Miami Beach may be known around the world as a first-rate leisure destination, but now the city is looking to diversify its economy beyond tourism with the goal of capturing companies and the people who run them. Nearly 1 million square feet of Class A office space on tap to deliver in the next 2-3 years and office rents are up more than 10% since last year, according to data from Colliers.
The first of these new developments to break ground will be Deco Capital Group’s Eighteen Sunset, which is bringing two floors of Class A offices, an exclusive top-floor penthouse, and street-level retail to the city’s Sunset Harbour neighborhood.
The building’s mixed-use design could afford one lucky resident with the city’s shortest commute – a ten second elevator ride from the penthouse to 30,000 square feet of office space one floor below.
“Eighteen Sunset will be a premier address for shopping, dining, working and living just as Miami Beach enjoys a surge of new residents and businesses,” says Deco Capital Group Founder Bradley Colmer. “No other building in Miami Beach offers this level of Class A, luxury office and prime retail space looking out onto the water. The penthouse residence will be an unparalleled home in the sky in the center of Miami Beach’s most exciting neighborhood.”
Eighteen Sunset is just one example of Miami Beach’s efforts to usher in a new crop of office space.
400,000 square feet of newly-built office space is on tap for city-owned land in the Lincoln Road District thanks to a city-led development RFP, Starwood Capital is on the verge of opening the doors to its new 140,000 square foot headquarters in South Beach, and a new Class A office project by Related Group is set for development on Terminal Island.
All these options are bolstering Miami Beach’s appeal as a place where business gets done, drawing the attention of South Florida’s newest finance and investment firms, family offices, technology companies, and professional services firms – and the entrepreneurs who lead them.