Miami Office Figures Report - Q2 2026

Market metrics in the latest quarter showed positive net absorption, lower vacancy, and higher rents than in prior periods. In the latest quarter, net absorption measured 344,000 sq. ft. This surpassed the prior quarter by 264,000 sq. ft. on a quarter-over-quarter basis. The gain versus the same quarter a year earlier was 287,000 sq. ft. on a year-over-year basis. Vacancy in the latest quarter stood at 14.9%. Average asking rents in the latest quarter were $68.60 per sq. ft. This reflects a 650 bps increase on a year-over- year basis with the primary drivers being top tier quality assets delivering much in demand premium space to market. 

 Space under construction totaled 1.3 million sq. ft. in the latest quarter. Developers delivered 94,000 sq. ft. during the quarter, while in the comparable quarter a year earlier no new space was delivered. New leasing, as reflected in the top reported transactions, totaled 86,000 sq. ft. for the quarter. Amcor Flexibles North America signed for 34,000 sq. ft. in Downtown Miami. Playboy Enterprises committed to 26,000 sq. ft. in Miami Beach. A confidential tenant leased 26,000 sq. ft. in Airport/Doral.