Miami-Dade Office Market Report

Downtown retention climbs as key suburbs outperform. Amid modest business expansion, Miami-Dade’s office market is set to continue tightening as tenants gravitate toward modern space in prime locations. Outside the urban core, vacancy remained below 12 percent in 2025 and fell most in districts with established employment bases, such as the Biscayne Corridor, Coral Gables, and near Miami International Airport. By contrast, peripheral suburbs like Miami Lakes and South Dade may face ongoing pressure as tenants trade out of older buildings with fewer amenities. At the same time, greater tenant stability should support improved vacancy in Brickell and downtown, which remain the only major submarkets with rates above 15 percent. Downtown posted its strongest third-quarter leasing volume in more than a decade as finance and legal firms renewed their full footprints, signaling confidence in long-term space needs. Further momentum may emerge as business sentiment improves, supported by the recent repeal of the commercial lease tax, which is expected to save companies billions annually across the state.