Miami Office Figures Report - Q1 2026

The market in Q1 2026 was characterized by firmer pricing alongside stable occupancy. Vacancy edged down to 15.0%, a 0.1 percentage‑point improvement quarter‑over‑quarter and 1.1 percentage points lower than Q1 2025, extending the decline from 17.2% in Q1 2023. Average asking rents rose 1.6% from Q4 2025 and 5.3% year‑over‑year to $66.16 per sq. ft., reflecting landlords’ ability to continue to push rates. Net absorption turned positive at 54,000 sq. ft., an 80,000 sq. ft. improvement from the negative 26,000 sq. ft. recorded in Q4 2025.

On the supply side, the construction pipeline stayed elevated. Space under construction measured 1.4 million sq. ft. in Q1 2026, down from the prior quarter’s 1.5 million sq. ft. yet roughly 85.0% higher than the 772,000 sq. ft. under way in Q1 2025. This is largely a result of availability held at 19.1%, unchanged from Q4 2025 and 0.5 percentage points below a year earlier, as 74,000 sq. ft. of new deliveries were absorbed without materially loosening conditions.