Quest Expands Miami-Area Coworking Footprint. Again.
Quest Workspaces has opened its second coworking space in Doral, Fla. The company leased 23,454 square feet of office space at Doral Center in December 2022. CBRE represented the owner, Banyan Street Capital, while Newmark represented the tenant in the negotiations.
The location includes multiple workspace options featuring private offices, coworking spaces, meeting rooms, as well as virtual office solutions. Moreover, an outdoor terrace, open-plan café, phone booths and chat rooms are also available.
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Banyan Street purchased the 290,157-square-foot, two-building Doral Center in 2020 and earmarked $14 million for capital expenditures. Planned improvements included upgrades to both buildings’ exteriors, landscaping, the expansion of outdoor areas, the addition of a new four-level parking garage, speculative suites and signage.
Quest occupies the entire seventh floor of the 138,885-square-foot Two Doral Center. Completed in 1990, the Energy Star and LEED-certified building features 23,500-square-foot floorplates.
Located at 3750 NW 87th Ave., Two Doral Center is some 8 miles west of the Miami International Airport and roughly 12 miles northwest of downtown Miami. The property is also less than 1 mile from the office building at 8200 NW 41st St. that’s home to Quest’s first Doral location.
Questing for coworking space in metro Miami
Quest currently operates 14 coworking locations, 13 of which being in or near Miami.
One of the firm’s most recent leases in the metro was a 40,820-square-foot commitment at a 619,093-square-foot office tower owned by CP Group. The coworking space at 100 SE Second St. in Miami will open in multiple phases, with the first debuting last year and subsequent phases scheduled for launch this year and next year.
Additionally, Quest operates coworking spaces in Boca Raton, Fla., where it leased a total of 41,964 square feet at 1200 Corporate Place, a 137,000-square-foot building owned by Keystone Property Group. The firm signed two separate contracts for 21,120 and 20,844 square feet, respectively.
Miami’s strong office market
Miami’s coworking space encompassed 1.6 million square feet as of March, representing 3.7 percent of its entire leasable office space and outperforming the national average of 1.8 percent, according to a recent market update.
The metro’s vacancy rate stood at 13 percent in April, up 90 basis points year-over-year, according to a CommercialEdge office report. However, the value remained significantly lower the national average of 18.8 percent, up by 210 basis points over the year.
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