{"id":1004786047,"date":"2026-02-27T08:12:07","date_gmt":"2026-02-27T16:12:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004786047"},"modified":"2026-05-18T03:50:20","modified_gmt":"2026-05-18T11:50:20","slug":"miami-office-market-update","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-office-market-update\/","title":{"rendered":"Miami&#8217;s Office Market Sent Mixed Signals in 2025"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/UHealth-Medical-Center-at-SoLe-Mia-e1769779654419.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004786056\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/miami-office-market-update\/uhealth-medical-center-at-sole-mia\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/UHealth-Medical-Center-at-SoLe-Mia-e1769779654419.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"UHealth_Medical_Center_at_SoL\u00e9_Mia_Miami\" data-image-description=\"&lt;p&gt;Image sourced from Yardi Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;UHealth Medical Center at SoL\u00e9 Mia reached completion in October last year. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/UHealth-Medical-Center-at-SoLe-Mia-e1769779654419.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/UHealth-Medical-Center-at-SoLe-Mia-e1769779654419.jpg\" alt=\"Exterior image of UHealth Medical Center at SoL\u00e9 Mia, a medical office building in North Miami\" class=\"wp-image-1004786056\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/UHealth-Medical-Center-at-SoLe-Mia-e1769779654419.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/UHealth-Medical-Center-at-SoLe-Mia-e1769779654419.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">UHealth Medical Center at SoL\u00e9 Mia reached completion in October last year. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>At the end of 2025, Miami&#8217;s office market posted mixed fundamentals, according to the latest Yardi Matrix data. <\/p>\n\n\n\n<p>Office investment fell sharply from 2024&#8217;s highs, placing Miami near the bottom among its peers. However, office pricing kept the metro among the most expensive U.S. metros. <\/p>\n\n\n\n<p>The vacancy rate tightened further, ranking the Magic City among the lowest rates nationwide, while the metro kept premium rents. Construction activity remained steady, supported by sizable projects. The metro&#8217;s completions and construction starts shifted to a downward trajectory, on par with the <a href=\"https:\/\/www.commercialsearch.com\/news\/will-construction-costs-go-up-in-2026\/\">sector&#8217;s slower pace<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-development-pace-keeps-steady-completions-decline\">Development pace keeps steady, completions decline<\/h2>\n\n\n\n<p>By year-end 2025, Miami developers had 1.9 million square feet of space under construction across 16 properties. Among gateway cities, Miami\u2019s pipeline ranked fifth, while Boston led with 5.4 million square feet.<\/p>\n\n\n\n<iframe title=\"Office Pipelines Across Gateway Markets\" aria-label=\"Table\" id=\"datawrapper-chart-fT6wO\" src=\"https:\/\/datawrapper.dwcdn.net\/fT6wO\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"468\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}});<\/script>\n\n\n\n<p>For competitive space specifically, the Magic City had 1.2 million square feet\u2014accounting for 1.6 percent of its total stock, above the national figure of 0.4 percent. When adding projects in the planning stages to that figure, <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/fl\/miami\/\" target=\"_blank\" rel=\"noreferrer noopener\">Miami office space<\/a> underway accounted for 3.9 percent of inventory, ranking third among the 25 U.S. markets.<\/p>\n\n\n\n<p>Miami\u2019s development activity put it in seventh place. Boston led (4.4 million square feet) and was followed by Dallas (2.3 million square feet). On the opposite end of the list, the gateways with the slowest pipeline were Chicago (571,576 square feet) and Seattle (252,963 square feet).<\/p>\n\n\n\n<p>The top five largest projects underway in the metro totaled 1.1 million square feet. <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-projects-under-construction-in-miami\/\">Royal Caribbean\u2019s new headquarters<\/a> remained the largest development at 380,000 square feet. It has been underway since 2024 and is scheduled to reach completion in March this year.<\/p>\n\n\n\n<p>At the end of 2025, developers completed 736,645 square feet across five properties. This accounted for 0.9 percent of the metro\u2019s existing stock and marked a 38.6 percent year-over-year decline in office completions. As of December last year, Yardi Matrix recorded 107,645 square feet in construction starts across three properties in the metro\u2014representing 0.1 percent of Miami\u2019s total inventory.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-low-vacancy-supports-miami-s-rent-pricing-power\">Low vacancy supports Miami&#8217;s rent pricing power<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/museum-tower-e1769779375605.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"800\" data-attachment-id=\"1004786053\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/miami-office-market-update\/museum-tower-4\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/museum-tower-e1769779375605.jpg\" data-orig-size=\"600,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Museum_Tower_Miami\" data-image-description=\"&lt;p&gt;Image sourced from Yardi Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Museum Tower is a 266,697-square-foot building in Miami. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/museum-tower-e1769779375605.jpg?w=600\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/museum-tower-e1769779375605.jpg\" alt=\"Exterior hot of Museum Tower, a 266,697-square-foot office building in Miami\" class=\"wp-image-1004786053\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/museum-tower-e1769779375605.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/museum-tower-e1769779375605.jpg?resize=225,300 225w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><figcaption class=\"wp-element-caption\">Museum Tower is a 266,697-square-foot building in Miami. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Miami ended last year with a 13.9 percent vacancy rate\u2014below the 18.4 percent national rate and marking a 130-basis-point drop over the previous 12 months. As elevated vacancies finally began to decrease, Miami\u2019s index placed the metro second to Manhattan, as the 13.6 percent rate was the lowest nationwide.<\/p>\n\n\n\n<p>However, increased rates still hit some gateway markets. They included San Francisco (25.2 percent) and Seattle (27.2 percent).<\/p>\n\n\n\n<p>As for rents, Miami\u2019s average full-service equivalent listing rate was $55.39 per square foot. This placed it third among the top metros for premium rents. Manhattan rents led ($68.36 per square foot), while San Francisco ($63.15 per square foot) followed.<\/p>\n\n\n\n<p>Office traffic in the country gained ground in December last year\u2014the busiest in-office December since the pandemic, according to a <a href=\"https:\/\/www.commercialsearch.com\/news\/return-to-office-numbers-hold-strong\/\">recent Placer.ai Office Index<\/a>. <\/p>\n\n\n\n<p>Notable leasing activity in 2025 included Stearns Weaver Miller\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/law-firm-reups-for-97-ksf-in-downtown-miami\/\">renewal at Museum Tower<\/a> in downtown Miami. The law firm continued its 96,762-square-foot agreement at the building owned by Mana Properties.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sales-activity-slides-pricing-remains-high\">Sales activity slides, pricing remains high<\/h2>\n\n\n\n<p>Miami\u2019s office investment activity reached $771 million at the end of 2025. The dollar amount placed the metro at the bottom among gateway cities. For context, the only other gateway metro where sales didn\u2019t hit past the $1 billion mark was Seattle, where investors traded $779 million. Among the top 25 U.S. markets, Miami\u2019s sales activity ranked 18th.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/Sabadell-Financial-e1769778450917.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"800\" data-attachment-id=\"1004786049\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/miami-office-market-update\/sabadell-financial\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/Sabadell-Financial-e1769778450917.jpg\" data-orig-size=\"600,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Sabadell_Financial_Miami\" data-image-description=\"&lt;p&gt;Image sourced from Yardi Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 522,892-square-foot building at 1111 Brickell Ave. changed hands in October 2025, marking last year&#8217;s biggest office sale in Miami. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/Sabadell-Financial-e1769778450917.jpg?w=600\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/Sabadell-Financial-e1769778450917.jpg\" alt=\"Exterior shot of Sabadell Financial Center, an office building in Miami.\" class=\"wp-image-1004786049\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/Sabadell-Financial-e1769778450917.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/Sabadell-Financial-e1769778450917.jpg?resize=225,300 225w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><figcaption class=\"wp-element-caption\">The 522,892-square-foot building at 1111 Brickell Ave. changed hands in October 2025, marking last year&#8217;s biggest office sale in Miami. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>However, the Magic City stood among the top metros for office pricing. At the end of 2025, Miami properties sold at $360 per square foot\u2014well above the $192 national average. The metro\u2019s office prices placed it third. Manhattan led with $498 per square foot, while the Bay Area followed, with $392 per square foot.<\/p>\n\n\n\n<p>Sabadell Financial Center\u2019s <a href=\"https:\/\/www.commercialsearch.com\/blog\/zara-founder-buys-miamis-sabadell-financial-center-for-274m\/\" target=\"_blank\" rel=\"noreferrer noopener\">$274.4 million sale<\/a> stood out as Miami\u2019s largest office sale. Ponte Gadea, the majority owner of Zara, acquired the 522,892-square-foot high-rise from KKR, in a deal closed in October 2025.<\/p>\n\n\n\n<p>Despite good performance in sales, investor appetite in the metro declined throughout 2025. For context, Miami recorded $1.4 billion in <a href=\"https:\/\/www.commercialsearch.com\/news\/miami-office-market-topped-the-charts-in-2024\/\">sales at the end of 2024<\/a>, ranking fourth in the nation, while assets sold at $400 per square foot\u2014outperforming Manhattan\u2019s average prices at the time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-miami-s-coworking-share-leads-gateways\">Miami&#8217;s coworking share leads gateways<\/h2>\n\n\n\n<p>At the end of 2025, Miami\u2019s coworking sector comprised 3.2 million square feet across 155 locations, according to CoworkingCafe. Among gateway cities, the metro had the smallest flex office inventory. Manhattan led, with 12.4 million square feet, and Chicago followed, with nearly 9 million square feet.<\/p>\n\n\n\n<p>The share of coworking space as percentage of total leasable office space reached 4 percent in Miami\u2014above the 2.2 percent national average and standing out as the biggest value among gateway markets.<\/p>\n\n\n\n<p>The list of the top five largest flex office providers in the Magic City changed since <a href=\"https:\/\/www.commercialsearch.com\/news\/miami-office-sales-volume-declines-pipeline-holds-steady\/\">our previous coverage<\/a>. Spaces led the ranking, with 301,630 square feet. Companies that followed included Regus (289,733 square feet), WeWork (268,578 square feet), Quest Workspaces (221,749 square feet) and Industrious (215,000 square feet).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The investment pace softened by year-end but maintained premium pricing.<\/p>\n","protected":false},"author":2991,"featured_media":1004786056,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,22251,21783,52420,21754,1492,21747,32781],"tags":[51047],"class_list":["post-1004786047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","category-in-focus","category-investment","category-market-updates","category-medical-office","category-miami","category-office","category-southeast","tag-marketupdate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Miami&#039;s Office Market Sent Mixed Signals in 2025 - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Miami&#039;s office investment pace declined from 2024&#039;s high, while the metro&#039;s development activity remained steady, Yardi Matrix shows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/miami-office-market-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miami&#039;s Office Market Sent Mixed Signals in 2025\" \/>\n<meta property=\"og:description\" content=\"Miami&#039;s office investment pace declined from 2024&#039;s high, while the metro&#039;s development activity remained steady, Yardi Matrix shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/miami-office-market-update\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-27T16:12:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-18T11:50:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/UHealth-Medical-Center-at-SoLe-Mia-e1769779654419.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miami-office-market-update\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/miami-office-market-update\/\",\"name\":\"Miami's Office Market Sent Mixed Signals in 2025 - 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