Miami Office Leasing Surges Amid Market Challenges

Leasing Activity Climbs

The Commercial Observer reports that Miami’s office market remained active in 2025, with Miami-Dade reporting 5M SF in leasing according to Savills. This 36% increase from the prior year highlights sustained corporate demand in the region, especially among high-profile tenants. Average asking rents for office space climbed to $63 PSF, standing among the highest outside New York City, while Class A rents surpassed $70 PSF.

Strong Rents, Lower Vacancy

Vacancy in the Miami office sector fell to 16%, marking a more than one point improvement year-over-year. These indicators suggest continued strength on the surface, reinforced by Miami’s market position and tenant activity. Five-year data shows office rents have jumped over 52%, underlining long-term growth and investor confidence in the local office real estate sector.

Concessions and Subleasing Rise

Despite headline gains, challenges are emerging. Landlords have increased concessions to secure tenants and drive lease-up, reflecting competitive pressures below the surface. This mirrors broader leasing dynamics seen across asset classes in 2026, where incentives are evolving in form rather than volume. Sublease space is a growing part of the leasing narrative, including a major fourth-quarter deal where Restaurant Brands International, parent of Burger King, sublet 43,624 SF from L’Oreal at 6100 Waterford District Drive, rather than signing a direct lease. This trend illustrates evolving occupier strategies in the Miami office market.