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Market Report

Miami-Dade Office Market Report

4Q 2022

Miami Podiums in Rent Growth as Business-Friendly Environment
Fuels Standout Space Demand

National expansions and local firms drive rapid vacancy recovery. After an impressive number of Northeastern transplants facilitated commendable hiring velocity in 2021, office employers have continued to bulk up staffing counts and ink new leasing commitments this year. Big-name employers are targeting amenity-rich buildings in Brickell and Miami Beach, where availability as of July sat well under levels reported at the onset of the health crisis. Meanwhile, smaller mom and pop firms are rapidly leasing lower-tier properties in less expensive submarkets, such as Northeast Dade. Moving forward, the metro's office fundamentals may receive an additional boost from its growing tech sector, with both Microsoft and Blockchain.com among some of the upcoming move-ins.
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