Office Space News
Latitude One Offers Executive Suites in Miami
Published October 30th, 2009 by Jennifer LeClaire
Latitude One is pulling out all the stops in a tough commercial real estate market. Beyond leasing or owning office space in Birckell’s newest Class-A office building, you can now rent executive suites.
Latitude One truly offers a premiere business address. The building features 230,000 square feet of office space, distinguished by an elegant lobby and a wide spectrum of amenities like access to the Miami Riverwalk. With its executive suites, Latitude One will compete against the likes of Regus, Intelligent Office of Miami, 1000 Ponce, X Offices and Smart Space Miami.
aBetterOffice caught up with Karen Fish-Will, vice president of sales and marketing for Peabody Properties, the firm that represents Latitude One, to discuss why the developer chose the executive suites route and what differentiates these serviced offices in a crowded Miami office market.
I understand you’re building out executive suites in Latitude One. Why did you make that decision?
Two reasons. One reason is because of the leads we were receiving from small office space users. The downturn in the economy has sparked a move on companies downsizing as well as new company start ups. In the midst of uncertainty in any market, flexibility becomes the key factor for people in making decisions on where they will office. The business center offers that flexibility for a person to have a virtual office with a meeting room component to it, or to have a full-time office that will accommodate one to three people.
Are executive suites a hot trend on Miami, or just heating up?
The Office Business Center Industry (OBCAI) has been around since 1968. The Industry has over 8,000 business centers worldwide, offering a large array of product and services. The industry is over a $3 billion dollar industry. The industry continues to grow in all markets, with new emerging markets coming on board.
Who are you targeting with your executive suites?
We currently have companies on board with us, awaiting the build out of the space. The business center, based on our location and proximity to the courthouse, will attract legal as well as legal related services. That is not to say that we will not attract other sectors, such as life sciences, technology and media-related companies. These sectors already comprise our incoming client base, both as virtuals and office clients.
In essence, anyone needing the image and technology infrastructure with flexible terms and at a good price point, will be our target market. We will also attract to our virtual office lounge local companies, looking to use our facilities for meeting space only, not all companies need the large space of hotels, for their smaller meetings and we can accommodate that niche group.
How will you stand out from Regus and other well-known brands in the Miami area?
All centers have their own unique qualities. We have hired a management group to run the facility for us, bringing over 31 years of international experience in this industry. Right Space Management has managed, owned and trained staff in the business center Industry in over 18 countries over the years. We will have a concierge feel to our center, with certain characteristics not found at the larger centers. We will definitely cater to our clients.
Will the executive suites be a permanent fixture at Latitude? One or will you revert to traditional leases once the market recovers?
Most definitely. We are looking at this business eenter not only as an amenity to the building and its existing clients, but also as an incubator and hub for new start ups. The capital investment is substantial and as with all businesses we took a serious look at the viability and profitability of this center. The center is being designed as a “sustainable center” which is the current trend in the industry on any new project being built.
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Maggie Correta October 30th, 2009 at 6:53 am
Very interesting Q&A. It looks like this developer is taking the initiative to get creative about filling office space at its new Miami location with a variety of options, including executive suites. I guess we’ll have to wait and see how well this serviced office space performs against the other facilities on Brickell. It is telling that this is happening, though.
Bill Brookshire October 30th, 2009 at 7:59 am
This might not have been part of Latitude One’s plan when the office market was high. But it looks to be a permanent part of the building now. This is the opportunity for the serviced office industry. Executive suites are making inroads during this recession that they might not otherwise have made. Good to see some class-A serviced office space in Miami.
Marcus Hester October 30th, 2009 at 8:28 am
The Miami office market continues to see a slowdown as asking rates decline and vacancy rates increase. The national economy is showing signs of declining at a slower pace as unemployment increases this quarter are smaller than previous quarters and talks of economic recovery happening as soon as the end of this year continue to permeate the news. This is all according to an August report from CB Richard Ellis. With this in mind, it seems that Latitude One probably didn’t have much to lose by trying this.
Elizabeth Sanchez October 30th, 2009 at 8:46 am
With the reference to OBCAI, it looks like Latitude One has fully investigated the industry and the opportunities, and probably also the competition. The Brickell address really is a premier site for office space in Miami. I don’t know what they are charging, but I bet these executive suites will fill up fast, or at least faster than some other projects in Miami.