
4 5
Greater Downtown Miami’s ofce market has undergone
a signicant transformation, with 55% of its ofce 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 ofce 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 ofce 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 condence, 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 ofce 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