By Gay Cororaton, MIAMI REALTORS + RWorld Chief Economist
Key Takeaways
- South Florida’s office asking rent rose at the highest pace among the nation’s top 25 markets, up 21% year-over-year in the West Palm Beach-Boca Raton area to nearly $50 per square foot and up 16% in the Fort Lauderdale area to nearly $44 per square foot.
- South Florida’s office vacancy rates are the lowest among the nation’s 25 largest markets, specifically in the West Palm Beach-Boca Raton Area at 12.9% and in the Miami Market Area at 13.2%, along with Manhattan at 13.1%.
- South Florida is undergoing the most intense office construction relative to existing stock among the nation’s 25 largest markets, with 4.4 million square feet under construction expected to be delivered 2026 through 2028. Projects expected for completion in 2026 will add about 1.5% to existing inventory compared to 0.4% nationally.
Download the August 2026 South Florida Office Insights Report HERE.
South Florida’s office asking rent rose at the highest pace among the nation’s top 25 markets
South Florida is arguably the hottest office market in the nation in June 2026, posting the lowest vacancy rate, fastest rent growth, and most office units under construction and planned among the nation’s largest 25 markets, according to MIAMI REALTORS + RWorld analysis of recently released data by Yardi Matrix.
In the West Palm Beach-Boca Raton market area, the average office asking rent rose 21.2% year-over-year in June 2026 to $49.9 per square foot (PSF). In the Fort Lauderdale market area, the average office asking rent rose 16.4% year-over-year to $43.5 PSF. In the Miami market area, the average office asking rents rose 7.1% year-over-year to $61.0 PSF.
Nationally, office asking rents rose 2.4% year-over-year to $33.6 PSF. South Florida’s office rent growth surpassed markets like Los Angeles (+16.8%), the San Francisco Bay Area (+8.3%), Manhattan (6.0%), Boston ((2.7%), Chicago (2.0%), San Francisco downtown (-2.5%) and Washington DC (-1.7%) where cutbacks in tech and federal jobs and a supply overhang are still driving down rents .
South Florida has the lowest office vacancy rate among the nation’s largest markets
Office rents are surging as South Florida is experiencing the lowest office vacancy rate among the nation’s largest markets, specifically in the West Palm Beach -Boca Raton market area at 12.9% and in the Miami market area at 13.2%, along with Manhattan, New York at 13.1%.
The Brickell submarket in the Miami Market Area has the lowest office vacancy rate at 6.8%, with an average office asking rate was $95.3 per square foot, the highest in South Florida. In the Miami Central Business District, the office vacancy rate is 9.8%, with an average office asking rate of $86.3 per square foot.
Prime suburban office markets are also experiencing lower vacancies than the national average (17.7%) . In Coral Gables, the vacancy rate was 10.3%, with an average asking rate of $66.8 per square foot. In Aventura, the office v vacancy rate was 12.8%, with an average office asking rate of $59.2 per square foot.
Office vacancy rates are also tight in suburban markets that tend to attract businesses seeking offices closer to their target market, affordable leases, and that are not looking for the level of amenities national or global companies’ desire. In Hialeah, the office vacancy rate is 9.3%, with the average office asking rent at $31.1 per square foot. In Fort Lauderdale North, the vacancy rate is 13% with the average asking rent at $29.7 per square foot. In Jupiter, the vacancy rate is 7.6% with the average asking rent at $37.6 per square foot.
Notable leases in first half of 2026: Iru, Thiel Capital, and Playboy
South Florida saw several notable leases in the first half of 2026 with tenants signing mostly Class A+/A space in both premiere central business districts (Brickell/Downtown Miami, Miami Beach, West Palm Beach CBD) and in the high-end suburban submarkets of Coconut Grove, Coral Gables, Aventura, and Boca Raton. Less pricey suburbs like Cypress Creek and Sunrise are also attracting firms looking for an optimal mix of location features, amenities, and value.
The 92,000 office square feet new lease of Iru (formerly Kandji), a software cybersecurity company that is headquartered in San Francisco, but which has been significantly expanding in South Florida, is notable for being the largest lease signed in 2026 (first quarter) . Iru Just Signed Miami’s Biggest Office Lease of 2026 — and It’s in Coconut Grove – Miami Wire
Thiel Capital 18,200 square at 830 Brickell sets a record as South Forida’s priciest lease ever paid, at $250 per square foot. Thiel Capital is PayPal and Palantir founder Peter Thiel’s family office/ investment arm. The building 830 Brickell was delivered in 2024 and is fully leased, with a roster of prestigious tenants of tech, fiance, and legal firms that include Citadel, Microsoft, Kirkland and Ellis, Thoma Bravo, Sidley Austin, Corient, Marsh, and Banco Santander. Peter Thiel’s Firm Signs Miami’s Most Expensive | Traded.
Playboy Enterprises 26,000 square foot lease in The Rivani on Miami Beach is notable as it brings back an internationally recognized media/entertainment brand to South Florida, leasing at the RIVANI, the first building to brand itself as “Class X” which is not just an office space but an experience that melds living, wellness, and productivity. Playboy returns to Miami Beach with new club, headquarters | Miami Herald
South Florida has the most intense office construction as a percentage of existing office stock among the nation’s 25 largest markets.
Based on the development pipeline tracked by Yardi Matrix. 4.4 million square feet of office space is under construction and projected for completion from 2026 through 2028 in South Florida’s Miami Market Area, Fort Lauderdale Market Area, and the West Palm Beach-Boca Raton Market Area.
In the Miami Market Area, Yardi Matrix projects 1.1 million square feet to be completed in 2026, adding 1.4% to existing stock. The delivery pipeline from 2026 through 2028 includes the 900,000 SF building on 2600 Biscayne Boulevard (2026), the first new commercial construction on Biscayne Boulevard in years., the Vizcaya Capital Building in Coconut Grove (2026) and Wyncatcher II in Miami (2026). Royal Caribbean is also constructing is headquarters in Miami (2026).
In the West Palm Beach-Boca Raton Market Area, Yardi Matrix projects 632,838 SF to be completed in 2026, adding 1.6% to inventory, the most intense in South Florida and in the nation’s largest 25 markets. The delivery pipeline through 2028 includes Related Ross projects on 15 CityPlace (2027) and 10 CityPlace (2027) in West Palm Beach, the PGA Corporate Center-Building 2 in Palm Beach Gardens (2026) and One West Palm in West Palm Beach (2027). The Julia Koch Ambulatory Health Care Center is also under construction in West Palm Beach (2026).
In the Fort Lauderdale Market Area, Yardi Matrix projects 239,651 square feet of office for completion in 2026, adding 0.5% to existing inventory. The main office building underway is within the T3 Food, Arts, and Technology Village (2026). However, two medical buildings are under construction, which are Broward Health North (2027) and the Baptist Health Integrated Center (2027).
Another 4.8 million square feet of office space are in the planning phase. according to Yardi Matrix. The largest project in the planning phase is the 1.7 million square feet Citadel Headquarters on 1201 Brickell Bay Drive.
