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Market Report

Miami-Dade Office Market Report

2Q 2022

Office Demand Resurgence Stimulates Nation
Leading Rent Growth in Miami-Dade

Strong labor force spurs leasing. Recent hiring velocity in traditional office-using sectors has helped power the metro's recovery. Entering May, total employment in the segment was more than 16,000 positions above the pre-pandemic level, with 13,000 additional roles expected to be filled by year-end. The growing talent pool has prompted a recent surge in leasing, translating to six consecutive quarters of positive net absorption. Space demand has been widespread, with 13 of Miami's 18 submarkets recording annual vacancy compression, slicing metrowide availability by 160 basis points over the past year. Firms like CI Financial and Kaseya decided to double their local office footprint only a few months after signing their intial leases, highlighting Miami's attractiveness to tenants considering a relocation or expansion in South Florida.
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