By MIAMI REALTORS + RWorld Chief Economist Gay Cororaton
Key Takeaways
- West Palm Beach-Boca Raton Market Area and the Miami Market Area have the most intense office construction as a percentage of existing office stock among the nation’s 25 largest markets. As of April 2026, 4.68 million square feet of office space is under construction, of which 2.47 million or 1.3 percent of inventory is projected to be completed in 2026 (0.4% nationally).
- The West-Palm Beach Boca Raton Market Area and the Miami Market Area posted the lowest office vacancies among the nation’s largest markets, at 11.6% and 12.5% respectively (17.6% nationally).
- Miami-Central Business District office rents rose at the fastest pace in South Florida’s submarkets, up 11.8% year-over-year to $75.6 PSF per year. Class A office space hovers at $90 PSF.
Download the May 2026 South Florida Commercial Insights Report HERE.
West Palm Beach-Boca Raton Market Area and the Miami Market Area have the most intense office construction as a percentage of existing office stock among the nation’s 25 largest markets. As of April 2026. 4.68 million square feet of office space is under construction, of which 2.47 million or 1.3 percent of inventory is projected to be completed in 2026, per Yardi Matrix. Nationally, 0.4% of office space is projected to be completed in 2026.
In the West Palm Beach-Boca Raton Market Area, 2.3 million square feet of office space is under construction, of which 632,838 SF to projected to be completed in 2026, adding 1.6% to inventory. Stephen Ross’ Related Ross projects on 15 CityPlace (481,000 SF) and 10 CityPlace (468,000 SF) in West Palm Beach are the largest office projects underway in South Florida, with expected completion dates of 2027 and 2028, respectively. Projects slated for delivery in 2026 in the West Palm Beach-Boca Raton Market Area are the PGA Corporate Center-Building 2 in Palm Beach Gardens, One West Palm in West Palm Beach, Sundy Village-Block 69/70 in Delray Beach, and the Julia Koch Ambulatory Health Care Center in West Palm Beach.
In the Miami Market Area,1.9 million office space is under construction for delivery in 2026-2028, of which 1.6 million is projected to be completed in 2026, adding 1.4% to inventory. The largest project underway which is expected to be completed in 2026 is the 900,000 SF building on 2600 Biscayne Boulevard owned by Oak Row Equities. Designed by globally renowned firm Arquitectonica, this is the first new commercial construction on Biscayne Boulevard in many years. This trophy building will be the Miami flagship of fitness powerhouse Equinox, per Loopnet. The second largest building for completion in 2026 is the Royal Caribbean Headquarters in Miami with 495,000 SF total space. Other projects slated for completion in 2026 are the Safra National Bank Headquarters in Aventura, Vizcaya Capital Building in Coconut Grove, and Wyncatcher II in Miami. The latest trophy property completed in 2024 was 830 Brickell.
In the Fort Lauderdale Market Area, 427,549 square feet of office space is under construction with projected completion dates in 2026-2028, of which 239,651 is projected to be completed in 2026, adding 0.5% to inventory. The T3 Food, Arts, and Technology (FAT) Village and the Jim Moran Foundation on 4545 N. Federal Highway are slated for completion in 2026. Two health buildings are under construction, expected completion in 2027: Broward Health North and the Baptist Health Integrated Center.
Another 5.6 million square feet of office space are in the planning phase. according to Yardi Matrix. The largest project in the planning phase is the 1.9 million square feet Citadel Headquarters on 1201 Brickell Bay Drive. Under Ken Griffin, Citadel moved its headquarters from Chicago to Miami in 2022. Together with Stephen Ross of Related Ross , they provided $10 million to the Florida Council of 100 to launch Ambition Accelerated, a national campaign designed to position Florida’s Gold Coast — covering Miami, Fort Lauderdale, and West Palm Beach — as the premier destination for the next generation of American corporate growth.
