By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- Commercial sales rose to $9.6 billion in the first three quarters of 2025 in the counties of Miami-Dade, Broward, and Palm Beach, up 18% from one year ago.
- Miami-Dade County had the largest sales volume ($4.4 billion, +30%), but Broward County posted the highest growth ($4.0 billion, +43%) while Palm Beach County sales slowed from last year’s strong showing ($1.3 billion, -33%).
- Multifamily led in sales volume ($3.1 billion), but office sales volume had the largest increase (+42%).
Read the 2025 Q3 Southeast Florida Commercial Real Estate Report HERE.
In the first three quarters of 2025, $9.6 billion of multifamily, office, industrial, and retail commercial real estate traded hands in the counties of Miami-Dade, Broward, and Palm Beach, 18% higher from the same period last year, according to MIAMI Realtors® analysis of county records.
In 2025 Q3 alone, $4 billion worth of commercial deals were closed, 29% higher than one year ago.
Commercial sales volume over a 3-quarter period has steadily increased since 2023 amid a challenging economic environment, indicating investors’ positive long-term outlook in the Miami Metro market area.
Miami-Dade Had Largest Sales Volume, but Broward County Had the Largest Growth
Miami-Dade County saw $4.4 billion in CRE deals, up 30% from the prior year. However, Broward County had the largest uptick in sales volume with a 36% increase that pushed sales to $4.0 billion. In Palm Beach County, sales fell 33% to $1.3 billion, although retail sales volume increased due to major deals.
At the city level, the city of Miami had the most commercial sales in the first three quarters of 2025 at $1.7 billion, followed by Fort Lauderdale with $1.1 billion, and Hialeah with $513 million. Multifamily accounted for most of the sales volume in Miami and Hialeah while office accounted for the largest volume in Fort Lauderdale.
Office Commercial Sales Posted the Strongest Increase at 42%
Commercial sales volume in the first three quarters of 2025 rose across the four core asset classes compared to the same period last year with the highest uptick in office ($1.9 billion, +42%) followed by retail ($2.3 billion, +24%), industrial ($2.3 billion, +16%), and multifamily ($3.1 billion, +5%).
The strong growth in office deals is due to two large Broward County office deals in February 2025: the Bank of America Financial Center on 401 E Las Olas Boulevard ($221 million) and the Las Olas Center on 350 E Las Olas Boulevard ($208 million). Office asking rents are up 2.8% in Broward County compared to 1.1% nationally, according to Cushman and Wakefield data.
The robust demand for office space is evident in the spike in Miami-Dade office asking rents that rose to an average of 63/sf in the second quarter, a whopping 12.9% year-over-year increase.
In Palm Beach County, office asking rents also rose a hefty 10.4%.
Out-of-State Companies are Behind the Largest Deals in 2025 Q3
In 2025 Q3, the largest deal was the acquisition of the Sawgrass Square community shopping center in Sunrise, Broward County for $234.2 million by a New York-based company.
The second largest deal was a warehouse acquisition in Doral, Miami-Dade for $130.7 million by a San Francisco-based company.
The third largest deal was the acquisition of Uptown Boca, a community shopping center in Boca Raton, Palm Beach County by a San-Francisco based company for $118.4 million.
