Miami’s Office Pipeline Expands in Q2

2 min read

Among other highlights, the market’s largest office tower topped out.

By the end of the second quarter, Miami’s office pipeline reached 5.6 million square feet, according to CommercialEdge data. The metro’s under-construction stock represented 7.4 percent of its total office supply—the third largest rate in the country.

Most gateway cities saw boosts to their pipelines during the second quarter, except Los Angeles and San Francisco, which registered decreases. Between the end of April and June, Miami’s under-construction stock increased by more than 223,300 square feet.

In June, the nation’s office pipeline included nearly 151.7 million square feet, adding up to 2.2 percent of total stock. Other markets with large relative to total stock pipelines included Austin (9.4 percent), Nashville (7.5 percent), Boston (5.1 percent) and Charlotte (5.0 percent).

Miami’s office pipeline

In May, a joint venture comprising an affiliate of Starwood Capital GroupIntegra Investments and The Comras Co., announced it is awaiting approval of a 155,000-square-foot mixed-use development in Miami Beach, Fla. The $116.3 million The Gardens at Lincoln Lane project is planned to create nearly 130,000 square feet of premier office space, along with 25,000 square feet of ground-level retail.

In late June, Miami’s largest office project currently underway, OKO Group and Cain International’s 830 Brickell, topped out. The first Class A office tower to be constructed in downtown in more than a decade, the high-rise will feature 55 stories and reach 724 feet. The 640,000-square-foot building was 60 percent leased at the time it topped out.

As for second-quarter groundbreakings, UHealth Medical Center at SoLé Miaone—one of the biggest office projects in 2022—commenced construction. Turnberry & LeFrak Organization are developing the 225,000-square-foot medical office property that is part of the 184-acre, $4 billion SoLé Mia master-planned project. Completion is planned for the second quarter of 2023.

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here.

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