Continued improvement in Miami
Miami recorded 141,789 SF of positive net absorption year-to-date through Q2 2025. While modest, any positive absorption is notable given the broader challenges facing the U.S. office market.
Nationwide, demand for office space continues to decline, yet Miami stands out with a resilient performance. Growth in the local service-sector job market—up 0.7% year-over-year—has helped support office demand. As a result, Miami remains a leader in the nation’s return-to-office momentum.
Record High Rents Continue To Rise in Miami
Rents continue to reach new all-time highs, with the average asking rate hitting $63.38 PSF through the first half of 2025.
Since 2020, office rents have surged by 49%. At the same time, vacancy has tightened to 11.4%—a decline from 2024 levels—highlighting ongoing strength in Miami’s office market.
Investment Sales Slowing
Miami kicked off 2025 with $400 million in office investment sales, putting the market on pace for another strong year. This builds on the momentum of 2024, which marked the second-highest annual sales volume in the past seven years.
