Commercial brokers and landlords report strong activity and signal the recovery of the office market in Miami. “We seem to be on the cusp of another boom,” said Peter Zalewski, a principal at Condo Vultures.
Low interest rates and rapidly rising office rents have created the right environment for the return of office condos. For years, local businessmen and professionals such as doctors and attorneys have invested in condo offices to save on rent and secure their retirement; it also offers much better return on investment than owning apartments. ”Real Estate is a cyclical market: from 2003 to 2007 we were building office and warehouse condos, from 2008 to 2012 we built properties for lease, now the demand and market conditions are calling for office condo again,” reports Harry Dornbusch, principal at H&M Development.
An example of this new trend is Beacon Tower of Aventura, an 88,500 sf condo office building that will be erected above the most important corner of Aventura, the intersection of US1 and Ives Dairy Rd. Beacon Tower of Aventura is a pre-construction project offering high quality finishes and a definite market presence. Within minutes from Aventura Hospital and the Aventura Mall, Beacon Tower features 69 units ranging in size from 950 square feet to 10,965 square feet.
This next generation condo office building also offers ground floor space for medical or retail use. With its architectural flair, location, and 360 views of Aventura, Beacon Tower is guaranteed to be triumphant. Designed by local architect Synalovsky, Romanik and Saye, Beacon Tower is posed to become a Landmark to mark the entrance to one of Miami’s most active markets, Aventura. With 35% of the Beacon Tower sold, the developer plans to document the entire 18 month construction process via social media. This will give buyers an inside look from beginning to end and allow them watch the complete project unfold.