As of February, Miami’s office pipeline reached 5.4 million square feet, representing 7.8 percent of total stock, according to CommercialEdge. Month-over-month, the pipeline shrunk by 195,000 square feet.
The metro’s under-construction and planned stock amounted to 14.0 percent of total stock, the highest among gateway cities and the third-highest nationwide, after Austin (26.3 percent) and Nashville (15.7 percent). Boston (10.7 percent), Seattle (10.4 percent) and the Bay Area (13.7 percent) also registered high figures.
Since the beginning of 2022, roughly 92,000 square feet of office space came online in the metro, with no major projects breaking ground in the first months of the year. The largest office project underway in Miami remains OKO Group and Cain International’s 830 Brickell, scheduled for completion by the end of the year. The 734-foot tower will become the second-tallest office building in the city.
In the West Palm Beach–Boca Raton market, nearly 900,000 square feet of office space was taking shape across five properties. One Flagler, a 25-story tower by Related Cos. in downtown West Palm Beach is the largest office property under construction in the area. Situated at 134 Lakeview Ave., the 275,000-square-foot project broke ground in November 2021.
In Fort Lauderdale, more than 1 million square feet of office space was under construction through February, across nine projects. Most of the current developments are slated for completion by the end of the year. Developed by Inmobiliaria Brom, the 300,000-square-foot Optima Onyx Tower in Hallandale Beach, Fla., is the largest office project underway within the area.