Miami Office Market
Annual full-service asking rental rates reached an all-time high of $61.49/SF, reflecting a 3.0% increase from the previous quarter and a 5.7% increase year over year. Miami-Dade County recorded 99,330 SF of negative absorption in the fourth quarter of 2025. Meanwhile net absorption for 2025 was positive 184,795 SF. The construction pipeline remains resilient at 1.3 MSF, with The Fifth delivering 70,000 SF of new office space this quarter. Looking forward, several projects are expected to deliver in 2026, including The Doris and The Offices at The Well. Leasing volume and deal count declined 32.0% quarter over quarter to 879,965 SF and 299 transactions, respectively. As both total volume and transactions fell, the average deal size decreased by 885 SF to 2,943 SF.
Miami Industrial Market
The market realized 627,218 SF of positive absorption in the third quarter of 2025. Although net absorption has been weak since 2024–mainly attributed to muted leasing activity, economic uncertainty and delays in tenant buildouts–demand is gradually rising. Overall rental rates rose by 4.8% quarter over quarter and 4.5% year over year to a new all-time high of $16.36/SF. Construction deliveries totaled 2.6 MSF year to date, with another 3.3 MSF of ongoing and newly-started projects underway that are currently 19.6% preleased. Deliveries totaled 515,402 SF at the end of the third quarter of 2025. As a result of demand outpacing supply, the vacancy rate decreased by 10 basis points quarter over quarter to 5.5%.
Download Miami Industrial Market Report 3Q25