April 13, 2024
Office Market Adjustments
Brickell is Miami's most dense neighborhood and was once known as downtown's Millionaire's Row. Today it's regarded as the city's financial and international business center.

Photo: iStock

Office Market Adjustments
Jeffrey Gordon, senior managing director at JLL, says "lifestyle remains an important factor for many of the professionals relocating to South Florida today."

Economic Backbone: Commercial Real Estate

South Florida employers demand more office space, adopt hybrid models to accommodate growth

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Jeffrey Gordon is senior managing director at JLL. He says he’s seeing the most demand for office space in Miami-Dade. He told FLORIDA TREND how JLL is managing the growth of the hybrid office and what his outlook is for the next year.

Demand: “We are seeing the most demand for office space mainly in the markets of Brickell and Wynwood. Many tech companies that are looking to grow and expand into the South Florida market have a strong focus on Wynwood because there is new office product available and distributed types of products such as low-rise buildings and warehouse conversions. Meanwhile, we are seeing more financial and professional services firms lean toward Brickell, Miami’s financial district. One of the drivers attracting these firms to Brickell’s premier office market is the live-work-play setting it offers, as lifestyle remains an important factor for many of the professionals relocating to South Florida today.”

Return to Office: “We are seeing more companies coming back to the office in some capacity. Many companies that thrive on collaboration are finding that the office still plays a major role in their current and future operations. You have some large companies making modifications to their office spaces as they plan for their futures and some businesses are returning to the workplace adopting a hybrid model.”

Outlook: “Class A office space is in high demand across South Florida, with building owners creating new and inviting spaces for new-to-market companies or relocations. We continue to see a flight to the highest quality assets in the market, which have been performing very well and will continue to perform very well this year.”

Tags: Miami-Dade, Feature

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