Miami Office Market Wakes Up As More Tenants Grab Shrinking Available Supply

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.

In the first quarter of 2025, leasing transactions in Miami totaled over 580,000 square feet, marking a 15.6% year-over-year increase in average asking rents, which surpassed $63 per square foot. This uptick is attributed to a surge in demand for Class-A office spaces in areas like Brickell, Wynwood, and Coral Gables. Notably, Amazon secured a 50,000-square-foot lease at Wynwood Plaza, marking the largest lease in the area to date .

The vacancy rate in Miami stands at 15.4%, well below the national average of 20.8%, and is projected to decrease further to approximately 14% within the next 12 to 18 months as pre-leased tenants occupy newly completed spaces. This trend reflects a broader shift towards full-time office work, prompting companies to finalize real estate decisions that had been delayed in 2024 due to political uncertainties .

Rental rates have surged across various submarkets. For instance, Class-A spaces in Coral Gables and Wynwood now average between $78.95 and $87.19 per square foot. The scarcity of available space, coupled with the removal or renovation of older Class-B buildings, has further intensified competition and driven up prices .(Savills, Colliers)

This revitalization of Miami’s office market underscores the city’s growing appeal as a business hub, attracting both new-to-market companies and local firms seeking upgraded office environments.(Savills)