By Gay Cororaton, MIAMI REALTORS Chief Economist
Key takeaways
- The Miami market area posted the lowest office vacancy rate of 15.5% among 25 major markets in April 2025. Nationally, the vacancy rate was 19.7%.
- The Miami market area also had the highest increase in the average office listing rate, at 15%. Nationally, the average office listing rate rose 5%.
- Office construction in the Miami market area is underway at a faster pace nationally, adding 2% to existing stock compared to 0.7% nationally.
Read the analysis HERE.
Miami office market posts lowest vacancy rate and highest increase in listing rate among 25 major markets in April 2025
The Miami market area is the hottest office market among major market areas. In April 2025, the Miami market area had the lowest vacancy rate of 15.5% among the nation’s 25 major markets tracked by Commercial Edge.[1] Nationally, the vacancy rate was 19.7%.
With a low vacancy rate, the Miami market area saw the strongest uptick among the average listing rates in April 2025 from one year ago, up 15%, compared to 5% nationally. The average office listing rate in April rose to $56.5 per square foot, compared to $33.3 per square foot nationally.
Vacancy rates remain high at over 20% in markets like Dallas (23.9%), Austin (28.9%), San Francisco (29.0%), Atlanta (20.3%), and Houston (22.8%), resulting in falling average listing rates or modest increases compared to the increase in the Miami market area . The average listing rates fell in gateway markets like Manhattan (-4.0%), New Jersey (-4.0%), Houston (-3.0%), Bay Area (-1.0%), Boston (-1.0%), and Washington DC (-1.0%).
Office construction is underway at a faster pace than nationally
The Miami market area is experiencing more robust office construction activity than nationally. Commercial Edge reported 1.4 MSF of office construction, equivalent to 2% of stock, compared to 0.7% increase nationally.
The largest office building construction underway is on 1050 Caribbean Way in the city of Miami. This is the headquarters of the Royal Caribbean Group, a global cruise vacation company, with a workforce of 3,000. Miami is known as the Cruise Capital of the World.
The second largest construction activity underway is a 295,000 square foot building on 1133 SW 2nd Avenue, site of Mercedes-Benz Places Miami , a mixed-use building with luxury residences and office spaces.
Another 1.14 MSF of medical office buildings are under construction. Florida’s demographics of an aging population and the concomitant rising demand for outpatient health and wellness services are factors driving the demand for medical office buildings.
The largest is the 370,000 square foot building on 2111 Sole Mia Way, site of the University of Miami Health System.
The second largest medical office building under construction is on 942 NE 1st Avenue in the Miami Worldcenter area.
Office space demand is underpinned by an increase in office-using jobs
In April, office-using jobs (professional and business services, financial activities, information services) in the Miami-Fort Lauderdale-West Palm Beach metropolitan area increased by 1,300 jobs, up 0.2% from one year ago, the same rate as nationally. Office-using employment has remained stable at nearly 800,000 since late 2022. In April 2025, office-using employment totaled 797,500 jobs, accounting for 27% of total employment in the Miami MSA.
In contrast, office-using employment fell in April 2025 from the prior year in metropolitan areas like New York (-3,900), Washington DC (-8,500), Los Angeles (-15,573), Chicago (-14,400), San Jose (-6,300), Boston (-14,800), and San Francisco (-14,300).
MIAMI Realtors® analysis of job-to-job flows from 2015 through 2024 revealed a notable increase in professional and business services and finance jobs into the Miami Metro Area in 2020 Q1 – 2024 Q1 compared to 2015 Q1- 2019 Q4.[2] During 2020 Q1 through 2024 Q1, the largest net job inflows into the Miami Metro Area by industry was professional, scientific, and technical services, with 26,146 net jobs flows up 59% compared to the level in 2015-2019 (+16,742). In the finance and insurance industry, net job inflows in 2020 Q1 through 2024 Q1 increase to 19,859 jobs, up 139% from 2015-2019 (+8,304).
[1] CommercialEdge-Office-National-Report-May-2025.pdf
[2] Miami MSA Continues to Attract Tech and Finance Jobs from New York, California, and Illinois – MIAMI REALTORS®
