Miami Office Rent Price & Sales Report

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%
Data provided by Yardi Research
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Miami market was 13.93% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Miami was 5.30% in the Miami West submarket, while the highest office vacancy in the market was 25.73%, recorded in Miami Gardens.

Office Spaces for Rent in Florida

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
Miami office space cost in 2024 marked a +38.00% change compared to the previous year. The sale price for office space in Miami averaged $526.24 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $221.95 per square foot.

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
A total of 20 deals closed on the Miami office market in 2024, adding up to a yearly sales volume of $770.1M. Notably, the largest transaction on the market saw 701 Brickell change hands for $443,000,000 on 10/8/2024.

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
Data provided by Yardi Research

Coworking Spaces in Florida

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.

Largest Office Properties Recently Completed in Miami
Office building Address SF Completed
7373 Professional 7373 SW 93rd Ave, 33173 5,500 2026
Wynwood Plaza 95 NW 29th St , 33127 286,068 2025
830 Brickell 830 Brickell Plaza, 33131 626,166 2024
The Dorsey 286 NW 29th Street, 33127 105,000 2023
WYND 28 127 NW 27th Street, 33127 61,544 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
Megacenter Brickell 420 SW 7th St, 33130 143,866 2021
545wyn 545 NW 26th Street, 33127 324,935 2020

Worth noting among recent office completions on the Miami market is 7373 Professional, which is currently the largest new office development in the city, at 5,500 square feet.

Data provided by Yardi Research

See reports for other markets

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 Yardi Research Data, 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 Yardi Research Data can guarantee that the information provided is complete.