Miami Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $47.70 2022 Avg. Asking Rent
  • 10.55% 2022 Office Vacancy Rate
  • $951.6M2022 Total Office Sales
  • $372.98Avg. Sale Price/SF

Miami office price per square foot in 2022 was $47.70 on average. The local office market recorded an average vacancy rate of 10.55% across all asset classes combined. The 26 transactions that closed here throughout 2022 amounted to a total sale volume of $951.6M. Miami office space commanded an average sale price per square foot of $372.98.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Miami Class A & A+ Office Space$52.39
  • Miami Class B Office Space$34.74
  • Miami Class C Office Space$15.95
  • Florida Class A & A+ Office Space$35.94
  • Florida Class B Office Space$26.81
  • Florida Class C Office Space$19.09

Miami, FL Office Asking Rents by Class

Average office rent in Miami rested at $47.70 per square foot in 2022. 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 $52.39 per square foot. Across all submarkets, class B office space recorded an average asking rent of $34.74 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.95 per square foot, on average. Comparably, statewide Florida average office rents by class in 2022 were: $35.94 per square foot for class A office space; $26.81 per square foot for class B office space; $19.09 per square foot for class C office space.

2022 Office Vacancy Rates in Miami

Submarket Asking Rents Vacancy Rates
Brickell $75.47 3.88%
Miami North $69.16 13.46%
Miami -Central Business District $57.81 6.37%
Aventura $56.00 11.78%
Coral Gables - Downtown $50.62 14.16%
Dadeland $48.19 10.36%
Miami Coconut Grove $46.34 15.16%
Coral Gables $44.16 22.87%
Airport South $38.86 18.65%
Biscayne Corridor $37.62 10.28%
Airport West $35.30 22.26%
Miami Gardens $34.89 12.65%
Hialeah $31.86 12.85%
Miami West $29.66 1.18%
Data provided by Commercial Edge
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 10.55% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Miami was 1.18% in the Miami West submarket, while the highest office vacancy in the market was 22.87%, recorded in Coral Gables.

Office Spaces for Rent in Florida

Miami Office Sale Price per SF

  • $372.982022 Avg. Price per SF
  • 20.86%Y-o-Y Avg. PpSF Change
  • $951.6M2022 Office Sales Volume
  • 262022 Number of Transactions

Miami, FL Sale Price per SF Trend

  • Miami Avg. Sale Price per SF in 2022$372.98
  • Florida Avg. Sale Price per SF in 2022$234.16
Miami office space cost in 2022 marked a +20.86% change compared to the previous year. The sale price for office space in Miami averaged $372.98 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $234.16 per square foot.

2022 Office Sales Volume

  • Miami, FL Total Office Sales Volume in 2022 $951.6M
  • Miami, FL Total Number of Office Sales Closed in 2022 26
A total of 26 deals closed on the Miami office market in 2022, adding up to a yearly sales volume of $951.6M. Notably, the largest transaction on the market saw 1221 Brickell change hands for $286,500,000 on 6/23/2022.

Largest Miami Office Sales in 2022

Property name Address Date Price
1221 Brickell 1221 Brickell Avenue 6/23/2022 $286,500,000
Miami Tower 100 SE 2nd Street 7/7/2022 $163,500,000
100 Biscayne 100 North Biscayne Blvd 1/18/2022 $81,100,000
3995 North Miami Avenue 3995 North Miami Avenue 12/28/2022 $53,250,000
Wynwood Annex, The 215 NW 24th Street 3/1/2022 $49,000,000
Data provided by Commercial Edge

Coworking Spaces in Florida

2022 Office Construction in Miami, FL

  • Miami, FL Total SF completed in 2022 85,000
  • Miami, FL Total SF under construction in 2023 1,444,495

During 2022, 85,000 square feet of new office space were delivered across the market. At the close of 2022, the Miami office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 85,000 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 1,444,495 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Miami
Office building Address SF Completed
Strata Wynwood 2201 N Miami Ave, 60,300 2022
3022 Northwest 73rd Street 3022 Northwest 73rd Street, 33147 10,353 2022
40 NW 3rd Street 40 NW 3rd Street, 33128 332,452 2021
The Gateway at Wynwood 2916 N Miami Ave, 33127 220,900 2021
15155 SW 97th Avenue 15155 SW 97th Avenue, 33176 51,000 2021
545wyn 545 NW 26th Street, 33127 324,935 2020
The Offices at River Landing 1400-1500 NW North River Dr, 33125 150,000 2020
Lyric Point 101 NW 8th Street, 33136 55,000 2019
Panorama Tower 1100 Brickell Bay Drive, 33131 1,540,385 2018
Three MiamiCentral 161 NW 6th Street, 33136 131,000 2018

Worth noting among recent office completions on the Miami market is Strata Wynwood, which is currently the largest new office development in the city, at 60,300 square feet.

Data provided by Commercial Edge

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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.