Welcome Back, Office Condos
Office condos took a long vacation from the Miami market—something about a recession crushing demand—but now they’re back, Newgard Group managing director Harvey Hernandez tells us. Besides the revival of the economy, the globalization of the region is a factor, with demand from international and domestic buyers and businesses looking to establish a presence in the urban core. Recently, Newgard started offering office condos at One Flagler, a 15-story building at 14 NE First Ave in Downtown.
To sweeten the pot, One Flagler is undergoing $10M in building upgrades, including renovations to the lobby, office spaces, common areas, and restrooms. Elevators, electrical and HVAC systems are also being updated. One Flagler sales director Fabio Faerman adds that there’s interest from residential property buyers—of which there have been many lately in Miami—who are looking to invest and diversify in a commercial asset with a lower entrance price point.