Amid a surge in demand as companies begin returning to offices, Büro Group, a leading provider of shared office space in South Florida, has opened its seventh location and second in Miami Beach. It’s also a fresh sign that the popularity of co-working is resuming in the Miami area, long a national leader for the region’s many co-working offerings.
Büro ‘s new 12,000-square-foot space is on the top floor of a recently completed boutique retail and office building at 929 Alton Road in South Beach. The space includes over 40 private offices for teams of 1 to10 people as well as stylish common areas and meeting rooms.
According to Büro founder and CEO Michael Feinstein, demand for workspace in South Florida – especially on more flexible terms like those offered by Büro – has increased steadily in recent months.
“Demand is strong, not just in South Beach, it’s strong throughout South Florida. There’s just a lot of activity right now,” said Feinstein. That’s being driven by people’s and companies’ appetites for flexible spaces right now, as well all the new companies and investors moving here as part of the Miami tech momentum and co-working spaces are a natural landing spot to settle into quickly, he said. “The ability to rent something by the month and have something turnkey and fully serviced, that’s always appealed to a certain segment of the market, but now it is appealing to companies of all sizes,” said Feinstein.
Feinstein said Büro has a couple more spaces in the pipeline. In 2019, it opened its first Broward location, in Hollywood, and Feinstein expects to expand north of there. Its original South Beach location at 1815 Purdy Avenue has been full since it opened in 2013, validating the need for a second Miami Beach space, he said. Other Büro locations are in Midtown, Upper East Side, Coconut Grove and South Miami.
Buro’s Flex Pass, which allows use of any location for $250 a month, has always been popular. But Feinstein said he is fielding more calls from companies seeking flexible arrangements where its workers can use any of the locations. “Companies are realizing they don’t need to get everybody in the same building every day but they do need to offer them an escape from their home. Obviously, we are well positioned because there is no one else that has seven locations around South Florida,” Feinstein said. WeWork currently has six locations and Pipeline has four in South Florida.
To be sure, co-working spaces suffered during the pandemic, including at Büro locations. WeWork closed two of its centers, including its original Miami area location near Miami Beach’s Lincoln Road. But pre-pandemic, the Miami area ranked in various studies in the top three in the country for co-working per capita, and there are fresh signs that the co-working wave is resuming, with the news of this opening, WeWork’s plans to anchor the new 830 Brickell building with 100,000 square feet, and several new-to-Miami co-working players announcing co-working spaces in Coral Gables, Wynwood and other locations.
Roughly 500 companies work in Büro’s locations, back to pre-pandemic levels, and over 25 local companies have already moved into the new Alton center. Prices there range from $250 month for an open desk to $4,000 per month for a large 10-person suite, some of which have smaller meeting rooms within the suites.
“There is definitely a shortage of high quality, turnkey office space in Miami Beach. Post-Covid the demand for this type of workspace will only accelerate, so we are delighted to have Büro in the building to address the opportunity,” said Charles Bonney-Aché, the Development Manager and Landlord Representative for 929 Alton. In addition to the 5th floor occupied by Büro, the LEED-certified building also offers three levels of parking, a rooftop deck and retail spaces for lease.
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