- Miami-Dade office availability fell 1.2 points year over year to 14.6% in Q3 2026 while average asking rents rose 8.4% to $68.50 per SF a year, per Savills.
- Airport West captured 28% of activity and Brickell 25.2%, a split that reflects a market where Brickell and Coconut Grove asking rents average above $90 per SF.
- Leasing slowed to 1.1M SF from about 1.3M SF in Q2, and only about a dozen options over 50,000 SF are available, with new Brickell towers not due before 2029.
The office market in Miami-Dade County is tightening at both ends, according to a Savills Q3 report covered by Commercial Observer, with Miami-Dade office rents rising as availability falls.
Availability fell 1.2 points from a year earlier to 14.6%, while average asking rents climbed 8.4% to $68.50 per SF a year.
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A Split Market
Activity divides between affordable and premium locations. Airport West, the lower-cost submarket, accounted for 28% of activity, and Brickell, the financial district, for 25.2%.
The split reflects how the market has bifurcated since the pandemic, as companies moved to Miami or expanded there. Their demand pushed asking rents above $90 per SF in Coconut Grove and Brickell, and longtime tenants were often forced to the cheaper suburbs.
Expansions in Brickell
Google took another 10,000 SF at 1450 Brickell Avenue, lifting its space there to 45,000 SF. Spain’s Banco Sabadell renewed almost 50,000 SF at 1111 Brickell, also in the neighborhood.
Warning Signs in the Data
Savills flagged several cautions. Leasing slowed to 1.1M SF, down from about 1.3M SF in the previous quarter.
Large blocks are scarce, with only about a dozen options above 50,000 SF on the market. Savills says that shortage could hamper economic growth and put off companies seeking a big presence.
Why It Matters
Rising rents and falling availability favor landlords, but thin leasing and a lack of large space limit growth. The data also fit a longer pattern, as CRE Daily reported when the Miami-Dade office slowdown deepened.
New supply is coming, but not soon. Towers for Santander Bank and billionaire Ken Griffin are rising in Brickell and are not expected to finish before 2029.
What’s Next
Watch whether leasing rebounds from 1.1M SF and whether the shortage of large blocks pushes tenants toward the Brickell towers due in 2029.
