Miami-Dade Office Market Sees Rising Rents and Tightening Vacancy in Q3 2026

Miami-Dade County's office market demonstrated continued strength in Q3 2026, with overall availability falling to 14.6 percent, a 1.2 percentage point decrease year-over-year. Concurrently, average asking rents rose by 8.4 percent to $68.50 per square foot annually, according to a new report from Savills. This market activity was largely concentrated in two distinct areas: the more affordable Airport West submarket, accounting for 28 percent of leasing, and the high-priced Brickell financial district, which saw 25.2 percent of the activity.

The market's performance reflects Miami's ongoing push to establish itself as a global business hub, attracting new companies and facilitating expansions. This demand has pushed rents in prime locations like Coconut Grove and Brickell to over $90 per square foot, often prompting long-term tenants to seek more economical suburban options. Notable expansions include Google adding 10,000 square feet at 1450 Brickell Avenue, bringing its total footprint to 45,000 square feet, and Banco Sabadell renewing its nearly 50,000-square-foot lease at 1111 Brickell. Despite these gains, leasing activity slowed quarter-over-quarter to 1.1 million square feet, and a scarcity of large office spaces (over 50,000 square feet) could hinder future growth. Two new office skyscrapers in Brickell, from Santander Bank and Ken Griffin, are not expected until 2029.