Low rates and a 60% tenant boost from healthcare companies helped a Florida commercial space shared by Tropical Financial Credit Union grow in 2011.
Sunbeam Properties, developers of Miramar Park Commerce in Miramar, Fla., said the corporate development leased more than one million square feet last year. The park had a slightly positive absorption rate closing out 2011 at 5%, according to the developers.
Since breaking ground in 1984, Sunbeam said it has developed the park into the largest corporate park in Broward County, with nearly five million square feet of office and service, laboratory, pharmacy, light manufacturing and distribution space.
It is home to 10,000 employees from more than 160 national and international companies including the $578 million Tropical Financial CU in Miramar, American Express, FedEx, Nissan, Toyota, T-Mobile, Pepperidge Farm and Spirit Airlines.
“In 2011, we were fortunate to retain tenants as well as sign several healthcare and biotech companies, adding to the park’s well established healthcare hub,” said Andrew Ansin, vice president of Sunbeam. “Companies moving to the park capitalized on the fact that our rates were among the lowest in the market.”
Sunbeam said 2011’s healthcare and biotech company surge in the commerce park was led by OPKO Health Inc., which opened a 17,000 square-foot office and lab.