Coral Gables Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $50.34 2023 Avg. Asking Rent
  • 0.70% Y-o-Y Avg. Asking Rent Change
  • 15.71% 2023 Office Vacancy Rate
  • $184.7M2023 Total Office Sales
  • $379.39Avg. Sale Price/SF

Coral Gables office price per square foot in 2023 was $50.34 on average. This marked a +0.70% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.71% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $184.7M. Coral Gables office space commanded an average sale price per square foot of $379.39.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Coral Gables Class A & A+ Office Space$51.35
  • Coral Gables Class B Office Space$43.52
  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Coral Gables, FL Office Asking Rents by Class

2023 Office Vacancy Rates in Coral Gables

Submarket Asking Rents Vacancy Rates
Coral Gables - Downtown $51.27 12.09%
Dadeland $47.96 15.36%
Miami Coconut Grove $47.24 14.95%
Coral Gables $46.25 34.77%
Airport South $39.56 19.12%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Coral Gables market was 15.71% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Coral Gables was 12.09% in the Coral Gables - Downtown submarket, while the highest office vacancy in the market was 34.77%, recorded in Coral Gables.

Office Spaces for Rent in Florida

Coral Gables Office Sale Price per SF

  • $379.392023 Avg. Price per SF
  • 22.23%Y-o-Y Avg. PpSF Change
  • $184.7M2023 Office Sales Volume
  • 52023 Number of Transactions

Coral Gables, FL Sale Price per SF Trend

  • Coral Gables Avg. Sale Price per SF in 2023$379.39
  • Florida Avg. Sale Price per SF in 2023$213.92
Coral Gables office space cost in 2023 marked a +22.23% change compared to the previous year. The sale price for office space in Coral Gables averaged $379.39 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $213.92 per square foot.

2023 Office Sales Volume

  • Coral Gables, FL Total Office Sales Volume in 2023 $184.7M
  • Coral Gables, FL Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Coral Gables office market in 2023, adding up to a yearly sales volume of $184.7M. Notably, the largest transaction on the market saw 355 Alhambra change hands for $90,000,000 on 9/21/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Coral Gables, FL

Largest Office Properties Recently Completed in Coral Gables
Office building Address SF Completed
Plaza Coral Gables 2811 Ponce de Leon Blvd, 33134 945,582 2020
1200 Ponce De Leon Blvd #1100 1200 Ponce De Leon Blvd, 33134 2,219 2018
1200 Ponce De Leon Blvd 1200 Ponce De Leon Blvd, 33134 2,048 2018
1200 Ponce De Leon Blvd 1200 Ponce De Leon Blvd, 33134 1,705 2018
DENTAL OFFICE FOR LEASE 1805 East Ponce De Leon Boulevard, 33134 2,453 2015
2020 Ponce De Leon Blvd 2020 Ponce De Leon Blvd, 33134 10,000 2009
2020 Ponce De Leon Blvd 2020 Ponce De Leon Blvd, 33134 3,314 2009
Santona Corner 1430 South Dixie Hwy, 33146 95,000 2008
2030 S Douglas Rd 2030 S Douglas Rd, 33134 1,200 2005
2030 S Douglas Rd 2030 S Douglas Rd, 33134 1,100 2005

Worth noting among recent office completions on the Coral Gables market is Plaza Coral Gables, which is currently the largest new office development in the city, at 945,582 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Coral Gables commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.