Spaces Expands Miami CBD Footprint

801 Brickell. Image courtesy of Nuveen Real Estate

Regus—the workspace provider part of IWG—has extended and expanded its lease at 801 Brickell, a Class A office tower in Miami’s Brickell Financial District. A tenant at the location since 1991, the company has previously occupied the entire ninth story of the building. The new rented space encompasses a portion of the seventh and the whole eighth and ninth floors, totaling 48,913 square feet and bringing the building’s overall occupancy to 99 percent. Regus will rebrand as Spaces under the new lease, thus expanding its footprint in South Florida. Consequently, the Miami CBD high-rise will become the fourth Spaces location in the region, while the third will be a Miami office redevelopment slated for delivery in the first quarter of 2020.

Situated at the intersection of Brickell Avenue and Eighth Street, 801 Brickell offers easy access to the neighborhood’s popular shopping and dining destinations such as Brickell City Centre and Mary Brickell Village. The Miami Metromover, several city trolley and bus stops and CitiBike, located just across the street, are convenient transit options.

The 28-story tower, totaling 415,150 square feet, was built in 1984 on a 1.9-acre parcel. Property amenities feature floor-to-ceiling windows, a recently renovated conference facility and energy control devices in its office spaces and common areas. The building’s tenant roster includes MasterCard International, Bolton Global Capital, Booking.com, Bessemer Trust and Gensler.

The building is LEED Gold and slated for major exterior renovation works, including an outdoor meeting area and room for new on-site retail amenities.

Colliers’ Executive Managing Director Stephen Rutchik and Director Tom Farmer assisted the owner, Nuveen Real Estate, in the lease negotiations, while JLL’s Executive Vice Presidents Randy Carballo and Gavin Macphail represented Spaces.

Coworking trends

According to a fourth-quarter 2018 Yardi Matrix study of 20 markets, Miami is one of America’s top cities in terms of shared office spaces. The study found that Miami metro ranked third by percentage of stock—2.4 percent of total square footage—and second by percentage of urban stock—3.1 percent. The city’s young demographics and diverse economy are ideal market conditions for coworking.

Coworking currently knows continuous growth and is expected to reach a new level of maturation in the next four years. According to research published by Small Business Labs and data by Emergent Research, the total number of coworking spaces in the U.S. will increase by an average of 9 percent annually through 2020, while membership is expected to rise by 14.7 percent.