Miami’s Office Vacancy Tightens, Investment Shines

May 29, 2026

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The Magic City is a national leader in several key categories, according to the latest Yardi Matrix data.

rendering of Royal Caribbean Group's HQ in Miami — Royal Caribbean Group’s headquarters, the largest office project underway in Miami, is slated for completion in September. *Image courtesy of Royal Caribbean Group*

Miami’s office market showed strong fundamentals across key metrics in early 2026, according to Yardi Matrix data.

One of the metro’s brightest spots involved the vacancy rate, which tightened even further and reached the lowest level nationwide in March. In addition, the coworking sector reached new heights.

Investment activity also remained strong, placing the Magic City on the second position in the U.S. for sales at the end of the first quarter. Meanwhile, development activity remained elevated relative to peers, despite a slowdown in office completions.

Office vacancy, smallest in the U.S.

Miami’s office vacancy rate fell to 12.5 percent at the end of March—well below the 17.8 percent national average and down 300 basis points over the year. The metro had the lowest rate in the country, followed by Manhattan (13.1 percent).

Vacancy improvement remained uneven across the country, with nine of the top 25 U.S. office metros still recording rates above 20 percent. Gateway cities with high vacancies in March included Seattle (24.8 percent) and San Francisco (23.3 percent).

The average full-service equivalent listing rate for Miami office space reached $59.10 per square foot—nearly double the national average of $32.80 per square foot. The metro maintained the third spot in the U.S. for premium rents in March, lagging only Manhattan ($69.80 per square foot) and San Francisco ($62.73 per square foot). By contrast, Chicago remained the gateway market with the most affordable rents, averaging $28.33 per square foot.

The biggest leasing deal of the quarter closed in Miami’s Coconut Grove neighborhood, where IT & security firm Iru committed to 92,000 square feet across two buildings at Mayfair in the Grove. Whalou Properties owns the three-building, mixed-use campus totaling 288,000 square feet. The lease marked an expansion for the tenant, which had established its East Coast headquarters in Coral Gables, Fla., last year, through a 30,000-square-foot agreement.

Investment stays strong in Miami’s office market

Exterior shot of 545 Wyn, an office property in Miami. — The 324,935-square-foot property known as 545 Wyn changed ownership in early 2026. Image courtesy of Yardi Matrix

Miami’s office investment activity generated $892 million in the first quarter. The dollar amount placed the metro second in the U.S., behind Manhattan ($1.8 billion).

Properties sold at $463 per square foot in March—more than double the $220 national amount. The Magic City emerged once again as one of the top metros for sale prices, ranking third among the top 25 U.S. office markets.

Among peers, San Francisco ($868 per square foot) and Manhattan ($707 per square foot) recorded higher prices, while Washington, D.C. ($193 per square foot), Boston ($165 per square foot) and Chicago ($112 per square foot) were more affordable.

The largest transaction in the first three months of the year was the $180 million sale of 545 Wyn, a recently developed property in the city’s Wynwood neighborhood. A partnership between Goldman Properties and Citadel’s Founder & CEO Ken Griffin acquired the 324,935-square-foot building from Sterling Bay.

Miami’s office development mirrors national slowdown

There were 1.6 million square feet of overall office space under construction in Miami as of March. The figure represented 2 percent of existing stock—the highest value among gateway markets. Boston followed at 1.7 percent, while Seattle rounded out the top three at 1 percent.

Miami’s top five largest office projects underway total 1.2 million square feet. Royal Caribbean’s new headquarters, at 495,000 square feet, remains the largest development. Construction began in 2024, with delivery pushed for this September.

For competitive office space specifically, the Magic City’s under-construction pipeline comprised 795,776 square feet, representing 1.1 percent of stock—nearly three-fold the 0.4 percent national average. The volume placed Miami on the ninth position among the top 25 U.S. office markets and the fourth among peers.

Boston led the ranking at 3.9 million square feet, followed by Manhattan (roughly 3 million square feet) and Los Angeles (2 million square feet). The Magic City outperformed several gateway metros such as Washington, D.C. (654,847 square feet) and San Francisco (533,315 square feet). Seattle had the lowest pipeline nationwide at just 19,982 square feet.

Planned or proposed projects brought the metro’s development share to 3.4 percent of inventory, placing it second in the nation after Boston (4.2 percent).

Exterior shot of the office property at 4225 Ponce de Leon Blvd. in Coral Gables, Fla. — The recently completed 4225 Ponce is an 87,824-square-foot building in Coral Gables, Fla. *Image courtesy of Yardi Matrix*

As for completions, they amounted to 137,202 square feet across two properties in the first three months of the year, representing 0.2 percent of the total stock. The value marked a 596.5 percent year-over-year increase in office deliveries.

One of the buildings that came online is 4225 Ponce, an 87,824-square-foot Class A property including 75,000 square feet of office space in Coral Gables, Fla. Constellation Group, in partnership with The Boschetti Group, broke ground on the project in early 2024. The mid-rise, located in the city’s shopping district, reflects the current office space trends involving smaller, amenity-rich environments.

The Magic City’s coworking inventory totaled 3.3 million square feet across 161 locations, according to CoworkingCafe, the smallest among gateway markets. Manhattan led with 12.8 million square feet, followed by Chicago (9.1 million square feet) and Los Angeles (7.7 million square feet).

The metro’s share of coworking space as percentage of total leasable office space reached 4.1 percent—above the 2.3 percent national average and the highest among similar markets. Chicago (2.7 percent) and Los Angeles (2.6 percent) rounded out the top three in the peer ranking.

Regus was the largest flex office operator in Miami as of March, with a footprint totaling 339,045 square feet. The company surpassed Spaces (301,630 square feet), WeWork (268,578 square feet), Quest Workspaces (221,749 square feet) and Industrious (215,000 square feet).

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