Miami Office Figures Report - Q3 2026

In Q3 2026, the office market reflected a multi-year tightening trend as vacancy and availability trended lower while rents and construction moved higher. Vacancy fell by 540 basis points over the last five-years, signaling sustained demand for space. Average asking rents grew 55.5% over the period, extending the market's multi-year rent growth. Construction underway increased by 1.3 million sq. ft., while generally positive net absorption supported the overall tightening. 

This quarter, conditions continued to improve as vacancy and availability edged lower while rents and construction activity advanced. Vacancy decreased quarter-over-quarter by 20 bps, marking another step down in the rate. Year-over-year, vacancy fell by 90 bps, underscoring firmer demand than in Q3 2025. Average asking rents rose quarter-over-quarter by 2.2%, extending the current run of rent growth. On a year-over-year basis, asking rents increased by 10.0%, consistent with the multi-year upward trend. Availability fell year-over-year by 110 bps, confirming that occupiers took more space than they returned. Construction underway expanded quarter-over-quarter by 1.4 million sq. ft., pointing to an accelerating development pipeline.