On average, listings lease in the $30's per square foot per year. The Northeast Coconut Grove region is seeing a decrease in rates. In the last 3 months, the median rate fell $15 per sqft per year. That's a 29% decrease in rent.
Compared to the rest of the Gold Coast market, the Northeast Coconut Grove submarket has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 10 listings have been listed, which means spaces might be going fast. You'll want to be prepared to make an offer immediately. About 10% of the listings in the Northeast Coconut Grove are subleases, so you will probably need to sign a longer term lease with the landlord directly. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,130 sqft. Most buildings in this region are around 4 stories. Most buildings in this area were built in 1982 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst Northeast Coconut Grove residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.