STUART, Fla. — There is a commercial real estate boom happening on the Treasure Coast, and it is fueled not only by the trade industries but also pricing.
"Flex space" offers small businesses lease space for just hundreds of dollars a month, and it’s noticeably reducing overhead costs.
Business is steady for Over the Top Roof and Repair in Stuart.
Owner Charlie Jamison said his company is in high demand, and there is a low overhead cost.
“The price for what we get here just cannot be beaten," Jamison.
He is one of 50 companies leasing space at the West Stuart Business Center. Each unit offers an office, bathroom and warehouse.
Patrick Kelly, G.T. Kelly General Contractors vice president, said he is using the space for under $1,000 a month.
The "flex space" combines warehouse and office space, offering between 600 to 1,100 square feet. It is filling a niche in Stuart and Port St. Lucie.
"The size ... is what I think makes it popular. And of course having flex space gives them an opportunity to use the space in different ways. So, we can accommodate a variety of different users or business types," said Janine Landolina, West Stuart Business Center LLC property manager.
“We have roofers. We have electricians. We have janitorial supply companies. We have electrical supply companies," Kelly said.
"These flex spaces offer them a low price point, and lease flexibility to go out and do their thing," said Tom Essaye, Sevens Report Research founder and president.
Experts say the "flex space" market is driven by both land that's reasonably priced and a small corporate presence.
It is a plus for developers and small business tenants.
"The land (on the Treasure Coast) is available. You have to have the land available to be able to build these flex spaces," said Essaye.
"We can accommodate a variety of uses," Landolina said.
A new 62-unit flex space site will open in Stuart before the end of the year.