By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- Commercial sales volume rose 10% to $5.6 billion in the first half of 2025 in the counties of Miami-Dade, Broward, and Palm Beach.
- The strong growth in office assets ($1.4 billion, +110%) and multifamily ($2 billion, +5%) bolstered sales.
- Broward County landed the largest deals with the acquisitions of two office buildings on Las Olas Boulevard. In Miami-Dade, the luxury apartment building acquisition of Blackstone is indicative of the strong confidence of institutional investors in the Miami market area.
Access the 2025 Q2 Southeast Florida Commercial Report HERE.
Office and Multifamily Transactions Bolster Commercial Sales Volume
In the first half of 2025, $5.6 billion of multifamily, office, industrial, and retail commercial real estate traded hands in the counties of Miami-Dade, Broward, and Palm Beach, representing a 10% increase from the same period last year, according to MIAMI Realtors® analysis of county records.
Miami-Dade County had the largest sales volume at $2.7 billion, up 13% from the prior year. However, Broward County saw the largest uptick in sales volume of 47% with $2.3 billion in sales. In Palm Beach County, sales fell 45% to $660 million with retail as the only bright spot.
By type of property, office transactions posted the highest growth of 110%, with sales doubling to $1.4 billion in the first half of the year. Multifamily had the second largest increase, up 5% with $2 billion in deals. Sales of retail real estate also rose 1% to $1.2 billion. However, industrial sales fell 23% to $1.1 billion.
Miami-Dade County
Miami-Dade County had the largest sales volume at $2.7 billion, up 13% from the prior year. Miami had the largest sales volume in the Tri-County area ($968 million), followed by Hialeah ($314 million) and Miami Beach ($173 million). Multifamily and retail deals accounted for a large portion of the sales volume. In Coral Gables ($138 million), office deals comprised half the sales volume.
The largest deal was the $116 million purchase of the 359-unit Solea luxury apartment complex on 17455 NW 94th Court in Hialeah by New York-based investment giant Blacksone from Greystar in April 2025. Blackstone’s acquisition reflects the strong confidence of institutional investors in Miami-Dade’s luxury multifamily market.
Broward County
Broward County saw the largest uptick in sales volume of 47% with $2.3 billion in sales.The city of Fort Lauderdale saw the largest sales volume ($866 million), mainly office and multifamily. Pompano Beach had the second largest sales volume ($177 million), mainly industrial. Sunrise had the third largest sales ($173 million), mainly multifamily and retail.
Broward County landed the largest deals in2025 with the acquisitions of two office buildings: 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). These acquisitions are indicative of the growing vibrancy of Broward County’s commercial real estate alongside Miami-Dade County and Palm Beach County.
Palm Beach County
In Palm Beach County, sales fell 45% to $660 million with retail as the only bright spot. West Palm Beach was the top market ($338 million) bolstered by retail and office transactions. Boca Raton had the second largest sales volume ($62 million) mainly from office and industrial sales. Delray Beach had the third largest ($49 million), with a mix of multifamily, industrial, and retail property sales.
The acquisition of Marketplace at the Outlets in West Palm Beach in May 2025 for $133 million was the largest deal in Palm Beach and in the Tri-County area. The power center is adjacent to the Palm Beach Outlets and is anchored by Whole Foods along with approximately 20 of the nation’s most popular brands, per the company website.
