Brian Gale Sees No Slowdown in Sight

The T&M Florida Miami-Dade Leasing Team Nicole Gamarra, Ryan Holtzman, Jeannette Mendoza, Andrew Trench & Brian Gale
The T&M Florida Miami-Dade Leasing Team
Nicole Gamarra, Ryan Holtzman, Jeannette Mendoza, Andrew Trench & Brian Gale

Taylor & Mathis of Florida Miami-Dade’s leasing team had another stellar leasing year in 2015.  The team, whose leasing portfolio encompasses 4.7 million square feet of office space throughout Miami-Dade as well as the trophy office tower in West Palm Beach (Phillips Point), completed 85 leases in 2015.  The leases totaled over 472,000 square feet and were valued at $138 million.  “The office market is sizzling right now,” said Taylor & Mathis Principal Brian Gale. “Rents are increasing and tenant concessions are dwindling, as space is being absorbed throughout the county. It’s a Landlord’s market. The Airport West market was the hottest of the Miami-Dade submarkets in 2015 and there is no sign of it slowing down.”

The T&M Florida leasing team includes Brian Gale, Andrew Trench, Ryan Holtzman and Jeannette Mendoza and coordinator, Nicole Gamarra. Throughout the team’s Miami-Dade portfolio in 2015, they leased 220,000 square feet of new leases, 172,000 square feet of renewals and 80,000 square feet of expansions. Most of the tenant expansions have been in the field of professional services, which include law firms, accounting firms, insurance agencies, etc. The greatest activity came from the eight building Waterford at Blue Lagoon portfolio with 167,000 square feet of leases and One Biscayne Tower with over 107,000 square feet of leases. Key lease deals throughout the team’s portfolio included:

  • 57,000 square foot lease at Waterford – Airport East Submarket (healthcare company)
  • Univision’s 40,000 square foot lease at 9250 Doral – Airport West/Doral Submarket
  • National General’s 30,000 square foot least at 6101 Waterford – Airport East Submarket
  • Broad & Cassel’s 26,000 square foot renewal at One Biscayne Tower – Brickell Submarket
  • Jackson Lewis’ 22,800 square foot renewal & expansion at One Biscayne Tower – Brickell Submarket
  • CMA CGM’s 21,000 square foot renewal & expansion at One Biscayne Tower – Brickell Submarket
  • SilverSea Cruises’ 16,300 square foot deal at Wells Fargo Center – Downtown Miami

“The key to making deals in today’s fast paced market is to try and stay ahead of the competition. If you are doing a renewal, you have to start the process early, with some hand holding. Regarding expansions, it’s important not to land lock tenants in their pursuit for additional space and with new leases, well, you have to distinguish your building from the rest and promote the amenities, which separates your building,” said Gale.  2016 is setting up to be a big year for landlord’s to push rents and absorb their vacancies.