The majority of the businesses in Coral Gables service local and international clientele, but unlike other parts of Florida, it is not influenced by seasonal shifts. One of the strengths of this robust economy is the diversity in both product and geography. There are no manufacturing facilities within the City, but strong investment in professional services and administrative operations.
It is considered one of the premium office markets in South Florida, with more than 6.5 million square feet of prime office space and more than 600,000 square feet of Class "A" office space and 300,00 square feet under construction for the Coral Gables submarket. The submarket is desirable due to proximity to Miami International Airport and downtown Miami, while also being convenient to executive housing, allowing executives to live and work in the Gables.
With world class restaurants and hotels, cultural offerings and retail establishments are also looked on as important amenities.
CORAL GABLES TROLLEY connecting many of the commercial districts with stops from Douglas Entrance on North Ponce De Leon Boulevard to the Metrorail Station on Douglas Road - For route information: click here.
The office market is characterized by buildings with an average size of approximately 128,000 square feet of net leaseable space. Approximately 3.3 milion square feet of office space (6.5 million total)is considered Class A with a vacancy rate of 8%. An additional 500,000 square feet is under way, including office condominiums.
