Miami Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $49.18 2023 Avg. Asking Rent
  • 3.08% Y-o-Y Avg. Asking Rent Change
  • 13.22% 2023 Office Vacancy Rate
  • $577M2023 Total Office Sales
  • $382.86Avg. Sale Price/SF

Miami office price per square foot in 2023 was $49.18 on average. This marked a +3.08% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.22% across all asset classes combined. The 20 transactions that closed here throughout 2023 amounted to a total sale volume of $577M. Miami office space commanded an average sale price per square foot of $382.86.

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

  • Miami Class A & A+ Office Space$54.01
  • Miami Class B Office Space$36.09
  • Miami Class C Office Space$31.36
  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Miami, FL Office Asking Rents by Class

Average office rent in Miami rested at $49.18 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Miami averaged $54.01 per square foot. Across all submarkets, class B office space recorded an average asking rent of $36.09 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $31.36 per square foot, on average. Comparably, statewide Florida average office rents by class in 2023 were: $36.87 per square foot for class A office space; $27.52 per square foot for class B office space; $32.32 per square foot for class C office space.

2023 Office Vacancy Rates in Miami

Submarket Asking Rents Vacancy Rates
Brickell $90.18 4.26%
Miami North $72.32 10.29%
Miami -Central Business District $67.33 18.87%
Aventura $56.04 5.12%
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%
Airport West $36.59 26.58%
Biscayne Corridor $35.00 17.87%
Miami West $32.27 2.11%
Miami Gardens $31.99 15.91%
Hialeah $31.70 10.56%
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 Miami market was 13.22% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Miami was 2.11% in the Miami West submarket, while the highest office vacancy in the market was 34.77%, recorded in Coral Gables.

Office Spaces for Rent in Florida

Miami Office Sale Price per SF

  • $382.862023 Avg. Price per SF
  • 2.70%Y-o-Y Avg. PpSF Change
  • $577M2023 Office Sales Volume
  • 202023 Number of Transactions

Miami, FL Sale Price per SF Trend

  • Miami Avg. Sale Price per SF in 2023$382.86
  • Florida Avg. Sale Price per SF in 2023$213.92
Miami office space cost in 2023 marked a +2.70% change compared to the previous year. The sale price for office space in Miami averaged $382.86 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

  • Miami, FL Total Office Sales Volume in 2023 $577M
  • Miami, FL Total Number of Office Sales Closed in 2023 20
A total of 20 deals closed on the Miami office market in 2023, adding up to a yearly sales volume of $577M. Notably, the largest transaction on the market saw 801 Brickell change hands for $250,000,000 on 11/3/2023.

Largest Miami Office Sales in 2023

Property name Address Date Price
801 Brickell 801 Brickell Avenue 11/3/2023 $250,000,000
5505 Waterford at Blue Lagoon 5505 Blue Lagoon Drive 12/21/2023 $68,000,000
Dadeland Square - The Greenery Mall 7700 SW 88th Street 9/19/2023 $58,000,000
Rail 71 Plaza 7205 NE 4th Avenue 8/22/2023 $34,400,100
Print House 2509 North Miami Avenue 9/26/2023 $19,000,000
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Miami, FL

  • Miami, FL Total SF completed in 2023 241,073
  • Miami, FL Total SF under construction in 2024 1,482,744

During 2023, 241,073 square feet of new office space were delivered across the market. At the close of 2023, the Miami office inventory included 6 buildings equal to or larger than 25,000 square feet, which comprised 241,073 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 1,482,744 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Miami
Office building Address SF Completed
The Gateway at Wynwood 2916 North Miami Avenue, 33127 220,900 2021
850 Le Jeune - Office Tower 1 850 NW 42nd Avenue, 33126 113,081 2021
850 Le Jeune - Office Tower 2 860 NW 42nd Avenue, 33126 100,144 2021
545wyn 545 NW 26th Street, 33127 324,935 2020
Lyric Point 101 NW 8th Street, 33136 55,000 2019
Two MiamiCentral 700 MiamiCentral Avenue, 33136 202,438 2018
Three MiamiCentral 161 NW 6th Street, 33136 131,000 2018
800 Waterford 800 Waterford Way, 33126 246,085 2017
3 MiamiCentral 161 NW 6th St, 33136 140,000 2017
Mercy Medical Arts Building 3683 South Miami Avenue, 33133 103,917 2017

Worth noting among recent office completions on the Miami market is The Gateway at Wynwood, which is currently the largest new office development in the city, at 220,900 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 Miami 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.