Miami office market reports

Q1 2025

The unemployment rate in Miami has increased 60 basis points year-over-year to 2.6% as of the end of February, remaining below the US national average of 4.1%. Total nonfarm employment experienced a 1.8% increase since this time in 2024, with the professional and business services sector seeing a slight increase of 0.3% during the same period. This increase in office-using employment can be seen in Avison Young’s Busyness Index where Miami’s office buildings are 71.9% as busy now as they were in February 2019 which is well above the U.S. average of 61.5%.

3.5%

YOY increase in asking rates

Asking rental rates continue to see steady growth as the market saw overall rates increase 3.5% year-over-year.

1.0 msf

Leasing activity

Leasing activity started the year off strong with 1.0 msf of leases signed. This is an increase of 26.5% compared to the same time in 2024.

734k sf

Construction

Construction activity in Miami continues to slow with only 734k sf underway in the first quarter. This is the first time it has been below 1.0 msf since 2014.

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Get in-depth office market reports from commercial real estate experts in the Greater Miami area. Avison Young advisors look at Miami commercial real estate activities and the latest Miami statistics to provide you expert market research on Miami's office properties.

Explore different topics like the latest office market pricing trends and analysis of Miami's current office real estate market conditions. Gain a better understanding of Miami’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Miami's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Miami.