South Florida's Commercial Real Estate Scene Heats Up: Premium Fitness Brands and Corporate Expansions Lead the Way

Equinox Makes Strategic Move into Broward County with Luxury Condo Project Partnership

Premium fitness giant Equinox is making a significant expansion into Broward County, securing a 35,000-square-foot prelease at the highly anticipated Ombelle Fort Lauderdale luxury condominium development. The fitness center will occupy prime space at 300 Northeast Third Avenue, strategically positioned near the trendy Flagler Village neighborhood.

The massive Ombelle project, spearheaded by Brooklyn-based Dependable Equities, will feature twin 43-story towers housing a combined 775 condominium units. Led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinsky, the development launched sales in October 2024 with price points ranging from the $400,000s to approximately $5 million. Construction is scheduled to commence by year-end, with completion targeted for 2028.

This Fort Lauderdale location represents a critical component of Equinox's aggressive South Florida expansion strategy. The company aims to make the tri-county region its third-largest market nationally, behind only New York and Los Angeles. The fitness brand has already secured several other prominent South Florida locations including:

• A 50,500-square-foot facility at the redeveloped Office Depot headquarters (6600 North Military Trail, Boca Raton)

• A 30,700-square-foot space at Oak Row Equities' mixed-use project (2600 Biscayne Boulevard, Miami's Edgewater district)

• A 35,000-square-foot center at Related Ross' 575 Rosemary Avenue building in West Palm Beach

The Plaza Coral Gables Achieves Full Occupancy with Trio of Financial Services Tenants

The prestigious Plaza Coral Gables has reached 100% occupancy for its office component after finalizing leases with three financial services firms. The deals highlight the continued demand for premium office space in South Florida's most established business districts.

Accounting powerhouse Marcum has secured 9,600 square feet within the mixed-use development. The firm, which was acquired by CBIZ in November, joins wealth management firm ALTi Tiedemann Global, which leased 6,000 square feet as it relocates from its previous Brickell Avenue address. Rounding out the new tenant roster, securities broker-dealer BayCrest Partners will occupy 1,800 square feet beginning May 1, 2025, transitioning from its previous Brickell Bay Drive location.

The Plaza Coral Gables, developed by Agave Holdings (the real estate division of the Jose Cuervo tequila brand's Beckmann family), encompasses 2.3 million square feet across approximately 7 acres. Situated at the southeast corner of Ponce de Leon Boulevard and Sevilla Avenue, the comprehensive development includes:

• Two premier office buildings at 2811 and 2901 Ponce de Leon Boulevard

• The 242-key Lowes Coral Gables Hotel

• 65,000 square feet of retail and entertainment space

• The Reserve, a luxury residential component with 174 units

These newest tenants join an impressive roster of corporate occupants at The Plaza, including tech giant Apple (42,000 square feet), spirits company Bacardi's U.S. headquarters (110,000 square feet), and law firm Hinshaw & Culbertson (18,000 square feet).

Homegrown Swimwear Brand Expands Footprint with Strategic Miami-Dade Locations

Montce Swimwear, a successful South Florida-born retail concept, continues its expansion with two new Miami-Dade County locations. The brand recently opened a 1,200-square-foot boutique at 3015 Grand Avenue within CocoWalk, the revitalized mixed-use development in Miami's Coconut Grove neighborhood.

Additionally, Montce has secured 1,400 square feet at 1800 Bay Road in Miami Beach's upscale Sunset Harbour district, with an anticipated summer 2025 opening. The swimwear retailer, founded by local entrepreneur Alexandra Grief in 2012, adds these locations to its existing South Florida presence, which includes outposts in Fort Lauderdale (530 Northeast 13th Street) and Delray Beach (44 East Atlantic Avenue).

The CocoWalk property is owned by a partnership between Federal Realty Investment Trust, Grass River Property, and Comras Company, while the Sunset Harbour building is held by Coral Gables-based investment firm Greenstreet Partners.

Brickell Office Tower Attracts Premium Food and Beverage Concepts

A prominent Brickell office tower has secured three high-profile retail tenants, enhancing its amenity offerings and street-level activation. Ludlow Coffee Supply has opened its first Miami location in the lobby of 801 Brickell Avenue, bringing its specialty coffee concept to the financial district.

The building will soon welcome two additional food-focused tenants: Mediterranean fast-casual restaurant Cava will occupy a 2,700-square-foot space with an expected third-quarter opening, while artisanal concept PopUp Bagels will operate from an 861-square-foot space.

The 801 Brickell tower was acquired in 2023 by Monarch Alternative Capital and Tourmaline Capital Partners for $250 million, representing the year's largest office transaction in South Florida. The new ownership's strategic retail leasing campaign aims to enhance the building's appeal to existing and prospective office tenants while creating an engaging street-level experience.

Market Insights: South Florida Commercial Real Estate Trends

Is South Florida commercial real estate experiencing growth despite national concerns about office space?

Yes, South Florida continues to buck national trends, with prime office locations like Coral Gables and Brickell maintaining strong occupancy rates. The region's population growth, business-friendly environment, and influx of financial and technology firms from the Northeast and California continue to drive demand for quality office space.

What types of retail concepts are finding success in today's market?

Experiential retailers, food and beverage operations, and specialty lifestyle brands are securing prime locations throughout South Florida. Concepts like Ludlow Coffee Supply, Cava, and Montce Swimwear demonstrate how authentic brands with strong identities can thrive in the region's high-traffic retail corridors.

How are fitness brands influencing commercial real estate development?

Premium fitness providers like Equinox have become coveted anchor tenants for mixed-use and residential developments. Their presence enhances property values and serves as a significant amenity draw for both residential and office components. Equinox's strategic expansion across South Florida highlights the importance of wellness-focused amenities in today's development landscape.

What factors are driving tenant relocations within Miami-Dade County?

Companies are strategically relocating to optimize their real estate footprint while maintaining proximity to their client base. We're seeing movements from Brickell to Coral Gables and other submarkets as firms seek newer buildings with enhanced amenities, often at more competitive price points than Miami's financial district.

Are luxury residential developments still incorporating significant commercial components?

Yes, projects like Ombelle Fort Lauderdale demonstrate how high-end residential developments continue to integrate substantial commercial spaces. The inclusion of premium fitness facilities, retail, and other amenities not only enhances the resident experience but also creates additional revenue streams and neighborhood activation.