Industrious, a coworking space provider based in New York, is coming to South Beach with a new 40,000-square-foot location.
Peri Demestihas, Industrious’ senior director of real estate, said his company aims to open its fifth South Florida location at 350 Lincoln Road this summer. It will occupy the space previously filled by WeWork from November 2014 until August 2018, when the company was forced to scale back its operations.
“We are really excited about it. South Florida is the hottest market in the country for us,” Demestihas said.
Nancy Cibrano, asset manager for The Wings Group, the New York-based landlord of the Lincoln Building, stated that Industrious beat out other coworking office companies who sought WeWork’s old space. The real estate agency paid $14 million for the five-story Lincoln Building in April 2008. The property was built in 1946.
“After a very long vetting process, Industrious was a clear choice with its proven success record in being the highest-rated flexible workspace provider,” Cibrano said in a press release.
The South Florida office market in general has been thriving thanks to the migration of out-of-state companies into the region as well as local expanding companies. Brokers credit the state’s low regulations, good weather, and lack of income tax for the office market upswing.