- Brickell’s Class A office rents have reached a record $225 PSF, driving surrounding submarkets higher.
- Coral Gables, Coconut Grove, and Miami Beach are seeing Class A office rents approach $100 PSF.
- Suburban Miami markets are absorbing migration from tenants priced out of Brickell.
- Miami leads the US with high office utilization rates and strong investor interest.
Brickell Rents Set New Benchmarks
The Commercial Observer reports that Miami’s office market is seeing unprecedented rent growth, led by Brickell where Class A rents now command an average of $102 PSF and trophy spaces at 830 Brickell fetch up to $225 PSF. The surge has had a ripple effect, lifting average CBD rates to $76.24 PSF and pushing overall suburban asking rents up to $56.89 PSF. CBRE and industry experts attribute this jump to post-pandemic relocations of major companies and high-net-worth individuals seeking quality of life and tax benefits.
Suburban Shifts and Rising Demand
Unable to absorb Brickell’s escalating office rents, more tenants are migrating to established submarkets such as Coral Gables, Coconut Grove, and Miami Beach—areas that offer walkability and proximity to residential neighborhoods. Standard Class A rents in Coral Gables stand around $70–$80 PSF, with some deals already reaching $90 PSF. Miami Beach and Coconut Grove are nearing $100 PSF, driven by limited inventory and continued demand from companies seeking alternatives to Brickell. The rising demand across these neighborhoods is also fueling broader expansion activity across South Florida’s office market, as companies look beyond the urban core for new space and long-term growth opportunities.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
New Product and Utilization Trends
Miami’s pipeline includes major Class A developments like 848 Brickell and Santander Tower, alongside new suburban projects in Miami Beach. Despite vacancy ticking up to 16% due to new deliveries, Miami’s office utilization rate (74.4%) outperforms Manhattan and other US metros. Investor confidence is high as transaction activity and absorption rebound, particularly in trophy and Class A properties.
What’s Next for Miami Office Market
Expectations for further rent growth and swift leasing of new product remain strong, underpinned by continued corporate migration and a rising population. Experts foresee that vacancies will temporarily rise as new buildings enter the market, but robust demand—especially for larger tenant spaces—should maintain Miami’s status as a national office leader. Office rents, especially in suburban nodes, appear poised for continued upward movement driven by the ongoing shift away from Brickell’s high costs.
