and Water Resilience Irela Bagu\u00e9 said in an emailed statement.<\/p>\n Some are intentionally choosing spaces with neighboring vacant\u00a0floors with the anticipation of taking them at a later date, like Connecticut-based Verition, a fund management firm that\u00a0signed its first Miami lease for 5K SF at 701 Brickell Ave.<\/a>\u00a0in April and anticipates an expansion.<\/p>\n \u201cThey wouldn’t go into a space that was landlocked,\u201d said Gale, who also handles leasing at 701 Brickell. \u201cThey would only go into a space where they knew they could grow. I think that’s a perfect example of the mentality of some of these tenants.\u201d\u00a0\u00a0<\/p>\n While\u00a0many new entrants to the market are growing\u00a0and pushing up rents, longtime tenants who have been in the city for decades are struggling to\u00a0maintain their presence.<\/p>\n “It’s that you’re either rightsizing or you’re actually growing,” Abood said.<\/p>\n In the fourth quarter of 2025, Fowler White Burnett<\/a> left its\u00a035K SF office in Brickell, which it occupied for 20 years, for 20K SF at Citigroup Center<\/a> in Downtown Miami.\u00a0A major factor was soaring rents when the law firm reentered the market \u2014 prices were nearly three times higher than when it\u00a0first signed its lease in 2015,\u00a0Bisnow\u00a0reported<\/a>.<\/p>\n But for those coming into the market from New York or California,\u00a0Miami office rents\u00a0are about the same or less than what they are used to, Abood said. Many of them still undershoot their true needs, she added.<\/p>\n \u201cThe smaller companies that still want to come here and grow, the fintech [and] the tech companies, they’re all coming in, and as the broker doing what I’ve done for so long, I scratch my head when I hear the square footage they want,\u201d Abood said. \u201cBecause I know in a year, we’re going to be talking about expanding.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"While the trend of companies relocating to or opening offices in Miami has slowed, the businesses that\u00a0have recently…\n","protected":false},"author":2,"featured_media":54598,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[65890,25821,65888,59597,34099,65889,802,58535,123,125,124,55483],"class_list":{"0":"post-134356","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-miami","8":"tag-701-brickell-ave","9":"tag-830-brickell","10":"tag-brian-gale","11":"tag-citadel","12":"tag-cushman-wakefield","13":"tag-donna-abood","14":"tag-ken-griffin","15":"tag-kevin-gonzalez","16":"tag-miami","17":"tag-miami-headlines","18":"tag-miami-news","19":"tag-savills"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/134356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=134356"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/134356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/54598"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=134356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=134356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=134356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/p>\n