Are offices filling up again? How workspaces in Miami compare to other cities

MEDIA CONTACT: Levy Public Relations

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Across much of the country, the office leasing market was sluggish last year. But the numbers out of Miami-Dade County tell a different story. While demand has not returned to the post-pandemic highs Miami-Dade reached in 2022, new data from South Florida brokerage Blanca Commercial Real Estate and global commercial real estate firm JLL show that the office market remained strong in 2025.

Fourth-quarter reports from both firms indicate that Miami-Dade is outperforming national trends in office real estate. Data from Blanca further shows that Miami-Dade ranks among the strongest office markets in the country.

Last year, 3.2 million square feet of office space were leased in Miami-Dade, exceeding the county’s five-year average and surpassing the approximately 2.9 million square feet leased in 2024, according to Blanca. Tere Blanca, the firm’s CEO, said she expects the commercial real estate market to remain strong in 2026.

Blanca cited companies relocating to South Florida, as well as local businesses expanding their footprints, as the primary drivers of office demand in Miami-Dade. She added that Miami is likely to remain an attractive destination for companies and professionals relocating from New York, San Francisco, and other major cities.

“This year, I suspect we’re going to have another big bump,” Blanca said. “I think 2026 is well positioned to be a terrific year for Florida and for Southeast Florida, particularly Miami.”

How does Miami compare?

Office rents in Miami-Dade have continued to rise, signaling sustained demand. Over the course of 2025, rents increased by 4.2%, according to JLL. Between 2020 and 2025, average asking rents rose more than 50% in Miami-Dade, based on Blanca data.

By comparison, rents rose 17.8% in Austin, 13.2% in Dallas, and 8.1% in Raleigh over the same period. In New York, average asking rents declined by 10.2%, while San Francisco saw a 15.3% drop. Data for markets outside Miami-Dade was sourced from CoStar, a national commercial real estate analytics firm.

Blanca’s data also shows that Miami-Dade experienced an 8.2% increase in office occupancy, measured as a percentage of total inventory, between 2021 and 2025. Nashville followed with a 6.1% increase. Raleigh and Austin were the only other markets on Blanca’s list to post gains.

Dallas, New York, Los Angeles, Washington, D.C., Chicago, and San Francisco all recorded declines in office occupancy during the same period. San Francisco ranked last, with occupancy falling by more than 10%.

Miami-Dade’s direct vacancy rate declined by 3.5% between 2020 and 2025, indicating a reduction in actively marketed vacant space. Direct vacancies refer to unoccupied office space being actively leased by landlords. Miami was the only market on Blanca’s list to record a decline in this metric. The next closest market was Dallas, where direct vacancies increased by approximately 5%. San Francisco again ranked last, with direct vacancies rising 16.4%.

Major projects and migration to South Florida

Construction on Citadel’s global headquarters and Banco Santander’s proposed office tower in Brickell is expected to begin this year. Together, the projects will add approximately 2.4 million square feet of office space to Miami, according to JLL. Citadel relocated its headquarters from Chicago to Miami in 2022.

“As an international, global city, we’ve stood out on the world stage as a place where major corporations want to do business,” Blanca said.

She noted that Florida’s business-friendly environment continues to attract both large corporations and entrepreneurs. Blanca said she expects continued migration from cities such as New York and Chicago, driven by South Florida’s economic climate.

Not everyone shares that optimism. Peter Zalewski, a South Florida condominium expert and broker-owner of consulting firm Condo Vultures, has expressed skepticism that migration to South Florida will continue at the pace seen during and immediately after the pandemic. He anticipates some return migration to cities like New York and San Francisco as companies enforce in-office work requirements, potentially slowing Miami-Dade’s commercial real estate momentum.

Mixed-use development, prime locations, and premium amenities

Blanca said she expects ongoing demand for mixed-use developments, which she described as the “darlings” of today’s real estate landscape. Projects that combine office, retail, and residential space while emphasizing walkability have gained popularity in Miami and nationwide.

“It enhances the quality of life for everyone,” Blanca said.

She added that most new office construction in Miami is taking place within mixed-use developments rather than standalone office towers. The Citadel and Santander projects exemplify this trend. Citadel’s development will include office space alongside a hotel and amenities such as a fitness center, spa, and restaurants, while Santander’s proposed tower will feature both office and retail components.

Mixed-use buildings in highly sought-after neighborhoods like Brickell and Wynwood, offering upscale amenities, are particularly appealing to companies looking to give employees a reason to come into the office.

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