Annual Report shows 8% increase in flexible center growth in Miami since last year

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Florida boasts one of the most concentrated flexible workspace markets in the US, alongside California, Texas, New York and Illinois. According to a report by Instant Offices, 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.

In Miami, one of Florida’s most competitive office markets, flexible desk costs are now an average of $805 per month, giving businesses the opportunity to set up in some of the most coveted neighborhoods in the city.

“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,” says Luis Perez, Client Services Director at The Instant Group.

The Annual US Market Summary Report indicates across the US as a whole, 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

MIAMI CENTER GROWTH YOY
Total Centers	82
Growth: 2017 vs 2018	5%
Serviced	46%
Hybrid	42%
Co-working	6%
Other	6%

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:

Brickell

• Most prime office space located in Brickell
• Most offices have water views
• Miami’s financial district

Coral Gables

• 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

Doral

• 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.

Looking for Office Space in Miami?

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.