Notable Office Market Insights

•  Ongoing recovery is the main theme, continuing the trend seen in most office markets throughout 2021.
•  Positive absorption indicators.
•  Slight increase in rental rates.
•  Marked differences in occupancy levels, vacancy rates and general performance from city to city.
•  Remote working practices are still commonplace in key markets, such as San Francisco.
•  142 million square feet of office space currently under construction.

Lease Rates & Asking Rents

Recent data from Commercial Edge outlines a nationwide rental listing rate average of $38sq/ft in January 2022. These figures may be seen as somewhat inflated due to the number of high quality spaces currently listed due to being vacant, with Class A workspaces being listed at much higher prices.

According to Avison Young, Q4 average rental prices per square foot in gateway markets were as follows:

•  Manhattan: $84 sq/ft
•  San Francisco: $80 sq/ft
•  Washington DC: $54 sq/ft
•  Atlanta: $29 sq/ft
•  Boston: $38 sq/ft
•  Chicago CBD: $39 sq/ft

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The city of Venice is located on Florida’s west coast, approximately 20 miles south of Sarasota and 60 miles away from Fort Myers. Administratively, Venice is part of Sarasota County and has a permanent population of over 22,000 people, although this figure increases during the winter months, when many snowbirds move to the city temporarily.

Key Industries and Employers in Venice, Florida

In its origins, the city’s economy relied on agriculture, fishing, and trade, but currently Venice has a diverse economy that has so far been able to weather the global economic downturn. The largest industries are healthcare and educational services, followed by retail, trade, accommodation and food services, finance, insurance, and manufacturing. Tourism and recreation are also essential to Venice’s economy due to the city’s seaside location and proximity to several natural reserves.

Key employers in Venice include manufacturing firms PGT Industries, which was named one of Florida’s best employers by Forbes (with over 2,800 employees) and Tervis Tumbler, Venice Regional Bayfront Health, Bon Secours Venice Healthcare, and Publix Supermarkets.

Venice has seen a marked increase in the job market over this last year (2019) of 2.6%, with only a slightly lower unemployment rate (3.3%) than in the rest of the US (3.9%). Predictions show future job growth over the next decade to be just over 42%. Venice resident’s average income comes in at just under $40,000 a year, which is higher than the average income across the US and currently stands at just under $30,000 annually. Read the rest of this entry »

Overview of Business in Miami

In recent years, Miami has begun to attract major industries and corporations. The low tax rates of Florida make doing business attractive for corporations. In addition, the state also maintains numerous tax incentive programs that provide refunds for corporations that create jobs for residents. Logistically, businesses also find that opening an office in Miami makes sense. Because Miami is located on the coast, it is easy for corporations to engage in trade with foreign entities. The Port of Miami has enabled the cruise industry to thrive in the state.

Major Industries & Key Economic Drivers in Miami

In Miami, tourism makes up one of the most popular industries. Tourism is also a popular industry for greater Florida. Miami features prime beaches and real estate. In 2003, about nine million tourists spent over $10 billion on vacationing in Miami.

Another reason Miami continues to be a popular location for major corporations is due to its location as a port. The Port of Miami enables businesses to engage in international trade. Numerous port brokers and customs agents are located in the area to facilitate the process of international trade. There are also two free trade zones located in Miami, which are the Miami Free Zone and Homestead Free Zone. Over 252,000 employees currently work in the trade and transportation industries in Miami.

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Tempo Miami
Tempo fashions itself as a Rock Resort of sorts, and it lives up to that name. All of the luxury furnishings are designed with a more modern, vibrant look than other hotels in Florida. Here, there is an emphasis on sleek designs, and the awesome Rock Resort Spa, located directly on the premises. The Tempo is a five star hotel, yet has a number of options that can suit most budgets.

Hilton Bently
This is a hotel that definitely has the luxury traveler in mind. The hotel is comprised entirely of suites, with different types of suites available for different budgets. The rooms are all furnished with European furnishings, and there is a lot of Italian marble throughout the building. The big reason for the popularity of the Hilton Bently is its proximity to everything you could ever want to see on Miami Beach. Read the rest of this entry »

InnerWork Team Expeditions
InnerWork has been providing great corporate retreat options for quite some time now, and they offer the most customizable trip of any in the Orlando area. Your retreat can be shifted and geared toward the exact principles you’re trying to get across through sending your employees to a retreat in the first place. This control over the value of the trip is a big part of why InnerWork is so successful.

Marywood Retreat and Conference Center
This is an interesting place to consider for your corporate retreat, especially if you are a corporation with a faith-based mission statement. The interesting thing about Marywood Retreat and Conference Center is that it allows you to have a relaxing, team-building experience in a beautiful setting that comes with a gentle guidance of religious faith. This may not be the perfect choice for everyone, but it is definitely something to consider. Read the rest of this entry »

Rockville, MD
Rockville is a small suburb of Maryland that has a population of a little over 50,000 people. While it may not be the biggest place in the world, its location is what makes it such a hotbed of startup activity. Its proximity to a number of major national laboratories makes Rockville specifically a hub of the biotech industry, and it means that there are a lot of funding sources available for the right type of startup.

San Francisco, CA
San Francisco, California, is known mostly for its art and culture, but it also has a bustling economic scene in these tough times. The real benefit of operating out of San Francisco is the convergence of academia and business. There are a lot of established universities out here, as well as a lot of giants in the technology industry.

Franklin, TN
Franklin, Tennessee, is a small town about the size of Rockville, but is more of an entity of its own. There is a major biotechnology push in Franklin, with the university putting up state-of-the-art facilities to push development in that sector. More than half of the people living in Franklin have at least a four-year college education, and the technology industry here is on the rise.

Bellevue, WA
Close to the home of such giants as Microsoft, Bellevue, situated in Washington, is one of the hottest spots of activity in the technology sector in the country. Bellevue’s residents hold more patents than any other city in the country, and there are a lot of tax incentives for small startups, especially in the technology sector. Being so close to many of the larger, older technology firms gives startups the ability to utilize a wealth of industry information that is more readily found in this area than in other areas.

Cambridge, MA
Cambridge will be recognizable to most people as the home to both MIT and Harvard, two of the most prestigious universities in the world. As a town of roughly 100,000 people, Cambridge maintains a very low-key persona that carries an air of growth. The town has a reputation to uphold as one of the hotbeds of advancement in the country, and the incentives for small business development here are ample.

Irvine, CA
Irvine, California, has a number of things going for it that make it very attractive for startups. It is right outside of Los Angeles, so it is mostly populated by technology and entertainment-based startups, but there are many different businesses here. One of the most attractive aspects of the city is that it gives entertainment and technology startups access to Los Angeles without actually having to be located in the city itself.

Bend, OR
Bend, Oregon, has experienced a growth rate of 50 percent over the past decade, and it doesn’t show any signs of slowing down. The town itself used to be centered around logging, but has since become very involved with the technology, aviation, and biotech industries.

Santa Monica, CA
Santa Monica, California, has become very popular for film startups over the past decade. The proximity to Los Angeles is the big draw here, with business owners getting all the benefits of Los Angeles without the stifling taxes that come with living in the city. Digital media production companies find that they are able to compete with larger film companies while operating out of Santa Monica.

Boca Raton, FL
Looking to shirk its reputation as nothing but a paved old folks home, Boca Raton, Florida, is very welcoming of startups, especially in the technology industry. There are a lot of smaller companies that work here that have been started by employees of IBM, which has operated out of Boca Raton since the 1970s.

Boulder, CO
Boulder, Colorado, has become something of an icon of the technology startup community. As the university has advanced its technology base over the past ten years, more and more businesses have been developing here from the resulting boom in startup grant funding. There are a number of national research labs maintained in Boulder, and these labs bring in a swathe of talent from around the globe– making Boulder a hotbed of activity in the technology industry.