Jaime Sturgis Discusses WeWork’s Miami-Dade Outposts

Jaime Sturgis, CEO of Native Realty, was quoted in a Real Deal article about WeWork filing for bankruptcy, aiming to exit 69 locations, but its South Florida offices in Miami being safe from closure for now.

“The expectation is really that they are going to … maybe try to go back to the drawing board with new leases for perhaps some of them,” said Jaime Sturgis, a broker in Fort Lauderdale. “It’s going to be interesting how it plays out in South Florida in comparison to the other markets across the country.”

Experts suggested that WeWork may revisit lease agreements in the future, and Miami’s strong market makes negotiations challenging. Notably, the company might consolidate two offices in Coral Gables, which could affect landlords.

“If WeWork opts to renegotiate Miami-Dade leases, it will likely bode better for the landlords than for the co-working firm,” Sturgis said.

“The local market remains stronger than elsewhere in the U.S., with continued demand and steady rent increases. That means that office owners may be wary to give in to any WeWork pleas for lower rent or smaller space, as landlords could find alternative tenants willing to sign at market-rate rents,” Sturgis said.

You can read the full article here. 

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