Miami Office Market
Annual full-service asking rental rates reached an all-time high for the third consecutive quarter at $59.91/SF, reflecting a 0.7% increase from the previous quarter and a 4.6% increase year over year. Miami-Dade County recorded 112,742 SF of positive absorption in the third quarter of 2025, led by large move-ins such as Apple at The Plaza. The construction pipeline remains resilient at 1.3 MSF, with new projects such as the Vizcaya Capital Building breaking ground this quarter. This year several projects are expected to deliver such as The Fifth, 4225 Ponce and The Offices at The Well. Leasing volume by square feet increased 3.2% quarter over quarter to 993,929 SF, despite a lower number of deals than the previous quarter. As a result, the average deal size increased significantly from 2,944 SF to 3,302 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