Miami-Dade Office Market Report

Job growth in office-using sectors stabilizes fundamentals. Over the 20-month period ending in August, employers within industries that are traditionally heavy office space users grew local staff counts by 8.8 percent through the addition of 26,600 roles on net. These gains accounted for roughly 30 percent of overall job creation, allowing the local unemployment rate to stand below 2 percent during the final six months of this stretch. Coupled with improving encouragement of hybrid and in-person attendance policies, Miami’s net absorption total during the four-quarter period ending in June reached the fifth-highest measure among major U.S. metros. In turn, office vacancy aligned with its immediate pre-pandemic level at 11.9 percent, 100 basis points below its long-term average prior to 2020.