South Florida’s commercial real estate market has changed dramatically over the past several years, but one trend has become increasingly clear: companies want versatility. Whether they’re leasing office, industrial, or flex space, tenants are looking for landlords that can adapt to changing business needs while offering employees a workplace that encourages them to return to the office.
That’s the view of Ryan Goggins, vice president of acquisitions, leasing, and marketing for Sunbeam Properties & Development, developer and owner of Miramar Park of Commerce.
“Office and industrial tenants today are seeking flexibility,” Goggins says. “They want flexibility with lease term, expansion and contraction options, and renewal options.”
Sunbeam has a distinct advantage in meeting those demands. The company broke ground on Miramar Park of Commerce in 1984 and has grown the development into a 500-acre campus with more than five million square feet of office, industrial and flex space. Today, the park is home to more than 160 companies, including Caterpillar, Siemens, Humana, Quest Diagnostics, Toyota, and HEICO Corporation.
Because Sunbeam owns the property with a long-term investment strategy and no debt on its buildings or land, Goggins said the company can structure creative lease agreements that many competitors cannot.
While lease flexibility remains important, tenant priorities have also shifted toward quality. Companies are redesigning office environments to support employee collaboration while seeking locations that offer amenities beyond the workplace.
“We’ve seen a clear flight to quality and amenities across both office and industrial space,” Goggins said.
That demand helped shape Miramar Cove, Sunbeam’s new 125-acre mixed-use development adjacent to the business park. The project will include more than 2,800 residential units, 400,000 square feet of retail and entertainment space, a full-service hotel and a Class A office building, creating a live-work-play environment for employees and businesses.
As companies continue to encourage employees to return to the office, Goggins said convenient locations with restaurants, retail, and entertainment have become increasingly valuable recruiting and retention tools.
Despite economic uncertainty in recent years, Miramar Park of Commerce has maintained strong performance. The park is currently 97% leased, a result Goggins attributes to long-term partnerships between landlord and tenant. “There’s always economic uncertainty, and tenants and landlords need to navigate it together,” he said.
Sunbeam continues to invest heavily in the park’s future. Construction is underway on a new 70,000-square-foot broadcast facility that will become the home of FOX Channel 7 and ABC Channel 18 beginning in May 2027. Goggins said the park’s central location, transportation access and infrastructure made it an ideal site for a 24-hour television operation.
The business park has also experienced continued expansion among existing tenants, particularly in healthcare and aviation. Companies including Memorial Healthcare, VITAS Healthcare, Walgreens and VSE Aviation have recently expanded their operations within the park.
Looking ahead, Goggins remains optimistic about South Florida’s commercial real estate market. Population growth, limited developable land, tourism and Florida’s business-friendly environment continue to support demand. He believes business parks that evolve alongside their tenants—and provide the flexibility and amenities companies increasingly expect—will remain well positioned for years to come.
