Miami’s office market continues to be dependent on coworking firms to fill their spaces, but some landlords are concerned that their absorption rate is becoming too much.
Servcorp signs deal to provide high-end coworking space
Servcorp has inked an agreement for a coworking space, serviced office and virtual office at Hartz Group on Madison Avenue.
The agreement will allow Servcorp and Hartz to take over the fourth and fifth floors that are each 18,000 square feet and provide a higher-end alternative to WeWork.
It will contain 85% private offices balanced with coworking and cater to hedge funds and family offices to keep aligned with Servcorp’s clients.
Members at the new space will have access to Servcorp’s 160 existing locations around the world.
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“As part of the renovation we put in a small conference center, and when we saw how it was used by our own tenants, we pivoted on our plans for four and five,” said Edward Stern, founder and president of Hartz Capital, the investment arm of the Hartz Group. “It was clear that a substantial demand for short-term, first-class space with services existed within our own building and in the area at large.”
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