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Market Report

Miami-Dade Office Market Report

2024 Investment Forecast

Move-ins Illustrate Strong Office Dynamics;
Rising Expenses Present Headwinds

Abundant tenant demand momentum begins to temper. Since 2020, firms have increasingly relocated to and expanded operations in Miami-Dade. As such, the metro has recorded the largest gain in occupied stock between 2019 and 2023 of any major U.S. market, a lead that is anticipated to widen in 2024. This trend is bolstered by the completion of several well-leased office towers, with upcoming move-ins highlighted by Kirkland & Ellis, Citadel, Sony, and Royal Caribbean International. MIAX will also open its new office in Wynwood and an accompanying trading floor this year, the first in the metro and a notable step forward for the market’s growing finance industry. While these dynamics bolster Class A office fundamentals, positive mid- and lower-tier conditions are notable. At the onset of this year, the metro had one of the lowest Class B/C vacancy rates among major markets nationally. This tightness likely continues to propel segment rent growth, which ranked first within the same cohort last year. Still, against these dynamics, market conditions temper in 2024 amid a moderating macro economic outlook.
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