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 been strategically delivered. One prime example is 830 Brickell, a 55-story trophy tower by OKO Group and Cain International. It was fully leased upon delivery and achieved record rents, setting a new standard for Miami — and the nation. The trend continued with other high-quality, pre-leased office buildings such as The Offices at The Well and The Plaza Coral Gables, helping to keep vacancy rates low and rents on the rise.
Since first-quarter 2021, Miami’s asking rents increased by 38 percent across the board, with Class A rents climbing 37 percent. In Brickell, the city’s flagship office district recognized as “the Wall Street of the South” for more than 25 years, Class A rents have surged by an astonishing 67 percent. This kind of growth is virtually unheard of in the current office market, and lease transactions are being executed at these elevated rates — especially in the best buildings that have been recently renovated to deliver the quality and amenity base companies are seeking today.
Speaking of Brickell, it remains Miami’s prime office submarket. Global firms are flocking to this walkable, dense neighborhood with top-tier high-rise office towers. Trophy spaces in Brickell are regularly commanding rents over $110 per square foot — something that would have seemed unimaginable just a few years ago.
But Miami’s office success isn’t limited to Brickell. Coral Gables, a smaller urban and highly walkable neighborhood, is becoming a strong contender. It has seen Class A rents rise 20 percent since 2021, attracting and retaining quality tenants. Coral Gables now boasts the lowest vacancy rate in Miami-Dade County. It has become the go-to for firms looking for quality space in a location that reduces the commute time for employees and at rates lower than Brickell. The mix of finance, healthcare, multinationals and professional services in Coral Gables makes it a destination in its own right.
Miami’s overall office market has flourished thanks to quality of life, convenient travel with direct flights to countless destinations and a mix of favorable tax policies. The city’s infrastructure and diverse multicultural, highly educated talent pool have also played a significant role. But it’s not just newcomers from cities like New York and San Francisco that are driving demand — local companies are growing, and national firms are doubling down on Miami.
While the national office market faces uncertainty, Miami’s fundamentals remain solid. Vacancy rates are manageable, rent growth continues and new supply is being delivered with care. Miami has proven it can attract global corporate giants as well as highly entrepreneurial companies, as well as support new development and provide consistent value.
As we look ahead, Miami’s office market is just getting started. The past few years have been about catching up to demand, but now it’s all about building on that momentum. Miami’s future looks bright, and if you’re paying attention, you’ll see it’s not just surviving — it’s thriving.
— By Tere Blanca, founder, chairman and CEO of Blanca Commercial Real Estate. This article was originally published in the May 2025 issue of Southeast Real Estate Business.