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: 49,534,601 SF
By square footage range:
- 50k to 100k SF: 8,629,911 SF / 17.42% of total office
- 100k to 500k SF: 25,431,521 SF / 51.34% of total office
- 500k to 1M SF: 10,240,907 SF / 20.67% of total office
- > 1M SF: 5,232,262 SF / 10.56% of total office
By class:
- Class A+: 7,087,653 SF / 14.31% of total office
- Class A: 20,988,994 SF / 42.37% of total office
- Class B: 10,445,427 SF / 21.09% of total office
- Class C: 523,513 SF / 1.06% 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 |
| Miami 18 | SEC NE 2nd Avenue & NE 18th Street, 33132 | 1,386,750 | n/a |
| Southeast Financial Center | 200 South Biscayne Blvd, 33131 | 1,233,401 | 1981 |
| 1775 Biscayne Blvd | 1775 Biscayne Blvd, 33132 | 990,150 | n/a |
| 95 Northwest 29th Street | 95 NW 29th Street, 33127 | 800,000 | n/a |
| One Brickell City Centre | 444 Brickell Avenue, 33130 | 743,768 | n/a |
| One Bayfront Plaza - Redevelopment | 100 South Biscayne Blvd, 33131 | 635,959 | n/a |
| Miami Tower | 100 SE 2nd Street, 33131 | 619,093 | 1987 |
| One MiamiCentral | SWC NW 1st Avenue & NW 3rd Street, 33128 | 600,000 | n/a |
| One Worldcenter | 110 NE 10th Street, 33130 | 600,000 | n/a |
Most Recently-Built Office Buildings
in Miami
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 5707 Waterford at Blue Lagoon | 5707 Blue Lagoon Drive, 33126 | 158,000 | 2019 |
| Cube Wynwd | 222 NW 24th Avenue, 33127 | 99,370 | 2019 |
| Mary Street | 3310 Mary Street, 33133 | 96,547 | 2019 |
| Lyric Point | 101 NW 8th Street, 33136 | 55,000 | 2019 |
| The Optimum | 3480 Main Hwy, 33133 | 53,500 | 2019 |
| The Anatomy | 3415 NE 2nd Avenue, 33137 | 53,192 | 2019 |
| The Wynwood Garage | 360 NW 27th Street, 33127 | 50,678 | 2019 |
| CAC Florida Medical Centers - Little Havana Medical Center | 1200 SW 1st Street, 33135 | 36,000 | 2019 |
| Panorama Tower | 1100 Brickell Bay Drive, 33131 | 1,540,385 | 2018 |
| Two MiamiCentral | 700 MiamiCentral Avenue, 33136 | 202,438 | 2018 |
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.
Miami Demographics
Population
- Total Population451,214
- Male Population(49.3 %) 222,273
- Female Population(50.7 %) 228,941
- Median Age40.20
Income/Financial
- Average Household Income$64,540
- Median Household Income$36,638
- Median Income Under 25$29,701
- Median Income 25-44$48,531
- Median Income 45-64$40,093
- Median Income Over 65$19,669
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