Miami-Dade Office Market Report

Metro positioned for long-term growth. Miami-Dade is emerging as one of the strongest-performing office markets in the nation. Since October 2020, the metro posted 10 consecutive quarters of positive net absorption. The steady pace of leasing during this span sliced availability by 260 basis points to 11.8 percent in the first quarter of 2023, equaling the pre-pandemic rate. Robust in-migration bolstering the local talent pool, coupled with the state’s low-tax environment, have underpinned demand for office space in Miami, and this momentum has carried into this year. Kaseya recently increased its local footprint, committing to 140,000 square feet combined at the Wells Fargo Center and 800 Brickell, and it also plans to create 3,400 new tech jobs over the next three years. The long-term outlook for Miami’s office sector is bullish, as the metro’s future growth prospects will likely continue to lure new-to-market tenants and fuel expansions from firms that already have a local presence.