According to a recent report, Miami recorded the lowest office vacancy rate among the top 25 U.S. markets in Q1 2025, at 15.5%. Miami also stood out as the second-strongest market in terms of high sales prices.

rendering of Allen Morris Co's and Black Salmon's proposed Aurea apartments in Miami

The initial component, a residential building named Aurea, will be reviewed by Miami’s Urban Development Review Board on May 21.

To avoid paying tariffs right away, many companies choose to store products in an FTZ. Technically, the goods haven’t entered the U.S., so no tariffs are due until they leave the zone and are brought into the country.

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Miami’s office market has experienced a significant resurgence in early 2025, with leasing activity reaching its highest levels since late 2023 and rental rates climbing sharply.

New York City had already been losing residents since 2017, but the trend accelerated during the pandemic. Many of the wealthiest chose Florida—particularly Miami and Palm Beach. This influx of high-income buyers led to a sharp rise in home prices.