Miami Lakes Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $31.48 2023 Avg. Asking Rent
  • -0.80% Y-o-Y Avg. Asking Rent Change
  • 11.64% 2023 Office Vacancy Rate
  • $25.8M2023 Total Office Sales
  • $141.04Avg. Sale Price/SF

Miami Lakes office price per square foot in 2023 was $31.48 on average. This marked a -0.80% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 11.64% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $25.8M. Miami Lakes office space commanded an average sale price per square foot of $141.04.

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

  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Miami Lakes, FL Office Asking Rents by Class

2023 Office Vacancy Rates in Miami Lakes

Submarket Asking Rents Vacancy Rates
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 Lakes market was 11.64% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Miami Lakes was 10.56% in the Hialeah submarket, while the highest office vacancy in the market was 15.91%, recorded in Miami Gardens.

Office Spaces for Rent in Florida

Miami Lakes Office Sale Price per SF

  • $141.042023 Avg. Price per SF
  • -26.66%Y-o-Y Avg. PpSF Change
  • $25.8M2023 Office Sales Volume
  • 32023 Number of Transactions

Miami Lakes, FL Sale Price per SF Trend

  • Miami Lakes Avg. Sale Price per SF in 2023$141.04
  • Florida Avg. Sale Price per SF in 2023$213.92
Miami Lakes office space cost in 2023 marked a -26.66% change compared to the previous year. The sale price for office space in Miami Lakes averaged $141.04 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 Lakes, FL Total Office Sales Volume in 2023 $25.8M
  • Miami Lakes, FL Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Miami Lakes office market in 2023, adding up to a yearly sales volume of $25.8M. Notably, the largest transaction on the market saw 6600 Cow Pen Road change hands for $8,700,000 on 7/7/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Miami Lakes, FL

Largest Office Properties Recently Completed in Miami Lakes
Office building Address SF Completed
Kislak Office Plaza 7920 Miami Lakes Drive West, 33016 69,187 2022
Crescent Pointe 15121 NW 67th Avenue, 33014 36,700 2018
Miami Lakes Office Park 14400 NW 77th Court, 33016 51,700 2002
15165 NW 77th Ave 15165 NW 77th Ave, 33014 52,098 1997
15280 NW 79th Court 15280 NW 79th Court, 33016 75,183 1990
15255 NW 82nd Ave 15255 NW 82nd Ave, 33016 14,076 1987
14100 Palmetto Frntg Rd 14100 Palmetto Frntg Rd, 33016 688 1983
Miami Lakes Office Center 6001 NW 153rd Street, 33014 52,000 1973

Worth noting among recent office completions on the Miami Lakes market is Kislak Office Plaza, which is currently the largest new office development in the city, at 69,187 square feet.

Data provided by Commercial Edge

See reports for other markets

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 Lakes 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.