Miami-Dade Office Market Report

Interest rising in urban developments, while suburbs draw cost-conscious tenants. Miami’s office vacancy is forecast to sit just above 10 percent this year and remain below its 2019 mark. Despite rightsizing trends driving space givebacks downtown, new urban projects are aligning with institutional demand for premium floorplans. Nearly 70 percent of the 1.5 million square feet delivered last year was occupied entering 2025, while 90 percent of the 1 million square feet set to open this year is already pre-leased. This momentum is set to continue into 2025, as return-to-office plans from firms like J.P. Morgan contribute to rising space needs. Price-sensitive occupiers are likely to favor lower-cost submarkets like the area around Miami International Airport, which saw near-record Class A net absorption last year. Companies such as Assurant, taking 75,000 square feet in mid-2025, will further reinforce local absorption. Well-educated residents and proximity to downtown should also sustain lower-tier space demand here and in nearby areas like Coral Gables, where segment vacancy fell by 50 basis points in 2024.