Many might be surprised to find out that a new study has found that Miami is now home to the most co-working space in America as a share of total commercial space, beating out even famous Manhattan.
One of the most remarkable developments also is that according to the study by data and research group Yardi Matrix, while the vast majority of commercial space still falls into traditional offices and bullpens, nearly 3 percent of all commercial office space in Miami-Dade County is now occupied by 59 co-working sites. That again beats out Manhattan, where only about 2 percent of all offices are located in co-working, though the total square footage is more than five times the 1.4 million square foot here.
Miami’s current No.1 ranking is bolstered by the fact that international co-working behemoth WeWork opens its fifth Miami-area location in Coral Gables. Said location coupled with the increasing number of spaces popping up in neighborhoods from South Miami to Aventura, and even north to Broward is a strong indication that Miami stands at the forefront of a global co-working explosion.
Experts say that Miami’s young demographics is a huge factor why co-working spaces are growing in the area. The boom is also boosting the buyer’s market for anyone looking to downsize from a traditional office or upgrade from the kitchen table. For just a couple of hundred dollars, one can get a fast internet, perks like coffee, snacks, and even beer for free. As a crucial bonus, there’s also the built-in community to network with.
Businesses, entrepreneurs, artists, writers, and designers in Miami now have an array of turn-key office options at their disposal in the area. Aside from WeWork, residents can choose from homegrown companies as Buro, with five locations across the country, Pipeline, with four locations between Dade and Broward; and Building.co in Brickell. There’s also CIC Miami which has become known for hosting weekly networking events at its Allapattah office. Then there are Regus and Servcorp, two older-shaped space models, are still doing good with locations throughout the area.
It also helps that Miami is an epicenter for business and entertainment, and also international trade. There are a lot of people coming and going. There are those coming from Latin America who are testing the waters in Miami and are looking for short-term space options.