Miami Office Sector Vacancy Rate Nation’s Lowest

According to CommercialEdge’s latest national office sector report, Miami recorded the lowest office vacancy rate among the top 25 U.S. markets in Q1 2025, at 15.5%.

In contrast, Austin had the highest rate at 28.5%, while the national average stood at 19.8%.

Investment activity in the sector declined significantly year-over-year. However, Miami stood out as the second-strongest market in terms of high sales prices.

As of March, approximately 1.7 million square feet of office space was under construction in the Miami metro, ranking it eighth among the top 10 best-performing U.S. markets. Miami’s development pipeline edged out those of Manhattan (1.5 million square feet) and Washington, D.C. (1.2 million square feet).

Source: connectcre