Over the past five years, the national office market has faced its fair share of challenges: hybrid work reshaping demand, a surge in sublease spaces and rents stagnating in many cities. But Miami’s office market? It’s been a standout performer, and it’s soaring, not just holding its ground. From the onset of the COVID-19 pandemic, Miami began to separate itself from other major metros. While cities across the country struggled to coax tenants back to the office, Miami became a hotspot for companies eager to expand. What began as an influx of interest from financial firms, law practices and tech companies quickly evolved into a significant shift. These weren’t temporary moves — these were long-term leases and major investments. Since 2020, Miami-Dade has absorbed nearly 3 million square feet of office space. Unlike other cities where growth has fluctuated, Miami’s demand has been steady. Even as leasing slowed down nationally in 2023, Miami managed to hold strong. By 2024, leasing activity picked up again, and the first quarter of 2025 saw impressive absorption numbers. A major factor in Miami’s success is its disciplined approach to office development. While other markets overbuilt, leading to high vacancy rates, Miami’s new supply has …
