Büro Group will open in South Miami, marking the fifth location for the coworking firm.
Büro inked a 13,000-square-foot lease for the Somi Center on U.S. 1, founder and CEO Michael Feinstein told The Real Deal. The Miami-based coworking space company has locations in Midtown, Sunset Harbour, MiMo and Coconut Grove.
It’s slated to open at Somi Center, 5966 South Dixie Highway, next spring. Büro has more than 800 members and 350 companies renting space, including Airbnb, Gilt Group, Glamsquad and Lyft, according to a press release.
The 50,000-square-foot building, completed last year, is surrounded by new retail-driven projects and development sites that are on the market, but little new office space. Immediately to the east is 5998 South Dixie Highway, where investment firm Greenstreet Real Estate Partners is building a mixed-use restaurant and office project.
Leonard Boord, managing partner of Somi Center, said Büro will help fill an office space void in South Miami. Somi Center breaks down to 40,000 square feet of office space and 10,000 square feet of ground floor retail space. It’s 64 percent leased with asking rents at $35 per square foot, triple-net, according to the CoStar Group. Slon Capital, which is led by Boord, handles leasing.
“There is definitely a shortage of office space, especially the type of creative and flexible space that appeals to startups and growing companies,” he said.
Shared office space company TamboWorks opened at 5790 Sunset Drive in September 2015. The 3,000-square-foot location is across the street from the Shops at Sunset Place, which will eventually be partially redeveloped.
WeWork, Pipeline Workspaces and MADE at the Citadel also have locations in Miami.
TRD Researcher Eda Kouch contributed to this report.