Five Firms Move From Miami-Dade to Broward Office Space

Five firms moved their offices across county lines from Miami-Dade to Broward in the third quarter, according to a Blanca Commercial Real Estate report. Brokers expect more to follow as employees continue relocating north in search of lower housing costs and companies look for cheaper rents.

Broward's average triple-net rent is $29.51 per square foot, up 6.5% year over year, compared with $70.51 per square foot in Miami-Dade, which rose 13.3%. Brasfield & Gorrie, a general contractor, is leaving a roughly 5,500 SF Coral Gables office for more than 19,000 SF at Weston Pointe I, with move-in expected by 2027. NewEdge Wealth, the law office of Alexandra Linder and Altura Capital also relocated north.

Brokers also report tenants splitting large requirements into several smaller offices across the region. Broward recorded 728,000 SF of leasing in the quarter, 55% of it renewals, the strongest quarter since late 2021. Capital is also flowing into existing assets, and a 180,000 SF office building in Flagler Village is due for completion in the fourth quarter.

For developers and lenders, Broward's pricing gap and rising leasing activity suggest office demand is shifting toward the county's existing stock.