Miami, FL Office Overview
The Miami Metropolitan Area includes the Downtown Dadeland, Midtown-Edgewater, and Northeast Coconut Grove submarkets. With a metropolitan population of nearly 2.7 million people, the city is known as 'The Cruise Capital of the World' and is also a major center of commerce. A diverse industry mix of international finance, biotechnology and research institutions help to drive the demand for white-collar employment in the region.
As of mid-2017, the Greater Miami office market encompasses over 32 million square feet of existing space in properties larger than 50,000 square feet. Demand for commercial real estate is also driven by the countless global businesses that are headquartered in the city.
Miami, FL Office Inventory Description
The Globalization and World Cities Study Group & Network recently ranked Miami as a 'world city', one that is an important link within the global economic system. With a gross metropolitan product of over $128 billion annually, there is what some consider to be an insatiable demand for white-collar office space in the metro area. Nearly 70% of the inventory is Class A or A+, while Class B properties add another 29% of inventory to the market.
The Downtown Miami office market attracts tenants and international investors with its numerous portfolio properties. Located just north of the Brickell neighborhood, this submarket contains Class A buildings such as the SunTrust International Center, the Wells Fargo Center, and the Miami Center at 201 South Biscayne Boulevard.
Other significant areas in terms of commercial real estate include the vibrant Little Havana and Wynwood.
Miami, FL Commercial Inventory Breakdown
Office Spaces
Total: 57,297,380 SF
By square footage range:
- 50k to 100k SF: 8,621,388 SF / 15.05% of total office
- 100k to 500k SF: 25,613,189 SF / 44.7% of total office
- 500k to 1M SF: 14,461,541 SF / 25.24% of total office
- > 1M SF: 8,601,262 SF / 15.01% of total office
By class:
- Class A+: 7,702,558 SF / 13.44% of total office
- Class A: 21,116,208 SF / 36.85% of total office
- Class B: 10,952,254 SF / 19.11% of total office
- Class C: 523,513 SF / 0.91% of total office
Top 10 Largest Office Buildings
in Miami
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Panorama Tower | 1100 Brickell Bay Drive, 33131 | 1,540,385 | 2018 |
| Southeast Financial Center | 200 South Biscayne Blvd, 33131 | 1,233,401 | 1981 |
| One Biscayne Tower | 2 South Biscayne Blvd, 33131 | 1,071,726 | 1971 |
| Citigroup Center | 201 S Biscayne Blvd, 33131 | 803,005 | 1983 |
| Citigroup Center | 201 South Biscayne Blvd, 33131 | 803,005 | 1983 |
| Wells Fargo Center | 333 Avenue of the Americas, 33131 | 752,488 | 2010 |
| One Biscayne Tower | 2 S Biscayne Blvd, 33131 | 691,783 | 1974 |
| 701 Brickell | 701 Brickell Avenue, 33131 | 685,660 | 1985 |
| 701 Brickell | 701 Brickell Avenue, 33131 | 677,667 | 1986 |
| Flagler Corporate Center | 9250 West Flagler Street, 33174 | 634,818 | 1984 |
Largest Office Properties Recently Completed
in Miami
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 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 |
| WYND 27 & 28 | 127 NW 27th Street, 33127 | 79,500 | 2021 |
| Care Resource Community Clinic | 3510 Biscayne Blvd, 33137 | 55,000 | 2021 |
| MedSquare Place | 9101 SW 24th Street, 33165 | 37,000 | 2021 |
| 2143 NW 1st Avenue | 2143 NW 1st Avenue, 33127 | 34,214 | 2021 |
| 78 NW 37th Street | 78 NW 37th Street, 33127 | 34,000 | 2021 |
| 545wyn | 545 NW 26th Street, 33127 | 324,935 | 2020 |
| One CocoWalk | 3015 Grand Avenue, 33133 | 103,502 | 2020 |
| Dolphin Professional Centre | 1695 NW 110th Avenue, 33172 | 79,000 | 2020 |
Miami, FL Green Office Space
Not only is Miami an international business hub, it is also one of the leading major U.S. markets for the adoption of energy-efficient office standards. The 2017 National Green Building Adoption Index ranked the city 15th for green energy buildings. Over 4% of the office buildings larger than 50,000 square feet in the metro area are LEED-certified, nearly 11% are Energy Star-rated, and over 12% are classified as green buildings.
A prime example of green building in Miami is the Brickell World Plaza at 600 Brickell Avenue. Built in 2011, this nearly 615,000-square-foot Class A property is located immediately south of Downtown Miami in the Brickell office submarket and boasts the extremely-difficult-to-obtain LEED Platinum certification.
Since 2005, the percentage of green office buildings has steadily increased to the point where by mid-2017 about 38% of the office space in the top 30 U.S. markets can be classified as energy-efficient, up from 5% over the past 12 years.
Miami, FL's Top Office-Using Sectors
The demand for commercial real estate in Miami is driven by a variety of employment sectors, including government, transportation & tourism, and high-technology.
- Government – Miami-Dade County, the United States Government, the Florida Government, and the City of Miami along with the businesses they attract are the top employers in the metro.
- Transportation & Tourism – American Airlines, Celebrity Cruises, Carnival Cruise Lines, Norwegian Cruise Lines, and Arrow Air are just a few of the companies that benefit from the dynamic tourism industry in the region.
- High-Technology – Employee demand In the city is created by cutting-edge tech companies such as Cisco, Microsoft, Yahoo, Oracle, Symantec, and Telefonica USA;
- Global Corporate Offices – Thousands of national and international businesses based here ensure a robust office market, including Arquitectonica, Brightstar Corporation, UniMAS, Telemundo, Univision, SBC Communications, and the Vector Group.
Frequently Asked Questions
How much does office space cost in Miami, FL?
The average office rental rate in Miami, FL is $35.45 per square foot. Asking prices vary based on the property’s location, overall rating, amenities, proximity to restaurants, cafes and entertainment venues, as well as public transport, airports and highways. Check Miami Office Market Trends for more stats.
What is the size of available office spaces in Miami, FL?
The Miami, FL office market can accommodate various businesses, sporting a range of office space availabilities. The average size of office space availabilities is 155,787 square feet. If you’re just starting out as a company or as an entrepreneur, the smallest available office space in Miami, FL is 95 square feet, while the maximum rentable space on the market now is 311,479 square feet.
How do I get office space in Miami, FL?
Start your search for office space in Miami, FL by using our filters that allow you to find the best space for your business needs. Filter listings by location, property size, available space or lease rate. Property pages will offer details about an office building’s rating, year built, availabilities, price per square foot and more. After drawing up a shortlist, make sure you contact the listed broker(s) to schedule a viewing and begin the negotiation process for your lease contract.
How many office listings are available in Miami, FL?
There are 505 office listings on the Miami, FL market. See all available office spaces for rent.
Where to rent an office space in Miami, FL?
Popular Miami neighbourhoods with available office spaces include Downtown Miami, Brickell and Blue Lagoon Area.
What other property types are available for lease in Miami, FL?
In addition to traditional office spaces, commercial real estate listings on our platform also include coworking & shared office space options, retail spaces, industrial buildings, warehouses, distribution facilities, and more.
Miami Demographics
Population
- Total Population454,279
- Male Population(49.5 %) 224,810
- Female Population(50.5 %) 229,469
- Median Age40.10
Income/Financial
- Average Household Income$68,100
- Median Household Income$39,049
- Median Income Under 25$32,150
- Median Income 25-44$51,718
- Median Income 45-64$42,637
- Median Income Over 65$19,602
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