Miami, FL - Office Market Overview
The Miami Metropolitan Area includes the Downtown Dadeland, Midtown-Edgewater, and Northeast Coconut Grove office space submarkets. With a metropolitan population of nearly 2.7 million people, Miami 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 office space employment in the region.
As of mid-2017, the Greater Miami office market encompasses over 32 million square feet of existing office space in properties larger than 50,000 square feet. Demand for Miami 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 office inventory in Miami is Class A or A+, while Class B office property adds another 29% of inventory to the market.
The Downtown Miami office market attracts tenants and international investors with its numerous portfolio office properties. Located just north of the Brickell neighborhood this office submarket contains Class A office buildings such as the SunTrust International Center, the Wells Fargo Center, and the Miami Center at 201 South Biscayne Boulevard.
Miami, FL Commercial Inventory Breakdown
Total: 45,486,285 SF
By square footage range:
- 50k to 100k SF: 7,699,246 SF / 16.93% of total office
- 100k to 500k SF: 21,111,215 SF / 46.41% of total office
- 500k to 1M SF: 9,870,312 SF / 21.7% of total office
- > 1M SF: 6,805,512 SF / 14.96% of total office
- Class A+: 7,136,532 SF / 15.69% of total office
- Class A: 19,275,855 SF / 42.38% of total office
- Class B: 9,802,772 SF / 21.55% of total office
- Class C: 358,244 SF / 0.79% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|Miami 18||SEC NE 2nd Avenue & NE 18th Street, 33132||1,700,000||n/a|
|Panorama Tower||1101 Brickell Bay Drive, 33131||1,540,385||2018|
|The Sterling||555 North Miami Avenue, 33132||1,260,000||n/a|
|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 South Biscayne Blvd, 33131||782,686||1983|
|Wells Fargo Center||333 SE 2nd Avenue, 33131||752,488||2010|
|One Brickell City Centre||444 Brickell Avenue, 33130||743,768||n/a|
|701 Brickell||701 Brickell Avenue, 33131||677,667||1986|
|One Bayfront Plaza - Redevelopment||100 South Biscayne Blvd, 33131||635,959||n/a|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|800 Waterford at Blue Lagoon||800 Waterford Way, 33126||246,085||2017|
|Mercy Medical Arts Building||3683 South Miami Avenue, 33133||103,917||2017|
|Security Building||117 NE 1st Avenue, 33132||96,575||2017|
|Three Brickell City Centre||98 SE 7th Street, 33130||384,550||2016|
|Two Brickell City Centre||78 SW 7th Street, 33130||379,338||2016|
|IFB Center||777 SW 37th Avenue, 33135||51,664||2012|
|Brickell World Plaza||600 Brickell Avenue, 33131||614,905||2011|
|University of Miami Life Science & Technology Park - 1951 NW 7th Avenue||1951 NW 7th Avenue, 33136||258,681||2011|
|Crossroads at Dolphin Commerce Center - 2101 NW 117th Avenue||2101 NW 117th Avenue, 33172||91,874||2011|
|West Kendall Baptist Hospital Medical Arts Building||15955 SW 96th Street, 33196||63,000||2011|
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 Miami 15th for green energy buildings. Over 4% of the office buildings larger than 50,000 square feet in Miami 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 office space and commercial real estate in Miami is driven by a variety of office-using 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 and some of the biggest users of office space in Miami.
- 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 – Demand for white-collar office space in Miami 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 in Miami ensure a robust office market, including Arquitectonica, Brightstar Corporation, UniMAS, Telemundo, Univision, SBC Communications, and the Vector Group.
- Total Population424,632
- Male Population(49.5 %) 210,335
- Female Population(50.5 %) 214,297
- Median Age39.40
- Average Household Income$54,291
- Median Household Income$31,051
- Median Income Under 25$25,016
- Median Income 25-44$41,125
- Median Income 45-64$32,612
- Median Income Over 65$18,065
- Allapattah Demographics
- Auburn Heights Demographics
- Bent Tree Demographics
- Blue Lagoon Area Demographics
- Breeze At Galloway - Le Chelle Estates Demographics
- Brickell Demographics
- Brickell Key Demographics
- Downtown Dadeland Demographics
- Downtown Miami Demographics
- Flagami Demographics
- Kathryn Mills Demographics
- Little Haiti Demographics
- Little Havana Demographics
- Miami Media And Entertainment District Demographics
- Miami Springs Demographics
- Midtown - Edgewater Demographics
- Northeast Coconut Grove Demographics
- Ridgewood Demographics
- Sandalwood Villas - Marco Demographics
- Shenandoah Demographics
- Silver Bluff Demographics
- Southwest Coconut Grove Demographics
- Sunset Oaks Demographics
- Sweetwater Demographics
- The Roads Demographics
- Upper East Side Demographics
- Westernland - Mirosa Demographics
- Wynwood Demographics
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