Downtown Miami Office Analysis PDF Free Download

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Downtown Miami Office Analysis PDF Free Download

Downtown Miami Office Analysis PDF free Download. Think more deeply and widely.

DOWNTOWN MIAMI
OFFICE ANALYSIS
2025
TABLE OF CONTENTS
06 Executive Summary
10 Ofce Market Inventory
14 Occupancy Rates
16 Rental Rates
18 Transactions
22 Coworking Update
24 Tenants in the Market
26 Corporate Relocations
26 MSA Comparisons
28 Acknowledgements
4 5
Greater Downtown Miami’s ofce market has undergone
a signicant transformation, with 55% of its ofce space
built or renovated in the last seven years. Accelerated
by the post-2020 “Great Migration,” the area attracted
over 350 relocating companies, with 150+ to Greater
Downtown alone, driving a surge in demand for high-
end, attendance-worthy ofce environments. This
has fueled both construction (631K SF underway) and
a robust 6.1M SF proposed pipeline, with Wynwood
emerging as the epicenter for new Class A product.
Since 2019, Class A inventory has grown 17.2% to 13.1M
SF, while Class B has declined slightly due to demolition
need to make room for redevelopment. Between
2021–2023, occupancy rose 510 basis points as deliveries
slowed, but new completions since 2024, totaling 1.1M
SF, reset occupancy to 80.3% for Class A and 89.5% for
Class B. Despite hybrid work, Miami continues to draw
global occupiers with luxury space, favorable taxes, and
a gateway location to Latin America. Tenant interest
(2.6M SF) skews toward Brickell (27%) and Downtown (6%),
led by law rms (30%), professional services (17%), and
nance (10%).
Coworking remains a strategic, exible option offering
a 6.1% discount compared to direct rents but with far
higher availability (42.9%) and short-term agreements.
Demand for traditional ofce space remains healthy yet
right-sized, with a 10-year average occupancy footprint
of 6,300 SF. Additionally, the ight to quality is evident,
with over 6M SF renovated since 2019 and Class A space
commanding a 14.3% rent premium over Class B.
Miami’s Class A rents ($71.21/SF) rank just behind West
Palm Beach and far above most peer markets, with
ve-year growth (48.8%) second only to West Palm
Beach. Rents have climbed sharply, with post-2018 built/
renovated buildings commanding $78.81 PSF in Q2
2025, up 55% in ve years, nearly matching 2000–2017
built/renovated product (+57.6%). The rent growth also
boosted investor condence, with trophy assets like 701
Brickell trading at $647/SF in 2024 and 801 Brickell trading
at $602/SF in 2023.
KEY TAKEAWAYS
Post-2020 Migration Impact
350+ companies relocated to South
Florida, 150+ to Greater Downtown Miami.
Wynwood Boom
12 of 13 new ofce buildings built since
2019 were in Wynwood.
Rents Surge
Buildings renovated or built after 2018 up
55% in 5 years; renovated or built 2000–
2017 up 57.6%.
Occupancy Reset
Class A at 80.3% after 1.1M SF deliveries
since 2024; Class B remains strong at
89.5%.
Coworking Dynamics
6.1% cheaper than direct leases but far
higher availability (42.9%) and exibility.
Investor Confidence
Recent major sales include 701 Brickell
($443M, $647/SF) and 801 Brickell ($250M,
$602/SF).
Flight to Quality
Over 6M SF renovated since 2019, with
Class A space commanding a 14.3% rent
premium over Class B.
EXECUTIVE SUMMARY CATEGORY METRIC INCREASE
Inventory
Class A 13.1M SF +17.2% since 2019
Class B 3.1M SF -1.5% since 2019
Asking Rents (Direct)
Class A $71.21/SF +48.8% since 2019
Year Renovated/Built:
2025-2018 $78.81/SF +55% since 2019
Year Renovated/Built:
2017-2000 $76.80/SF +57.6% since 2019
Year Renovated/Built:
Pre-2000 $62.71/SF +29.8% since 2019
CATERGORY METRIC
Pipeline
Deliveries Since 2024 1.1M SF
Under Construction 631K SF
Proposed 6.1M SF
Occupancy
Class A 80.3%
Class B 89.5%
Tenants
10-Year Avg. Tenant Footprint 6,300 SF
Tenant Interest (Size) 2.6M SF (27% Brickell,
6% Downtown)
Tenant Interest (Industry) Law (30%), Professional Services (17%),
Bank/Finance Services (10%)
Coworking
Discount to Direct Space -6.1%
Premium to Sublet Space 1.1%
Average Coworking Availbility % 42.9%
Top Recent Sales
2024 701 Brickell - $443M, $647/SF,
90% occupied
2023 801 Brickell - $250M, $602/SF,
90% occupied
6
BUSINESS INCENTIVES & GRANTS
Downtown Creative Collaborators Grant (FY 2024–
2025)Launched to fund cultural and creative events
in downtown Miami helping bolster the district’s
identity as a global, arts-forward neighborhood.
Downtown Permit Clinic (Launched 2023, Expanded
2024). Weekly, in-person program in partnership with
the City of Miami and Miami-Dade County to fast-
track business permits and resolve code, zoning, and
licensing issues. Held every Thursday at 166 E. Flagler
Street. Over 150 businesses assisted since launch; 20
received full Certificates of Use and/or Business Tax
Receipts, with another 25 in active processing.
CLEAN & SAFE: PUBLIC SPACE MAINTENANCE
The Downtown Enhancement Team (DET) Expansion
grew to 60 members through a $475K investment
in partnership with Camillus House. Responsible for
grati removal, litter cleanup, sidewalk washing,
and general maintenance across the district.
From the DDA’s $21.9M annual budget, nearly
half was committed to addressing public safety
and homelessness. Enhanced overnight patrols
and outreach teams (Metromover security and
maintenance).
INNOVATION & TRANSPARENCY
3D Interactive Development Map Launched (March
2025) for public accessibility showcasing 7,000+
modeled buildings and 70+ active development
projects in Downtown Miami.
FLAGLER STREET TRANSFORMATION
Streetscape work, including widened sidewalks,
enhanced lighting, public art installations, and
landscaping, is moving toward completion by 2025.
The DDA has continued marketing and business
support during construction, particularly via the
$2,000 Flagler Recovery Grant to eligible merchants.
INITIATIVE & PROJECT HIGHLIGHTS
(Mid 2024-Mid 2025)
A proposal is underway to expand the DET sta
to 100 under an annual contract of $1.8 million,
eective for the fiscal year 2025-2026.
Continued Creative Collaborations Grants (FY
2025-26) will transform sidewalks, plazas, and
alleyways into cultural zones that support foot
trac and local identity.
Expansion of 3D Interactive Development Map
with real-time project statuses, zoning overlays,
and property data.
WHATS’S AHEAD?
1. TRANSIT & MOBILITY INTEGRATION
Under the SMART Plan, the DDA will continue working with Miami-Dade
County and FDOT to enhance multimodal infrastructure, including:
Metromover extensions to Wynwood, Midtown, and Design District.
East–west connections linking Downtown to Little Havana and the
Civic Center
Potential BRT (Bus Rapid Transit) and light rail alignments within
downtown’s urban grid.
PUBLC REALM ACTIVATION PROJECTS
2. PUBLIC REALM ACTIVATION PROJECTS
DDA’s master plan outlines the creation of new public plazas, green
spaces, and active ground-oor corridors.
Expect enhanced stormwater infrastructure, tree canopy expansion,
and pedestrian furniture as part of long-term streetscape layering.
3. BUSINESS DEVELOPMENT & HQ RELOCATION STRATEGY
New grant cycles and marketing initiatives to support:
Relocation of national/international rms
Expansion of regional ofces
Growth-stage startups seeking Class A ofce space in a walkable,
amenity-rich environment.
BEYOND 2025
7
8 9
OFFICE MARKET INVENTORY Class A vs Class B Inventory
Q2 2025:
Inventory by Class
A
vs.
B
Inventory Breakdown by Year Renovated/Built
631K
SF Under
Construction
6.1M
SF Proposed
As of Q2 2025, the Class A oce inventory for Greater Downtown Miami totals 13.1M SF, an increase of
17.2% since 2019 with majority of new product in Wynwood. Meanwhile Class B totals 3.1M SF, a decline of
1.5% over the same period due to demolition of old product to make way for new developments.
The Greater Downtown Miami oce market is committed to bringing new product to the market, or
upgrading old product as evidenced by 55% of oces being built or renovated in the last 10 years.
In the last 5 years alone, 6M SF have been renovated.
13.1M
3.1M
0
2
4
6
8
10
12
14
16
18
2019 2020 2021 2022 2023 2024 2025 Q2
Square Feet (Millions)
Class A Class B
55%
27%
18%
2025-2018
2017-2000
1999>
INVENTORY UNDER CONSTRUCTION
Mercedes-Benz Places
1105-1133 SW 2nd Avenue
253,691 SF
Q4 2027
Wyncatcher II
2150 N Miami Court
49,270 SF
Q2 2026
Okan Tower
555 N Miami Avenue
67,588 SF
Q1 2027
The Doris
153 NW 25th Street
28,476 SF
Q2 2026
2600 Biscayne
2600 Biscayne Blvd
192,111 SF
Q2 2026
The River District Oce
401 SW 3rd Avenue
40,000 SF
Q4 2025
10 11
12 13
FLIGHT TO QUALITY
Miami’s oce sector has seen an increasing
demand for high quality space by occupiers
aiming to elevate their work environment and
draw their workforce back into the oce. Since
2019, 13 new oce buildings totaling 1.9M SF
have delivered in Greater Downtown Miami with
all but one (830 Brickell) delivering in Wynwood.
Between 2021 and 2023 occupancy jumped
510 basis points as construction tapered.
Subsequently, since 2024, 4 new deliveries added
1.1M SF of space contributing to an occupancy
rate reset once again. Despite work from home
capabilities, traveling schedules, and overall
flexibility, the Greater Downtown Miami area has
lured top oce occupiers with luxury space in a
highly desirable location.
Occupancy has remained strong in Greater Downtown Miami, with Class B occupancy at 89.5%
and Class A occupancy at 80.3% due to the delivery of 1.1M SF between 2024 and 2025.
OCCUPANCY RATES
Deliveries & Occupancy by Class
830 Brickell
72.0%
74.0%
76.0%
78.0%
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
92.0%
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2019 2020 2021 2022 2023 2024 H1 2025
Occupancy
New Construction (SF)
New Construction SF Class A Class B
Okan Tower
2600 Biscayne The Wynwood Plaza
14 15
Greater Downtown Miami has seen strong rent growth since 2019, with Class A
rents a 14.3% premium over Class B rents. Q2 2025 ended with Class A rents at
$75.47 PSF, a 50% increase over the last five years and Class B rents at $66.01 PSF.
Rent by Class
DIRECT RENT $/SF BY YEAR RENOVATED/BUILT
Year 2025-2018 2017-2000 2000>
2019 $53.98 $47.59 $46.64
2020 $50.85 $48.73 $48.30
2021 $64.78 $53.31 $49.01
2022 $77.87 $66.62 $60.73
2023 $80.37 $72.03 $61.88
2024 $79.40 $70.99 $63.68
2025 Q2 $78.81 $76.80 $62.71
DIRECT RENT $/SF
Year Class A Class B
2019 $52.63 $41.19
2020 $50.36 $42.57
2021 $60.68 $43.86
2022 $73.20 $52.99
2023 $75.38 $62.53
2024 $75.77 $62.35
2025 Q2 $75.47 $66.01
Rent by Year Renovated/Built
RENTAL RATES
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
2019 2020 2021 2022 2023 2024 2025 Q2
Class A Class B
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
2019 2020 2021 2022 2023 2024 2025 Q2
2025-2018 2017-2000 2000>
The flight to quality
has been substantial
in Miami with 55%
of inventory being
renovated or built
since 2018. As such,
rents for those
buildings have
increased 55.0%
and have remained
above older buildings.
16 17
GREATER DOWNTOWN MIAMI LEASES
OFFICE SPACE SIZE
While Greater Downtown Miami’s oce market has
been historically characterized by smaller occupancy
footprints, with a 10-year average of 6,300 SF, this
trend speaks to the region’s strong support for diverse
businesses, including a vibrant ecosystem of agile
startups, mid-sized companies, HQs, and private
generational oces that are the backbone of a
dynamic economy. In the immediate years following
COVID-19, in what became known as the “Great
Migration”, roughly 350 companies migrated to South
Florida, with over 150 landing in the Greater Downtown
Miami area.
This era sparked an abnormal demand for space and
size requirements for a brief period in the market. Now,
four years later, oce demand has recalibrated and
tenants have begun to right-size leading us to healthy
and sustainable demand. This stabilization, coupled
with a focus on eciency and the adoption of flexible
work schedules, signifies a mature and adaptable
market that is optimizing its resources, further attracting
a wide array of businesses. Miami isn’t just growing; it’s
evolving intelligently, oering a robust and attractive
environment for businesses of all sizes to thrive.
Greater Downtown Miami - Average Oce Footprint
TRANSACTIONS
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
YTD
SF
Great
Migration
Tenant
Right-Sizing
& Efficiency
16 17
Year Tenant Name Size (SF) Lease Type Building Name Building Address
2020
111,100 Renewal/
Expansion
Southeast
Financial Center
200 S Biscayne
Blvd
33,177 New NeueHouse 78 NW 37th St
2021
74,100 New Sabadell Financial
Center 1111 Brickell Ave
51,416 Renewal/
Expansion Wells Fargo Center 333 SE 2nd Ave
2022
99,418 New 830 Brickell 830 Brickell Plz
85,095 Renewal 1450 Brickell 1450 Brickell Ave
2023
128,450 Renewal Wells Fargo Center 333 SE 2nd Ave
101,242 New Wells Fargo Center 333 SE 2nd Ave
2024
45,134 New Southeast
Financial Center
200 S Biscayne
Blvd
29,000 Renewal/
Expansion
Brickell World
Plaza 600 Brickell Ave
2025 Q2
50,333 New Wynwood Plaza 95 NW 29th St
38,500 Renewal Courvoisier
CenterII 601 Brickell Key Dr
SALES TRANSACTIONS
701 Brickell
701 Brickell Avenue
685,279 SF
$443,000,000
Sold: 2024
$647 / SF
90% Occupied
Built/Renovated: 1986/2021
801 Brickell
801 Brickell Avenue
415,000 SF
$250,000,000
Sold: 2023
$602 / SF
90% Occupied
Built/Renovated: 1985/2025
1221 Brickell
1221 Brickell Avenue
408,423 SF
$286,500,000
Sold: 2022
$701 / SF
75% Occupied
Built/Renovated: 1986/2021
Brickell City Centre II
98 SE 7th Street
134,542 SF
$82,733,000
Sold: 2020
$615 / SF
100% Occupied
Built/Renovated: 2016/NA
Citi Group Center
201 S Biscayne Blvd
802,974 SF
$270,000,000
Sold: 2021
$336 / SF
94% Occupied
Built/Renovated: 1983/2020
Brickell City Centre III
78 SW 7th Street
135,937 SF
$80,267,000
Sold: 2020
$590 / SF
100% Occupied
Built/Renovated: 2015/2017
20 21
COWORKING VS.
TRADITIONAL OFFICE SPACE
Coworking spaces in Greater Downtown Miami
currently offer a 6.1% discount compared to direct
lease rates, they offer cost savings for tenants seeking
exibility. However, they carry a 1.1% premium over
sublet space, reecting their value in convenience
and amenities. Availability is notebly higher in
coworking (42.9%) than in direct (22.6%) or sublet
space (2.8%), signaling a robust supply and potential
for tenant leverage.
Lease terms are an important factor in this
comparison, where coworking agreements are
typically month-to-month, while traditional leases,
and in turn sometimes sublet leases, span 3-10 years.
This short-term nature means coworking pricing and
availability can shift quickly and may not reect
longer-term market commitments. As companies
increasingly seek stability and larger footprints, many
are opting for longer-term leases, which can skew
demand toward direct space despite coworking’s
exibility and immediacy. However, while hybrid
work models stabilize and companies seek move-
in-ready solutions, coworking remains a strategic
option, especially in a market where availability and
agility are increasingly valuable.
COWORKING UPDATE
Discount to
Direct Space
-6.1%
Premium to
Sublet Space
+1.1%
42.9%
Average Coworking
Availbility
22.6%
Average Direct
Availbility
2.8%
Average Sublet
Availbility
22 23
INDUSTRY AND TENANT GROWTH
Greater Downtown Miami continues to attract tenants from all
over the world and solidifying itself as a top international market.
Florida’s tax advantages draw Finance and Professional Service
firms and have prompted many law firms to follow suit to stay
near key clients. Miami is also positioned as the Gateway to Latin
America creating opportunities for regional headquarters and
an ideal market for Governmental services such as consulates.
Moreover, the Technology industry is strengthening as Miami
ranks among the top 25 Tech Talent Hubs in North America.
TENANT INTEREST BY SUBMARKET
TENANT INTEREST BY INDUSTRY IN GREATER DOWNTOWN MIAMI
TENANTS IN THE MARKET
Brickell
27%
Downtown
Miami
6%
Remaining
Miami-Dade
67% Tenants are seeking
space in Miami-Dade
County, of the 2.6M
SF of tenant interest
being tracked, 27%
are targeting Brickell
and 6% are targeting
Downtown Miami.
Law Firm
34%
Professional
Services
17%
Bank/Finance
Services
10%
Healthcare
4%
Government
3% Corporate Retail
1%
Tech
1%
Confidential
17%
Hospitality
10%
Education
3%
Other
30%
Of the tenants seeking space Greater Downtown Miami, 30% are Law Firms, 17% are Professional
Services, and 10% are Bank/Finance Services.
24 25
Domestic Total
1,619,000
International
319,000
BUSINESS GROWTH
Over the past ve years, Greater Downtown
Miami has seen an unprecedented inux of
businesses establishing a presence. Benetting
from events in 2020, light has been shed on
Miami for its business friendliness, warm weather,
and value. From 2021 to present, Greater
Downtown Miami has gained nearly 2M SF
of ofce occupiers entering the market via
relocation or new outpost. The top inux from the
U.S. has been New York, Illinois, and California.
International businesses have also tapped in, 16%
of the 2M SF relocated from outside of the U.S.,
marking the 3rd largest place of origin.
GREATER DOWNTOWN MIAMI TENANT MIGRATION 2021-2025
State of Origin SF Volume # of Tenants
New York 531,000 46
Illinois 515,000 15
California 212,000 31
Washington State 102,000 3
Texas 55,000 5
Georgia 39,000 2
Florida 38,000 2
Iowa 30,000 2
Minnesota 26,000 3
Connecticut 19,000 3
Massachusetts 18,000 4
Nevada 14,000 1
Ohio 8,000 1
Pennsylvania 5,000 1
Boston 4,000 1
Colorado 2,000 1
Domestic Total 1,619,000 121
International 319,000 43
Domestic vs. International In-Flow
Domestic Tenant In-Flow by SF Volume
Domestic Tenant In-Flow by # of Companies
CORPORATE RELOCATIONS
Powered by Bing
1
46
# of Tenants
Powered by Bing
© GeoNames, Microsoft, TomTom
© GeoNames, Microsoft, TomTom
Powered by Bing
0
531000
SF Volume
Powered by Bing
© GeoNames, Microsoft, TomTom
16%
84%
0,
26 27
TOP 5 COMPANIES BY STATE
CORPORATE RELOCATIONS
NEW YORK ILLINOIS CALIFORNIA WASHINGTON TEXAS
ATOMIC LABS
28 29
MSA COMPARISONS
Occupancy in the Greater Downtown
Miami area’s Class A ofce market
ended Q2 2025 at 79.5% above only
Los Angeles, due to the delivery of
Wynwood Plaza. South Florida’s other
markets led the peers with West Palm
Beach at 90.0% occupancy and Fort
Lauderdale at 83.2%.
The Greater Downtown Miami area’s
Class A asking rent ended Q2 2025 at
$71.21 PSF, not far behind West Palm
Beach ($77.77 PSF) or New York ($86.12
PSF). The 5-year rent growth was largest
in South Florida with West Palm Beach
leading (56.4%), then Miami (48.8%),
closed out by Fort Lauderdale (21.0%).
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%
100.0%
2019 2020 2021 2022 2023 2024 2025 Q2
Class A Peer Occupancy
Miami West Palm Beach Fort Lauderdale
Chicago Los Angeles New York
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Class A Peer 5-Year Rent Growth
Miami West Palm Beach Fort Lauderdale Chicago Los Angeles New York
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
$100.00
2019 2020 2021 2022 2023 2024 2025 Q2
Class A Peer Rent/SF
Miami West Palm Beach Fort Lauderdale Chicago Los Angeles New York
28 29
ACKNOWLEDGMENTS
ABOUT MIAMI DDA
The Miami Downtown Development Authority (Miami DDA) is an
independent agency of the City of Miami funded by a special tax levy
on properties within its district boundaries. The agency is governed by a
15-member board of directors, including three public appointees and
12 downtown property owners, business owners, and/or residents. The
board sets policy direction, which is implemented by a multi-disciplinary
team under the executive director’s oversight.
Our mission is to grow, strengthen, and promote the economic health
and vitality of Downtown Miami. As an autonomous agency of the
City, the Miami DDA advocates, facilitates, plans, and executes
business development, planning, capital improvements, and marketing
and communication strategies.
ABOUT COLLIERS
Colliers (NASDAQ, TSX: CIGI) is a global diversied professional services and
investment management company. Operating through three industry-
leading platforms – Real Estate Services, Engineering, and Investment
Management – we have a proven business model, an enterprising
culture, and a unique partnership philosophy that drives growth and value
creation. For 30 years, Colliers has consistently delivered approximately 20%
compound annual returns for shareholders, fuelled by visionary leadership,
signicant inside ownership and substantial recurring earnings. With over
$5.0 billion in annual revenues, a team of 24,000 professionals, and more
than $100 billion in assets under management, Colliers remains committed
to accelerating the success of our clients, investors, and people worldwide.
Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
SOURCES & CREDITS
The following sources were used for this report:
- CoStar Group
- Colliers
- Miami DDA
- coworkingmag.com
- Business Dojo
PHOTO CREDITS
Cover: Adobe Stock
Page 2: Sublime Imagery
Page 7: Sublime Imagery
Page 8: Adobe Stock
Page 9: Sublime Imagery
Page 10: CoStar
Page 12: CoStar
Page 15: Sublime Imagery
Page 15: Adobe Stock, Sublime Imagery
Page 24: @hyattcentriclasolas, Tru/Home2 Suites by Hilton, Real Deal, Sublime Imagery, @550building
Page 25: Hines
Page 26: Sublime Imagery
Page 30: Sublime Imagery
Page XX: wynwood-plaza.com
Page XX: thegatewayatwynwood.com
Photo credits are listed by page, indicated by images left to right:
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This document has been prepared by Colliers and OPCRA for advertising and general information only. Colliers and OPCRA make no guarantees, representations
or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested
party should undertake their own inquiries as to the accuracy of the information. Colliers and OPCRA excludes unequivocally all inferred or implied terms, conditions
and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers
International Florida, LLC and OPCRA and/or its licensor(s). ©2025. All rights reserved.
REPORT CONTRIBUTORS
Brooke Mosier | Vice President | Florida | brooke.moiser@colliers.com
Haley Boatright | Research Manager | haley.boatright@colliers.com
Maria Russo | Senior Marketing Manager | maria.russo@colliers.com
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201 S Biscayne Blvd #2600
Miami, FL 33131
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Follow us @miamidda
2025
Downtown Miami Oce Anaylsis