Shopping for office space is more flexible and fun these days than it used to be, thanks to a variety of different co-working and flex office situations that are coming into the market. We had a whole day of adventure in May, looking around Miami for creative studio spaces, co-working places and a few flex offices that might suit Variable Content. We finally decided to go with Miami-based creative co-working space Buro, because it has more than half a dozen office spaces we can float around to in the city, and we like the serene green vibe of the place.
That being said, we completely understand how other businesses might gravitate to WeWork, where the weekly events are raucous and there’s regularly free beer on tap. Or to Cambridge Innovation Center, where science and engineering companies can get lab space instead of traditional desk and cubicles. Or to some of the arts studios around Wynwood and Little River. We are excited to see that even traditional corporate suites are getting a makeover…and for people who want their own dedicated office, be aware that fixed-term leases are getting shorter than ever. In fact, whereas 5 or even 10 years used to be standard for retail spaces or office, these days many landlords are looking at popups of 3-6 months as a viable option.
In a recent interview with Peter Mekras, Managing Director of Aztec Group, we were intrigued to hear that the Opportunity Zones incentive—which many property investors are looking at as a once-in-a-lifetime wealth-building opportunity–may have secondary effects on business owners. One key requirement for an OZ investment is that in order to receive the incentives, the buyer must make significant improvements to the property they’re buying. They can’t simply buy a building or piece of land and hold onto it. It is said that future regulations from the IRS will also stipulate that some incentives need to be passed along to businesses who take on leases in OZ buildings – because without their influx of commerce and capital, the most crucial part of urban redevelopment can’t occur.
While no one knows how this will play out, it’s already a fun time for small businesses to be looking for the perfect space, and those that contribute positive things to their neighborhoods and communities may soon see new opportunities open up to them.