Miami Design District Owner Revives Office Project With BH3
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Miami continues to absorb foreign capital and high-net-worth domestic migration. Brickell and Edgewater multifamily cap rates have led the recent compression, and hospitality continues to clear at premium basis on the back of constrained supply. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The tenth Miami story tracked on the wire in October 2026. All Miami coverage →
- Disclosed office deal value tracked in October 2026: $2.2B across 5 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
A dormant office project within the Miami Design District luxury mall is being resurrected with BH3 Management as a partner and about 40 percent more space. The project, called the Ursa , will feature 250,000 square f…
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