Miami Herald Logo

South Florida tech sector leasing doubled since 2013, CBRE report finds | Miami Herald

×
  • E-edition
  • Home
    • Site Information
    • Contact Us
    • About Us
    • Herald Store
    • RSS Feeds
    • Special Sections
    • Advertise
    • Advertise with Us
    • Media Kit
    • Mobile
    • Mobile Apps & eReaders
    • Newsletters
    • Social
    • Facebook
    • Twitter
    • Google+
    • Instagram
    • YouTube

    • Sections
    • News
    • South Florida
    • Miami-Dade
    • Broward
    • Florida Keys
    • Florida
    • Politics
    • Weird News
    • Weather
    • National & World
    • Colombia
    • National
    • World
    • Americas
    • Cuba
    • Guantánamo
    • Haiti
    • Venezuela
    • Local Issues
    • Crime
    • Education
    • Environment
    • Health Care
    • In Depth
    • Issues & Ideas
    • Traffic
    • Sections
    • Sports
    • Blogs & Columnists
    • Pro & College
    • Miami Dolphins
    • Miami Heat
    • Miami Marlins
    • Florida Panthers
    • College Sports
    • University of Miami
    • Florida International
    • University of Florida
    • Florida State University
    • More Sports
    • High School Sports
    • Auto Racing
    • Fighting
    • Golf
    • Horse Racing
    • Outdoors
    • Soccer
    • Tennis
    • Youth Sports
    • Other Sports
    • Politics
    • Elections
    • The Florida Influencer Series
    • Sections
    • Business
    • Business Monday
    • Banking
    • International Business
    • National Business
    • Personal Finance
    • Real Estate News
    • Small Business
    • Technology
    • Tourism & Cruises
    • Workplace
    • Business Plan Challenge
    • Blogs & Columnists
    • Cindy Krischer Goodman
    • The Starting Gate
    • Work/Life Balancing Act
    • Movers
    • Sections
    • Living
    • Advice
    • Fashion
    • Food & Drink
    • Health & Fitness
    • Home & Garden
    • Pets
    • Recipes
    • Travel
    • Wine
    • Blogs & Columnists
    • Dave Barry
    • Ana Veciana-Suarez
    • Flashback Miami
    • More Living
    • LGBTQ South Florida
    • Palette Magazine
    • Indulge Magazine
    • South Florida Album
    • Broward Album
    • Sections
    • Entertainment
    • Books
    • Comics
    • Games & Puzzles
    • Horoscopes
    • Movies
    • Music & Nightlife
    • People
    • Performing Arts
    • Restaurants
    • TV
    • Visual Arts
    • Blogs & Columnists
    • Jose Lambiet
    • Lesley Abravanel
    • More Entertainment
    • Events Calendar
    • Miami.com
    • Contests & Promotions
    • Sections
    • All Opinion
    • Editorials
    • Op-Ed
    • Editorial Cartoons
    • Jim Morin
    • Letters to the Editor
    • From Our Inbox
    • Speak Up
    • Submit a Letter
    • Meet the Editorial Board
    • Influencers Opinion
    • Blogs & Columnists
    • Blog Directory
    • Columnist Directory
    • Andres Oppenheimer
    • Carl Hiaasen
    • Leonard Pitts Jr.
    • Fabiola Santiago
    • Obituaries
    • Obituaries in the News
    • Place an Obituary

    • Place an ad
    • All Classifieds
    • Announcements
    • Apartments
    • Auctions/Sales
    • Automotive
    • Commercial Real Estate
    • Employment
    • Garage Sales
    • Legals
    • Merchandise
    • Obituaries
    • Pets
    • Public Notices
    • Real Estate
    • Services
  • Public Notices
  • Cars
  • Jobs
  • Moonlighting
  • Real Estate
  • Mobile & Apps

  • el Nuevo Herald
  • Miami.com
  • Indulge

Business

South Florida tech sector leasing doubled since 2013, CBRE report finds

By Nancy Dahlberg

ndahlberg@miamiherald.com

    ORDER REPRINT →

April 22, 2016 04:10 PM

One metric for measuring growth in the South Florida technology industry is through real estate relocations and expansion. A report released this week by global commercial real estate service firm CBRE shows that office leasing by tech firms has doubled in the past two years.

Fueling this trend: Magic Leap’s expansion in Plantation, the growth spike in biotech leasing and a continued expansion of co-working companies.

In 2015, firms in tech-related industries accounted for 848,000 square feet in new office leases, an 83 percent jump from 2014 and more than double the space leased in 2013, according to the CBRE report “Technology Sector Increases Its Footprint.” Magic Leap, the Google-backed mixed reality technology startup, accounted for 260,000 square feet of that, leasing much of the former Motorola facility in Plantation. Modernizing Medicine and MDLive both expanded in 2015.

In percentage terms, tech sector firms accounted for 19 percent of all office space leased in South Florida, up from 11 percent in 2013.

Sign Up and Save

Get six months of free digital access to the Miami Herald

SUBSCRIBE WITH GOOGLE

#ReadLocal

South Florida has much to offer tech companies of all sizes, from homegrown tech startups to massively funded unicorns from Silicon Valley, such as Uber and Airbnb, said Quinn Eddins, director of research and analytics for CBRE’s Americas Research division. “Those that have relocated or opened satellite offices in South Florida are largely attracted to the region’s global communications interconnectivity, strong economic and cultural ties to Latin America and multilingual talent pool,” he said in the report.

Much of the growth is coming from biotech firms. Offices leased in the biotech services and manufacturing sectors spiked tenfold in two years, from 15,400 square feet in 2013 to more than 181,000 square feet in 2015. Space leased in biotech went from 1 percent to 4 percent of the total leased office space in all sectors between 2013 and 2015.

Co-working spaces, often favored by tech workers, continued to flourish in 2015. In each of the past three years, co-working and executive shared-office work spaces have signed new leases totaling more than 100,000 square feet in South Florida.

New York-based WeWork leased 40,000 square feet off Lincoln Road for its first location and has two more spaces on the runway for this year and others in the plans. Pipeline Miami’s Workspaces expanded into Coral Gables and Doral, and Büro Group opened new locations in Miami’s MiMo district and Coconut Grove. Cambridge Innovation Center will be fully opening at the UM Life Science and Technology Park this fall.

Florida’s tech growth is “somewhat insulated” from contractions being felt in other markets, such as San Francisco, Austin, Chicago, San Diego and Denver, because 63 percent of the South Florida office space leased is by home-grown companies founded and headquartered in the region, CBRE said.

Still, the CBRE report also found that international firms, particularly those from Latin America, are also on the increase and account for about 15 percent of the tech sector leasing.

  Comments  

Videos

Miami Yacht Show to open in its new location

Kevin Tomlinson, the broker convicted of extorting two prominent rivals in South Beach’s high-end real estate market is sentenced to 364 days in jail

View More Video

Trending Stories

Military planes carrying 180 tons of aid for Venezuelans fly from Miami to Colombia

February 16, 2019 08:00 AM

Panic at the Orlando airport when a man alarms passengers at security checkpoint

February 16, 2019 02:52 PM

Dolphins hire ex-Raiders GM Reggie McKenzie, the league’s 2016 executive of year

February 16, 2019 04:27 PM

One dead in shooting near South Beach’s Ocean Drive

February 17, 2019 06:47 AM

Mark Walton, former Canes star now with the Cincinnati Bengals, arrested in Miami

February 16, 2019 11:05 AM

Read Next

Roofer got the work after Hurricane Irma, but the workers didn’t get $70,068 owed them

Business

Roofer got the work after Hurricane Irma, but the workers didn’t get $70,068 owed them

By David J. Neal

    ORDER REPRINT →

February 17, 2019 01:29 PM

After caught with overtime and basic record keeping violations, Bonita Springs, FL, roofing contractor Kelly Roofing paid $70,068 in back pay to 155 employees it used during post-Hurricane Irma rebuilding.

KEEP READING

Sign Up and Save

#ReadLocal

Get six months of free digital access to the Miami Herald

SUBSCRIBE WITH GOOGLE

MORE BUSINESS

Herbal water for babies with tummy discomfort recalled for possible choking hazard

Health & Fitness

Herbal water for babies with tummy discomfort recalled for possible choking hazard

February 17, 2019 09:35 AM
Hundreds stranded as British airline Flybmi collapses

Business

Hundreds stranded as British airline Flybmi collapses

February 17, 2019 07:28 AM
Verbal attack on French philosopher new anti-Semitism jolt

Business

Verbal attack on French philosopher new anti-Semitism jolt

February 17, 2019 05:22 PM
The Latest: Blaney collects $5 bill on track in Daytona 500

People

The Latest: Blaney collects $5 bill on track in Daytona 500

February 17, 2019 05:20 PM
Aurora shooter’s permit was revoked but gun wasn’t seized

Business

Aurora shooter’s permit was revoked but gun wasn’t seized

February 17, 2019 05:15 PM

Business

Libyan authorities help free 14 kidnapped Tunisian workers

February 17, 2019 04:55 PM
Take Us With You

Real-time updates and all local stories you want right in the palm of your hand.

Icon for mobile apps

Miami Herald App

View Newsletters

Subscriptions
  • Start a Subscription
  • Customer Service
  • eEdition
  • Vacation Hold
  • Pay Your Bill
  • Rewards
Learn More
  • About Us
  • Contact Us
  • Newsletters
  • News in Education
  • Public Insight Network
  • Reader Panel
Advertising
  • Place a Classified
  • Media Kit
  • Commercial Printing
  • Public Notices
Copyright
Commenting Policy
Privacy Policy
Terms of Service


Back to Story