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 334,170 SF of positive absorption in the fourth quarter of 2025, bringing total absorption for the year to 1.6 MSF. Overall rental rates slipped by 1.2% quarter over quarter but rose 3.3% year over year to $16.28/SF. Construction deliveries totaled 3.9 MSF for 2025, with another 2.7 MSF of ongoing and newly-started projects underway, which are currently 11.8% preleased. As a result of deliveries outpacing occupancy in 2025, the vacancy rate increased by 40 basis points year over year to 5.2%.
Download Miami Industrial Market Report 4Q25