Miami office market reports

Q4 2024

Miami office investment activity experienced a modest increase in 2024, reaching $878 million in sales volume, up 29% year over year; however, this remains below the typical pre-pandemic levels. As tenant demand for high-quality office space continues, average asking rents keep climbing, leading to a 6.6% increase year over year. 
15.1%

Vacancy rate

Office vacancy rates rose by 110 basis points year over year, primarily driven by the 2024 delivery of over 964,000 square feet of new office space.

$61.49 psf FS

Average asking rents

Up 6.6% year over year, average asking rents increased as tenant demand for quality inventory persists.

-51,370 sf

Net absorption

Net absorption dipped in the fourth quarter but is expected to quickly rebound as tenants occupy newly delivered office buildings in 2025.

Your source for the latest Miami office market reports

Get in-depth office market reports from commercial real estate experts in the Greater Miami area. Avison Young advisors look at Miami commercial real estate activities and the latest Miami statistics to provide you expert market research on Miami's office properties.

Explore different topics like the latest office market pricing trends and analysis of Miami's current office real estate market conditions. Gain a better understanding of Miami’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Miami's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Miami.

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