Miami Office Towers Target a Major Supply Shortage

Miami’s shortage of large, modern office blocks is finally drawing a major supply response. Santander and Citadel are advancing two Miami office towers in Brickell.

Bisnow reports that together, the projects could reshape Miami’s ability to compete for major corporate relocations. Deliveries could begin in 2029 and continue into the early 2030s.

A Big-Block Bottleneck

Miami has added more than 1M SF of office space since 2024, according to Colliers’ Q2 2026 report. However, boutique projects account for much of that inventory. Other new buildings sit outside Miami’s central business district. Large companies therefore struggle to find contiguous Brickell office space.

Brokers told Bisnow that several companies have explored requirements between 200K SF and 500K SF. Apollo Global Management illustrates the challenge. Apollo considered Miami for a second US headquarters but reportedly chose Austin. The investment firm plans to lease roughly 250K SF there.

The Details

Santander broke ground in April 2026 on a 50-story tower at 1401 Brickell Ave. The development will span more than 1M SF, according to Bisnow. Plans include 560K SF of marketable offices, Santander space, 165K SF of retail, and parking. Santander expects completion by summer 2029.

Citadel plans a 1.7M SF waterfront tower along Brickell Bay Drive. Citadel expects to occupy about 560K SF, according to Bisnow. Its Miami expansion has increasingly shifted toward additional office space. That leaves roughly 1M SF for other companies. The $2.5B headquarters project could start vertical construction by Q4 2026.

Brickell Office Space Commands a Premium

Brickell’s Class A direct vacancy stood at 11.8%, according to Colliers’ Q2 2026 report. Average asking rents reached $93.03 per SF. Only Coconut Grove posted higher average Miami rents. Meanwhile, 830 Brickell shows how aggressively tenants will pay for new trophy space.

The tower initially marketed offices around $65 to $70 per SF in 2019. Rents crossed $100 after demand accelerated in 2021. Peter Thiel’s family office later paid $250 per SF, according to Bisnow. Santander expects triple-net asking rents to start below $200 per SF.

Owner-Users Break the Development Stalemate

Miami developers have struggled to finance large speculative office towers. Lenders often demand substantial preleasing before funding construction. Yet major tenants hesitate to commit before developers begin construction. That cycle has restricted new institutional-scale supply.

Related Companies and Swire Properties faced that problem with the proposed 1.6M SF One Brickell City Centre. They ultimately abandoned the office plan. Swire sold the site to Melo Group for $211.5M in May 2025, according to Bisnow. Santander and Citadel avoid that problem because both bring substantial built-in occupancy.

Miami’s Corporate Migration Needs More Space

Citadel’s 2022 Miami arrival helped accelerate the city’s corporate migration narrative. The company currently houses about 500 employees at 830 Brickell, according to Bisnow. Other financial and professional services companies followed South Florida’s population and wealth migration. However, Miami’s office pipeline struggled to match that corporate growth.

The shortage affects both new arrivals and companies already operating locally. Blanca Commercial Real Estate reports interest from financial, professional services, and technology companies. Existing tenants also want expansion space. Large modern blocks could convert that interest into signed leases.

Why It Matters

Miami’s office problem extends beyond overall vacancy. The market lacks modern, contiguous blocks for companies seeking large corporate footprints. South Florida leasing also trails its pandemic-era peak. Leasing in 2026 sits 20% below 2022 and 2023 levels.

The Real Deal reported that decline in September 2026 using CoStar data. However, brokers argue limited inventory contributes to weaker leasing totals. Santander and Citadel could provide over 1.5M SF for outside tenants. That supply could help Miami compete for headquarters and regional offices.

What’s Next

Santander expects its tower to open by summer 2029. Citadel plans to complete its headquarters during the early 2030s. Before then, brokers will watch whether large tenants commit during construction. Financial services and professional services firms could drive early leasing.

Pricing will provide another important signal. Premium floors could eventually surpass $300 per SF, according to brokers quoted by Bisnow. Strong preleasing could also encourage developers to reconsider other Brickell office projects. Miami could then enter a broader trophy-office development cycle.