A Tennessee-based hotel developer making its Orlando market entry in 2018 also wants office space in Downtown Orlando to bring another national co-working chain to market.
Hiren Desai, CEO with 3H Group which has land under contract within the mixed-use "Grand National" project on the north end of International Drive, recently signed a franchise agreement with Serendipity Labs to establish the new co-working brand in Orlando.
"We're looking to lease about 15,000 square feet in downtown, and hope to have it done by First Quarter 2018," he told GrowthSpotter.
Serendipity Labs currently has seven locations, mostly in the northeast and midwest, including its first Florida office in Aventura. That network will grow to nine by year's end, and another 15 markets are scheduled to open in 2018, including Orlando.
"We target the established professional, someone who might be in a satellite office or who is independent and can choose when and where they want to work," said Paula Gomprecht, vice president of marketing for Serendipity Labs.
"Just as there are many hotel brands in a market that can complement each other, we find there is definitely a market for different (co-working) brands that each may offer different amenities," she continued. "Where we fall is creating an upscale professional environment for our members to be welcome, and network with people who may be at similar points in their careers."
National chains are also targeting downtown to expand their co-working brands, offering different incentives to entrepreneurs or larger companies with staff that may travel often.
Nashville-based E|SPACES will lease a full floor (28,500 square feet) of the planned Church Street Plaza tower (formerly Tremont Tower) being developed by Lincoln Property Co., GrowthSpotter first reported in mid-July.
Miami-based Pipeline Workspaces also plans to lease an entire floor at the 20 N. Orange Ave. building, the Orlando Sentinel reported in late September.
The Downtown Orlando submarket, the region's second largest by total square footage, had a vacancy rate of 11.6 percent at the end of the third quarter compared to 12.7 percent in the quarter prior, according to Cite Partners. The submarket's average rental rate of $22.24 in Q3 was down slightly from $23.76 in Q2.