Coral Gables Office Space for Rent
Coral Gables is an incorporated city that sits just southwest of Downtown Miami and is one of the oldest and most historic areas of South Florida. It was first incorporated in 1925 during the Florida Land Boom and was one of three planned communities in the state that modeled their construction on the early 20th century City Beautiful Movement. Coral Gables was developed by George Merrick, whose original plan for the city mandated that it be built in the Mediterranean Revival style of Spain. Due to its notoriously strict building and zoning laws, this style of architecture still dominates the landscape. Set against the backdrop of a rapidly changing and urbanizing Miami, Coral Gables remains mostly unchanged.
At the time of its founding, Coral Gables was also selected as the home of the University of Miami, which sits about two miles south of downtown Coral Gables. The liveliness of a college town provides a great counterbalance to the city’s determination to remain the same, and Coral Gables boasts a robust dining scene and a host of entertainment spots, green spaces, and other attractions.
The median age in Coral Gables is younger than might be expected, at 39 years, and age demographics are fairly evenly spread out.
Coral Gables Office Space | Lease & Data Trends
Based on 2018 commercial real estate leasing data, there nearly 6 million square feet of Coral Gables office space inventory, with an average asking rents of $40 per square foot. Class A space accounts for just under 4 million square feet of space, with an average asking rent of $42 per square foot. In 2018, 130,000 square feet new development has been completed through Q3. Class B space comes in at just under $34 per square foot and accounts for the remaining nearly two million square feet of inventory.
Coral Gables fits into the broader Downtown Miami trend of shifting towards higher quality, Class A office space. Q2 2018 includes the addition of over 60,000 square feet of space with the opening of the Sunset Office Center. As the year continues, suburban and emerging markets such as Coral Gables are expected to continue to receive the bulk of new supply, as Class A vacancies decline, Class B vacancies increase, and new developments are started.
What Our Brokers Say About Coral Gables Office Space for Rent
Its architecture may adhere to one style, but Coral Gables, in fact, offers a variety of attractions, influenced by its diverse population. The largest local employers are the University of Miami and the Baptist Hospital of Miami, and Bacardi, Capital Bank Financial, and Fresh Del Monte Produce all have their headquarters in Coral Gables.
Other attractions include the flagship Books & Books store, the Coral Gables Art Cinema, the Old Cutler Trail, the Lowe Art Museum, the Shops at Merrick Park, the Miracle Mile, the Venetian Pool, the Miami Biltmore Hotel, and the Fairchild Tropical Botanical Garden.
Several countries have foreign consulates in Coral Gables, including Barbados, Colombia, El Salvador, Italy, and Spain. As of 2000, Coral Gables had the 18th highest percentage of Cuban residents in the United States and the 16th highest percentage of Venezuelan residents. Over 50% of households in the area speak Spanish at home.
While the “City Beautiful” maintains much of its original character, its restaurant scene has grown to keep pace with the greater Miami food culture, and has come a long way from catering primarily to the law-firm crowd. For fine dining and classic French cuisine, our brokers recommend Palme d’Or at the Biltmore and Pascal’s on Ponce. Bulla Gastrobar and Eating House offer cooler vibes and creative dishes and cocktails, drawing a younger crowd. The Miami New Times calls the croque-monsieur at Frenchie’s Diner “one of the most delicious lunches in town,” and praises Gusto Fino’s famous meatball sub. And for those wanting to explore new flavors, our brokers suggest Su-Shin Izakaya, famous for their disclaimer that no refunds are given for people who were expecting a typical American-style Japanese meal, and Xixón Spanish Cuisine, an institution serving up classic Spanish fare with plenty of wine.
Coral Gables | Neighborhood History
The City Beautiful Movement of the early 20th century was a philosophy for architecture and urban planning, based on the idea of including beautification and grandeur in city planning from the start. Proponents believed that this practice would help promote virtue and harmony and improve the quality of life in cities.
Coral Gables, nicknamed the “City Beautiful,” was first planned by George Merrick as a suburb of Miami, and was one of three such “planned communities” constructed in Florida. The others, Opa-Locka and Miami Springs, were intended to look like Arabia and Mexico, while Coral Gables drew from Spanish architecture. Merrick designed the downtown commercial district to be only four blocks wide, and to bisect the business district, so that he could say that any business in Coral Gables was just a two block walk.
During World War II, Navy pilots and mechanics were trained and housed in Coral Gables. In the post-war manufacturing boom, the city’s trolley system gave way to the popularity of cars, though there has since been a new trolley system opened along Ponce de León Boulevard.
Getting to, From, and Around Coral Gables
Coral Gables is a very pedestrian friendly suburb, thanks to its tree-lined streets and green spaces, though the number of errands that can be completed by walking depends on the neighborhood. According to Walkscore, the most walkable neighborhoods are Crafts, Douglas, and Flagler.
Coral Gables is also serviced by the Metrobus, the Miami Metrorail at the Douglas Road and University stations, and by free daytime trolley service along Ponce de León. Its access to Miami-Dade Transit provides easy access to Downtown Miami as well as to the Miami International Airport.