Another hub for tech in Miami? A growing company found a new home in the Grove
Coconut Grove has what tech teams are craving. And some are willing to pay a premium to get it.
The growing company Taxfyle, which provides an on-demand tax filing app, signed a three-year lease for 13,959 square feet in Coconut Grove in December. It moved to a Class A space in the Mayfair in early January. The new space is about three times bigger than the Coral Gables office it left at 2903 Salzedo St.
Avison Young Principal and Miami Managing Director Donna Abood, vice president Joe Abood and associate Peyton Dowd brokered the lease on behalf of Taxfyle.
Abood and Dowd did not disclose the amount Taxfyle is paying in rent in the Grove, but they did say it was slightly more than in the Gables.
The office market in the Grove demands an average $52.48 per square foot for Class A space and $41.06 per square foot for Class B space, according to the Avison Young Miami-Dade County year-end 2019 office market report. The Gables has an average of $43.53 per square foot for Class A space and $35.12 per square foot for Class B space.
Taxfyle co-founder Michael Mouriz said his team likes the changes coming to the Grove, especially with the reconfiguration of CocoWalk.
“We love the feel in the area,” Mouriz said, “and everything coming to the Grove.”
The move is an indicator of the Grove’s growing popularity with companies, Abood said — justifying the growing lineup of development.
The Mayfair space, at 2911 Grand Ave., features high ceilings and windows — the same features drawing tech companies to Wynwood and Midtown, she said. Publicis Sapient, a digital consultant, is located in the same building.
Taxfyle currently has 44 employees and plans to add to its tech development, marketing and legal divisions by the end of 2020, said Mouriz.
“The Grove provided a great option for the company,” Dowd said. “It is central to where most of their employees live in Brickell and South Miami and is in close proximity to U.S. 1, which is perfect for them.”
Taxfyle launched in 2015 in Coral Gables. About 2,300 certified public accountants work for the company across the country and service about 50,000 app users nationwide.
Demand for office space is high countywide. The real estate services firm JLL noted that Miami-Dade now has the greatest amount of Class A and Class B office space under construction since 2009.
