By Gay Cororaton, MIAMI REALTORS + RWorld Chief Economist
KEY TAKEAWAYS
- South Florida commercial sales volume decreased 13% year-over-year to $5.42 billion in the first half of 2026 amid geopolitical tensions and rising macroeconomic risks. Fundamentals remain solid, with rising rent growth and the most intense construction activity for multifamily and office in the nation relative to existing stock.
- Broward County picked up the most sales in the first half ($2.35) billion, with sales up 7%, followed by Miami-Dade County ($2.05 billion, -28%), Palm Beach County ($880 million, -15%), St. Lucie County ($118 million, +30%), and Martin County ($32 million, -50%).
- Across the core four asset classes, the median sales price per building square foot rose to $330 in the first half of 2026, up 1.0% compared to the same period one year ago. The median sales prices rose for office (+12%), industrial (+7%), and retail (+24%) but declined for multifamily (-3%).
Download the 2026 Q2 South Florida Commercial Real Estate Market Report HERE.
As the US-Iran conflict led to surging oil prices and heightened macroeconomic risks in the first half of 2026, South Florida commercial real estate sales declined 13% year-over-year to $5.42 billion in the first half of 2026, according to MIAMI REALTORS® + RWorld analysis of county records downloaded via Imapp.
Commercial sales volume fell for multifamily (-12%), office (-32%), and retail (-15%), but rose for industrial (+2%). Multifamily led in sales volume ($1.95 billion), followed by industrial ($1.54 billion), retail ($1.02 billion), and office ($910 million).
Investor appetite for quality and well-located assets is strong, pushing the median sales price per square foot upward. Across the core four asset classes in South Florida, the median sales price per building square foot rose to $330 in the first half of 2026, up 1.0% compared to the same period one year ago. For office space, the median sales price per square foot of building area rose to $445 (+12% y/y), industrial rose to $313 (+7% y/y), retail rose to $501 (+24% y/y) but multifamily decreased to $306 (-3% y/y).
Broward County led in commercial sales volume in the first half of 2026
At the county level, commercial sales volume rose in Broward County (+7%) and in St. Lucie County (+30%) but declined in Miami-Dade County (-28%), Palm Beach County (-15%), and Martin County (-50%). Broward County picked up the most sales ($2.35 billion), edging out Miami-Dade County ($2.05 billion), Palm Beach County ($880 million), St. Lucie County ($118 million), and Martin County ($32 million).
Miami-Dade County saw the largest sale deal in South Florida for 2026, the sale of Biscayne Shores, a 380-unit multifamily property on 11295 Biscayne Boulevard for $206 million. Austin-based RPM Living – one of the largest apartment management companies in the US operating with over 200,000 properties across the United States – purchased the property from Integra Investments.
Broward County’s largest sales deal is the $180 million acquisition of the 337-unit The Harbour at New River Apartments on 401 SW 1st Avenue by New York-based real estate dynasty the LeFrak Organization from Jorge Perez’ The Related Group and The Rabina Companies in May 2026. LeFrak owns and manages large swaths of property in New York and New Jersey and the SoLe Mia development in North Miami.
The third largest deal is the Blackstone/Link Logistics acquisition of a 4-building warehouse portfolio for $163 million from Clarion Partners in March 2026. This is the South Florida’s largest industrial deal in 2026.
South Florida is Experiencing the Most Intense Multifamily and Office Construction in the Nation
This downturn is likely to be temporary, with sales poised to pick up as geopolitical tensions ease and macroeconomic risks ebb. South Florida’s commercial market fundamentals are strong, evidenced by rising rent growth, healthy vacancy rates, and robust development activity particularly in the multifamily and office sector where construction is being undertaken at the highest pace in the nation relative to existing stock. Wealth migration remains strong, evidenced by the resurgence in out-of-state migration based on driver license exchanges and the robust growth of million-dollar home sales in the first half of the year. Higher wealth and property taxes in California and New York could heighten corporate and wealth migration into South Florida.
South Florida is experiencing the most intense multifamily construction activity in the nation. In Miami-Dade County, 19,131 units under construction, accounting for 9.7% of current inventory, compared to 3.5% nationally. In Broward County, 9,233 units under construction, adding 7.1% to current inventory. In Palm Beach County, 6,601 units are under construction, adding 7.9% to current inventory. Powering the largest multifamily developments are the nation’s top developers like Melo Development, the Namdar Group, Baron Property Group, Terra Group, the Naftali Group, PMG, 13th Floor Investments, Mill Creek, and Avalon Bay.
The West Palm Beach-Boca Raton market area is also undergoing the most intense construction activity in the nation and in South Florida, with 2.4 million square feet under construction, adding 5.2% to existing stock, the most intense in the nation. The biggest projects underway are 15 CityPlace and 10 CityPlace of Stephen Ross’ Related Companies. Cohen Brothers Realty is developing West Palm Point, , Next Era Energy is behind the development of the PGA Corporate Center-Building 2, and Jeffrey B. Greene (Chairman of the Sino-American Aviation Heritage Foundation) is developing One West Palm.
Given the enviable location of South Florida as the gateway to Latin America, new construction of industrial real estate is underway at a strong pace in Miami-Dade and in Broward County. In Miami-Dade, 2.6 million square feet is under construction, adding 1.2% to the existing inventory. In Broward County, 1.2 million square feet of industrial space are under construction, adding 1.1% to the existing inventory. Kurv Industrial, Greystar, TA Realty, First Industrial, and Terreno Realty are undertaking the largest industrial developments in Doral, Coconut Creek, Medley, and Hialeah. Meanwhile, Foundry Commercial is behind the development of the Festival Logistics Park in Pompano Beach with direct access to Port Everglades and the Fort Lauderdale-Hollywood International Airport while FRP Holdings is powering the development of the logistics center in Davie, also near Port Everglades.
