2024 Office Space Rent & Sales
- $61.76 2024 Avg. Asking Rent
- 13.93% 2024 Office Vacancy Rate
- $770.1M2024 Total Office Sales
- $526.24Avg. Sale Price/SF
Miami office price per square foot in 2024 was $61.76 on average. The local office market recorded an average vacancy rate of 13.93% across all asset classes combined. The 20 transactions that closed here throughout 2024 amounted to a total sale volume of $770.1M. Miami office space commanded an average sale price per square foot of $526.24.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2024 Average Office Rent per Square Foot
- Miami Class A & A+ Office Space$61.92
- Miami Class B Office Space$66.01
- Miami Class C Office Space$25.21
- Florida Class A & A+ Office Space$40.20
- Florida Class B Office Space$27.71
- Florida Class C Office Space$22.62
Miami, FL Office Asking Rents by Class
Average office rent in Miami rested at $61.76 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Miami averaged $61.92 per square foot. Across all submarkets, class B office space recorded an average asking rent of $66.01 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $25.21 per square foot, on average. Comparably, statewide Florida average office rents by class in 2024 were: $40.20 per square foot for class A office space; $27.71 per square foot for class B office space; $22.62 per square foot for class C office space.
2024 Office Vacancy Rates in Miami
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Brickell | $94.24 | 5.84% |
| Miami North | $68.93 | 19.77% |
| Miami -Central Business District | $67.64 | 18.43% |
| Aventura | $56.72 | 11.41% |
| Coral Gables - Downtown | $51.82 | 22.96% |
| Dadeland | $49.17 | 15.48% |
| Airport South | $48.99 | 17.78% |
| Miami Coconut Grove | $48.95 | 8.17% |
| Coral Gables | $46.62 | 9.17% |
| Airport West | $38.69 | 22.70% |
| Miami Gardens | $38.26 | 25.73% |
| Miami West | $35.65 | 5.30% |
| Biscayne Corridor | $35.00 | 10.89% |
| Miami South | $34.99 | 8.92% |
| Hialeah | $31.19 | 14.71% |
Office Spaces for Rent in Florida
- Tampa Office Space
- Orlando Office Space
- St. Petersburg Office Space
- Gainesville Office Space
- Lakeland Office Space
- Town 'n' Country Office Space
- Clearwater Office Space
- Clermont Office Space
- Greater Carrollwood Office Space
- Palm Harbor Office Space
- Temple Terrace Office Space
- Spring Hill Office Space
- Oldsmar Office Space
Miami Office Sale Price per SF
- $526.242024 Avg. Price per SF
- 38.00%Y-o-Y Avg. PpSF Change
- $770.1M2024 Office Sales Volume
- 202024 Number of Transactions
Miami, FL Sale Price per SF Trend
- Miami Avg. Sale Price per SF in 2024$526.24
- Florida Avg. Sale Price per SF in 2024$221.95
2024 Office Sales Volume
- Miami, FL Total Office Sales Volume in 2024 $770.1M
- Miami, FL Total Number of Office Sales Closed in 2024 20
Largest Miami Office Sales in 2024
| Property name | Address | Date | Price |
|---|---|---|---|
| 701 Brickell | 701 Brickell Avenue | 10/8/2024 | $443,000,000 |
| 888 Brickell Avenue | 888 Brickell Avenue | 4/23/2024 | $61,225,000 |
| Corporate Park of Doral | 7775 NW 48th Street | 10/9/2024 | $45,400,000 |
| Salvation Army Citadel | 49 NW 5th Street | 6/17/2024 | $38,500,000 |
| Biscayne Medical Plaza | 3801 Biscayne Blvd | 3/28/2024 | $31,300,000 |
Coworking Spaces in Florida
- Houston Coworking Space
- Atlanta Coworking Space
- Dallas Coworking Space
- Miami Coworking Space
- Austin Coworking Space
- Nashville Coworking Space
- Charlotte Coworking Space
- Jacksonville Coworking Space
- Tampa Coworking Space
- Raleigh Coworking Space
- Orlando Coworking Space
- Boca Raton Coworking Space
- Birmingham Coworking Space
- Fort Lauderdale Coworking Space
- New Orleans Coworking Space
- Durham Coworking Space
- West Palm Beach Coworking Space
- Alpharetta Coworking Space
- Memphis Coworking Space
- Miami Beach Coworking Space
- Chattanooga Coworking Space
2024 Office Construction in Miami, FL
- Miami, FL Total SF completed in 2024 925,533
- Miami, FL Total SF under construction in 2025 560,569
During 2024, 925,533 square feet of new office space were delivered across the market. At the close of 2024, the Miami office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 925,533 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 560,569 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Wynwood Plaza | 95 NW 29th St , 33127 | 286,068 | 2025 |
| SUNSET SQUARE | 9945 Sunset Drive, 33173 | 40,568 | 2025 |
| 2940 OAK AVE GROVE | 2940 Oak Avenue, 33133 | 6,618 | 2025 |
| 7373 Professional | 7373 SW 93rd Ave, 33173 | 5,500 | 2025 |
| WYND 28 | 128 NW 28th St, 33127 | 51,500 | 2023 |
| Strata Wynwood | 2201 N Miami Ave, | 80,441 | 2022 |
| The Gateway at Wynwood | 2916 N Miami Ave, | 220,900 | 2021 |
| The Gateway at Wynwood | 2916 North Miami Avenue, 33127 | 220,900 | 2021 |
| 850 Le Jeune - Office Tower 1 | 850 NW 42nd Avenue, 33126 | 113,081 | 2021 |
| 850 Le Jeune - Office Tower 2 | 860 NW 42nd Avenue, 33126 | 100,144 | 2021 |
Worth noting among recent office completions on the Miami market is Wynwood Plaza, which is currently the largest new office development in the city, at 286,068 square feet.
See reports for other markets
- Jacksonville Office Rent Price
- Tampa Office Rent Price
- Orlando Office Rent Price
- Fort Lauderdale Office Rent Price
- Sarasota City Office Rent Price
- St. Petersburg Office Rent Price
- Boca Raton Office Rent Price
- Doral Office Rent Price
- Fort Myers Office Rent Price
- West Palm Beach Office Rent Price
- Melbourne Office Rent Price
- Lake Mary Office Rent Price
- Pensacola Office Rent Price
- Maitland Office Rent Price
- Winter Park Office Rent Price
- Hollywood Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Miami commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.