By staff writer
July 2018 – 2 min. read
Co-working has been on the rise in recent years in major cities across the U.S. This shared office space concept holds many benefits for entrepreneurs, startups and tech companies. Miami is at the forefront of this trend; the Magic City is ranked number one in the country for co-working space in percentage of stock, according to a study by Yardi Matrix. The study found that roughly 3 percent of all commercial office space in Miami is dedicated to co-working. To put that in perspective, Manhattan comes in second, with only 2 percent.
As a gateway to Latin America, Miami has become a place for professionals to test out the waters of doing business abroad. With its booming international trade and fast-paced business environment, Miami is an ideal incubator for co-working spaces.
Co-working allows employees of small businesses to experience the office atmosphere and escape the distractions and isolation that can come with working from home. Memberships range from “hot desks,” where you sit in any open space available, to private offices. Usually Wifi and coffee are provided — and sometimes even beer. Built-in networking takes place in the form of events, from World Cup-viewing parties to happy hour functions. BUILDING.co, a co-working space in Brickell, rents to tech entrepreneurs, which adds industry networking and collaborating value to the office space.
While the flexibility of shared space was what attracted people initially, today co-working spaces have to do a lot more to stand out in the crowd. Invest: Miami sat down with Laura Kozelouzek, CEO of Quest Workspaces, earlier this year to talk about the changing landscape. “Co-working is a trend that’s not going away,” she said. “Although shared spaces have been around, they’re evolving and accelerating due to technology and the changing ways in which people work. So much of co-working, just like in other hospitality fields, is about service, which is such an intangible thing. Unless a co-working operator is able to deliver a significant value to its members, having flexible, cool space is not going to be enough.”
Co-working spaces are more than just physical spaces; they are a place to share ideas and collaborate, as well as a way to foster important business connections with a diverse group of neighbors daily.
The services these spaces offer and the social aspect of working near other entrepreneurs, often from a wide variety of industries, have led to a veritable co-working boom. WeWork has five buildings in Miami, with its Coral Gables location opening earlier in 2018. Quest Workspaces has nine locations in Florida and a 10th in New York City. Pipeline has buildings from Coral Gables all the way up to north Florida, and Regus has 34 locations in Miami-Dade alone. Miami Modern Architecture District, or MiMo, is no stranger to co-working either, with Büro planting one of its five locations there. No neighborhood is left uncharted. Brokers see co-working as an opportunity to cash in as well, charging as high as 20 percent in fees for helping to lease out spaces for a year.
While many businesses come to Miami temporarily to start expanding into Latin America, co-working is not exclusive to new entrepreneurs or people trying to break into the market. Whether expanding or relocating, many businesses are moving out of their own offices and into co-working spaces for convenience and cost.
“Miami has the highest percentage of co-working space in the nation,” Kozelouzek told Invest:. “It is a growing city, and co-working is moving faster than the development of commercial office buildings. This dynamic will lead to more commercial office development with flexible office options.”
Co-working is the wave of the future, and so far Miami seems to be riding it well.
For more information on our interviewee, visit the company’s website:
Quest Workspaces: https://www.questworkspaces.com/