Miami Office Rents Hit Record Highs Amid New Construction

Miami office rents rose 14.4% YoY in Q2, reaching $62.61 PSF.
Miami Beach, Brickell, and Wynwood lead in asking rents.
Vacancy rates remain stable despite a surge in new office construction.
New buildings and major leases are driving rent growth.

Key Takeaways

Rising Rents Buck The Trend

Miami-Dade County’s office market continued its ascent in Q2, with average asking rents reaching $62.61 PSF, reports Commercial Observer. The figure marks a 14.4% year-over-year jump and a 55.3% increase from pre-pandemic levels in 2019—underscoring Miami’s transformation into a magnet for corporate relocations and investment.

High-End Submarkets Drive Growth

Miami Beach led the region as the most expensive submarket, with annual asking rents nearing $110 PSF. Brickell followed at $92, while Wynwood-Design District came in at $82. In contrast, submarkets like Airport West, Coral Way, Miami Lakes-Hialeah, and South Dade remain relatively affordable, with average rents below $40.

Supply Boom Meets Steady Demand

Even as 1.6M SF of office space was delivered over the past 18 months—and 1.9M more currently under construction—vacancy rates have remained surprisingly stable. Class A space saw a 20.4% vacancy rate, while the overall market posted a 17% vacancy rate.

Savills credits new buildings with driving rent increases, as modern properties outperform older stock in both price and tenant interest.

Demand Driven By Major Pre-Leases

Two large pre-leasing deals helped buoy confidence in the market. Royal Caribbean committed to a 350K SF headquarters, and AdventHealth signed for 120K SF, signaling ongoing interest in long-term office footprints.

Miami’s Resilience In A Hybrid World

Despite broader national trends of office downsizing and hybrid work adoption, Miami and New York City lead the nation in office attendance, according to Savills analyst Andrea Duque. The city’s mix of lifestyle appeal, tax advantages, and growing business presence continues to attract both tenants and developers.

What’s Next

With nearly 2M SF of office space still under construction and rent growth outpacing most US markets, Miami’s office sector shows no signs of cooling. However, how long the market can absorb new supply without pushing vacancy rates higher remains a key question heading into 2026.