Cushman & Wakefield announced today that it has leased ±40,000 square feet of office space in the last two months at Doral Concourse. Director Gordon Messinger, representing the owner, has secured leases with Infinity Insurance, Health Benefits Center (HBC), and Pipeline Workspaces in the Class A office building located at 8400 Doral Boulevard in Doral.
Alabama-based Infinity Insurance now occupies nearly 20,000 square feet in the building after its ±7,000-square-foot expansion and subsequent long-term extension. With the expansion, Infinity plans to add 20 new jobs in this location.
Messinger also signed a long-term, 7,400-square-foot lease with HBC, a health insurance brokerage which provides easy access to high-quality, affordable insurance plans. This will be the third South Florida location for HBC, which also has offices in Hollywood and Boca Raton. HBC plans to employ 75 people in this office.
These two deals came on the heels of Messinger inking a 13,000-square-foot lease with Pipeline Workspaces in July. Pipeline Workspaces, which has a presence in both South Florida and Philadelphia, houses innovative and functional workspaces for entrepreneurs, start-ups, independent professionals, and small businesses.
According to Messinger, this flurry of activity has become the norm in Doral.
“We’re witnessing tremendous interest in the Doral office market,” said Messinger. “It’s one of the hottest markets in South Florida. Leasing velocity has been exceptional and demand remains steady.”
Doral Concourse is a six-story, 240,950-square-foot Class A office building housing notable tenants such as Humana, Marriott, General Mills, and Starboard Cruise Services. Ownership will soon begin a capital improvement program consisting of renovations to the ground-floor lobby, upper-floor common areas, and entryway exterior.
Doral Concourse offers premium finishes, a structured parking garage with the highest parking ratio in the submarket (5.0 spaces per 1,000 square feet), fiber-optic service, and monument signage with frontage on Northwest 41st Street/Doral Boulevard. The building is located in the heart of Doral, just minutes from Miami International Airport and downtown Miami. It offers excellent access to Palmetto Expressway, Dolphin Expressway and Florida’s Turnpike.
C&W Research confirms that Miami’s Airport West submarket is one of the most desirable and performant markets in South Florida.
“Airport West Class A vacancy rate totaled 7.4 percent at mid-year 2015, a significant 2.7 percentage-point drop from 10.1 percent year-over-year,” wrote Senior Research Analyst Mirta DeCespedes in Cushman & Wakefield’s 2Q 2015 Miami Office Snapshot Marketbeat report. “Rental rates also climbed … Airport West Class A properties increased 6.1 percent from $29.23 to $31.00 year-over-year.”