MIAMI—If you questioned the demand for office condos in South Florida, consider this proof point: Just three months after coming to market, Downtown Miami's One Flagler office condominium hit the 50% sales mark.

What's more, the early sales at One Flagler, a 15-story boutique building that's undergoing $10 million worth of renovations, is showing there's a growing appeal among international businesses for Downtown Miami office space. The iconic building is attracting foreign investors.

“There is no doubt that demand for luxury condos in Miami among international buyers is high,” Harvey Hernandez, chairman and managing director of Newgard Development Group, tells GlobeSt.com. “We recognized that these buyers—especially those from Latin America—are also used to owning office and commercial properties in their own countries but have not had many opportunities to own those types of properties in Miami.