According to Instant Offices, in Miami, one of Florida’s most competitive office markets, flexible desk costs have increased to an average of $805 per month, giving businesses the opportunity to set up in some of the most coveted neighborhoods in the city.
Florida boasts one of the most concentrated flexible workspace markets in the US, alongside California, Texas, New York and Illinois. With an 8% increase in flexible center growth since last year, the trend is seeing consistent growth as more companies choose flexible space over conventional offices.
Across the US as a whole, the Annual US Market Summary Report shows Miami falls directly into the mid-range at $806 per person, per month. This comes in well below current desk costs in mature markets in Texas ($926), New York ($1,063) and California ($1,079), but slightly higher than neighboring South Carolina ($583), Alabama ($602) and Georgia ($709).
Miami Center Growth YoY
|Growth: 2017 vs 2018
Flexible Office Market in Miami
Miami has a strong global business community and is a center for commerce in Florida. It is also a hub for international business, finance and trade thanks to its large concentration of international banks in the country. It is also home to the biggest television production industry for the Spanish-speaking community in the US, with Telemundo and UniMAS having their headquarters in the city.
Miami is known as the Latin America hub. Most corporations with Latin presence have regional headquarters in Miami/Ft Lauderdale due to excellent flights connectivity and geographic location. Office space in Miami is in high demand, with the central districts being:
- Most prime office space located in Brickell
- Most offices have water views
- Miami’s financial district
- The preferred choice for companies outside of Downtown Miami
- Easy access to Brickell and Downtown
- A neighbour to Miami University, which is an excellent source of talent
- Smaller buildings, more personal, friendlier feel
- Industrial and suburban mixed neighbourhood
- Close to Miami International Airport
- Urban transformation resulting in a large amount of available office space to rent at affordable prices
Miami Office Price Comparisons
The prices below refer to the minimum to maximum average cost for executive suites, per person per month in Miami’s top districts.
- Downtown Miami – $900 – $1200
- Coral Gables – $800 – $1200
- Brickell – $800 – $1200
- Doral – $500 – $700
The average rate of Miami executive office space is around $805 per desk per month, depending on the area. Places like Downtown Miami, Coral Gables and Brickell are more expensive due to their central locations and beach views. In Doral, tenants can expect to pay a reasonably lower $600 per person per month as it is further from Downtown Miami. These prices often include parking, administrative support and security.
The office market is highly competitive in Miami, with high demand in areas like Coral Gables and Brickell. Due to a recent boom in development, more office space is becoming available, particularly in the Doral area, where growing interest in office space has seen it undergo an urban transformation. With the cost of office space low compared to Downtown, Coral Gables and Brickell, more businesses are finding this area an appealing option.
Luis Perez, Client Services Director at The Instant Group concludes,
“Miami’s flexible workspace tenants span many industries, and as many global and in particular Latin American companies seek to open or expand their regional headquarters in the city, flexible office options are the logical solution,”
About The Instant Group: Flexible Workspace Specialists
The Instant Group is the global flexible workspace specialist. Underpinned by unrivalled expertise, Instant tailors unique solutions to help businesses of all sizes to grow, drive savings or gain invaluable insight. Established in 1999, The Instant Group has achieved 23% compound growth over the past four years and continues to expand with private equity funding secured from MML Capital in 2012. With offices in London, Berlin, Dallas, New York, Hong Kong and Sydney, The Instant Group employs more than 100 experts and has clients in 113 countries. For more information, visit www.theinstantgroup.com.