Downtown Miami Awaits Brickell Serviced Office Space

Published March 25th, 2010 by Jennifer LeClaire

Downtown Miami is welcoming its newest business center. Latitude One will soon open two floors of serviced office space. The developer is catering to the growing demand for affordable, flexible office space in the Brickell area.

In all, Latitude One is offering 38 executive office suites ranging from 100 to 200 square feet, along with four high-tech conference rooms. The developer didn’t spell out prices for the executive office suites, but given that the virtual office programs run $195 a month, these could be some of the most expensive serviced offices in the Magic City. Still, it’s probably a bargain compared to traditional office space in the area.

“In the midst of uncertainty in the market, flexibility becomes the key factor for decision makers in terms of office space,” explains Karen Fish-Will, President of Peabody Real Estate, LLC and Vice-President of Peabody Properties Miami which manages Latitude One.  “Latitude One has successfully filled a niche with boutique firms, who some say are better positioned financially in this economy, by offering smaller spaces that are big on design with flexible, short-term leasing solutions.”

Latitude One’s business center offers amenities including CISCO fully-integrated VOIP, meeting rooms and professionally staffed receptions. All-inclusive agreements will ensure tenants receive only one invoice per month covering all expenses, and the fixed cost will help small and large businesses budget accordingly.

“We are looking at the new, business center floors not only as an amenity to Latitude One but also as an incubator and hub for new start up companies,” explains Fish-Will.  “Latitude One’s new virtual office lounge will allow local and international companies to use our meeting space facilities and downtown Miami address to further grow their business.”

It’s not clear how Latitude One’s business center will fare. The vacancy rate in January hit 15 percent in Miami-Dade County, the highest level since 2004. And the worst may not be over yet. Two mega office towers — 1450 Brickell and Met 2 Financial Center — come online this year and Brickell Financial Center could open in 2011. It’s a wait and see game in a down economy.

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