South Florida Commercial Real Estate Boom: Major Leasing Activity in Doral and Coconut Creek

Doral Office Market Heats Up with Major Government and Corporate Leases

The Doral commercial real estate market is experiencing significant momentum as multiple high-profile tenants have secured space at the prominent Doral Center complex. Located at the strategic intersection of Northwest 36th Street and Northwest 87th Avenue, this office hub has attracted a diverse mix of government agencies and private businesses, highlighting the area's growing appeal as a corporate destination.

Leading the charge is flexible workspace provider Quest Workspaces, which has significantly expanded its footprint at Doral Center. The co-working giant has added an impressive 14,600 square feet to its existing space, bringing its total leased area to 38,100 square feet. This substantial expansion reflects the ongoing demand for flexible office solutions in South Florida's evolving work environment and positions Quest as a dominant presence within the complex.

The Florida state government has also recognized Doral's strategic advantages, with two key agencies establishing operations at the center. The Florida Department of Financial Services has secured 5,100 square feet, while the Florida Department of Health has leased a comparable 4,800 square feet. These government leases bring stability and prestige to the development, potentially attracting additional tenants seeking proximity to state operations.

Industrial and Business Services Firms Flock to Doral Center

The diverse tenant mix at Doral Center continues to expand with the addition of several specialized businesses. Alva Manufacturing, which produces PVC conduits for electrical wiring, has leased 6,200 square feet, establishing an important presence in this prime location. The company's decision to locate at Doral Center underscores the property's appeal to industrial and manufacturing businesses seeking quality commercial space.

Several service-oriented businesses have also recognized the advantages of Doral Center. Monarca Insurance has committed to 6,000 square feet, while data collection specialist WAC Research has secured 5,200 square feet. Engineering firm Kisinger Campo & Associates has leased 3,500 square feet, and international logistics company Clasquin has added to the tenant roster with a 3,400-square-foot lease.

The leasing activity was facilitated by CBRE brokers Gordon Messinger and Randy Carballo, who represented the property owner, Banyan Street Capital. The Miami-based investment firm, led by CEO Rudy Touzet, acquired the 290,000-square-foot, two-building Doral Center for $43 million in 2020, demonstrating confidence in the area's long-term growth potential.

Retail Renaissance: Promenade at Coconut Creek Welcomes Five New Tenants

While Doral's office market flourishes, the retail sector in Coconut Creek is experiencing its own renaissance. The Promenade at Coconut Creek, a spacious 23-acre open-air shopping destination with complementary office space, has secured five dynamic new tenants that enhance its appeal as a lifestyle shopping center.

Travel accessories retailer Bronx Luggage has leased 2,800 square feet and plans to open its doors this summer, offering shoppers a range of travel solutions. Joining them with a summer opening is Crema Gourmet, which has committed to 3,100 square feet, bringing its popular culinary offerings to the Coconut Creek community.

For shoppers seeking unique creative experiences, paint studio Dripz Bar Creations has already opened its 1,900-square-foot space, providing interactive arts and crafts opportunities. Home fragrance brand Lélior will add to the sensory shopping experience when it opens its 1,000-square-foot store this fall.

Completing the impressive lineup of new tenants is Rise Modern Wellness, which has leased 2,900 square feet for its innovative weight loss, beauty, and immunity center. Set to open in late fall or winter, this wellness-focused tenant complements the Promenade's diverse mix of shopping, dining, and service offerings.

The Promenade at Coconut Creek, situated at 4467 Lyons Road, is owned by Boston-based investment management firm AEW Capital, led by Jonathan Martin. The property continues to attract quality tenants, solidifying its position as a premier retail destination in northern Broward County.

South Florida Commercial Real Estate Outlook Remains Strong

These significant leasing activities in both Doral and Coconut Creek reflect the ongoing strength and resilience of South Florida's commercial real estate market. Despite economic uncertainties in other regions, businesses continue to recognize the advantages of establishing and expanding their presence in this thriving market.

The diversity of new tenants—spanning government agencies, flexible workspace providers, specialized manufacturers, and retailers—highlights the broad-based appeal of South Florida's commercial properties. This diverse demand contributes to the region's economic stability and provides property owners with multiple avenues for growth and investment.

As flexible work arrangements continue to evolve, the expansion of Quest Workspaces signals enduring demand for adaptable office solutions. Meanwhile, the government leases provide long-term stability, and the retail additions at the Promenade at Coconut Creek demonstrate consumer confidence in physical shopping experiences despite the growth of e-commerce.

Market Insights: South Florida Commercial Real Estate Trends

What factors are driving the expansion of flexible workspace providers like Quest Workspaces in South Florida?

The expansion of Quest Workspaces reflects several key trends, including the growing preference for hybrid work models, businesses seeking flexible lease terms amid economic uncertainty, and the migration of companies to Florida for its favorable business climate and tax advantages. Quest's substantial growth at Doral Center indicates strong market demand for premium flexible workspace solutions that offer both private offices and collaborative environments.

Why are government agencies choosing to lease space in Doral?

Government agencies are selecting Doral for its strategic location near major transportation arteries, proximity to Miami International Airport, and access to a diverse workforce. Additionally, Doral offers competitive lease rates compared to downtown Miami while providing modern office facilities and amenities that support government operations and accessibility for constituents.

How is the retail tenant mix evolving at shopping centers like the Promenade at Coconut Creek?

Modern shopping centers are increasingly focused on creating experiential destinations that cannot be replicated online. The Promenade's new tenants—including an interactive paint studio, wellness center, and gourmet food establishment—represent the shift toward service-oriented and experience-driven retail. This evolution helps shopping centers maintain relevance and foot traffic in the age of e-commerce.

What makes South Florida attractive for commercial real estate investment compared to other markets?

South Florida continues to attract investment due to strong population growth, business-friendly policies, absence of state income tax, and quality of life advantages. The region's connection to Latin American markets also creates unique business opportunities not found in other U.S. markets. Properties like Doral Center and the Promenade at Coconut Creek demonstrate how investors can capitalize on these favorable market conditions.

How are property owners adapting their leasing strategies in the current market?

Savvy property owners like Banyan Street Capital and AEW Capital are diversifying their tenant mix to create resilient income streams. By combining government leases (which offer stability) with dynamic retail concepts and flexible workspace providers, these owners are positioning their properties to weather market fluctuations while maximizing property values and maintaining high occupancy rates.