Miami-Dade Office Market Report
Incentives and Growing Workforce Compel Firms to Relocate to Miami-Dade, Fortifying Office Demand
Local effort to attract corporations aids office absorption. Miami-Dade is in a good position to lure outside firms as new residents boost labor availability and the Follow the Sun campaign incentivizes business relocations via annual payments up to $50,000. These dynamics support a positive office absorption outlook in 2021 and beyond. Recent lease signings by Blackstone and Subway exhibit demand for existing space. Meanwhile, the largest project in this year’s pipeline is a 350,000-square-foot space in Miami Beach, serving as Royal Caribbean’s headquarters starting in July. Starwood Capital also signed on for 144,000 square feet at a Miami Beach development that will finalize in November. Leasing activity should continue to accelerate in the coming quarters as firms look to expand in fast-growing markets.