Miami Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Cushman & Wakefield, Bnp Paribas Real Estat, Newmark, Lee Associates
Quarterly office market indicators for Miami, aggregated by PropZone from Cushman & Wakefield, Bnp Paribas Real Estat, Newmark, Lee Associates. As of Q4 2025, average asking rent was $61.49/SF.
Projected current office pricing — Miami
low confidenceProjected asking rent
$61.49–$62.28/SF/yr
Estimated sale value
$410–$540/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q4 2025 multiple brokerages data (cap rate 6.9%, asking rent trend-adjusted to today). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | — | — | 1.9M SF | 490K SF | Cushman & Wakefield |
| Q4 2025 | $61.49/SF | — | — | — | Bnp Paribas Real Estat |
| Q4 2025 | — | — | 0K SF | 575K SF | Cushman & Wakefield |
| Q4 2025 | $61.49/SF | — | -99K SF | — | Newmark |
| Q3 2025 | $59.91/SF | — | 113K SF | — | Newmark |
| Q3 2025 | — | 15.0% | 53K SF | 0K SF | Cushman & Wakefield |
| Q2 2025 | $59.63/SF | — | -110K SF | — | Newmark |
| Q1 2025 | $59.52/SF | — | — | — | Newmark |
| Q4 2024 | $57.51/SF | — | — | — | Newmark |
| Q3 2024 | $55.93/SF | — | — | — | Newmark |
| Q2 2024 | $55.95/SF | — | — | — | Newmark |
| Q1 2024 | $53.64/SF | — | — | — | Newmark |
| Q4 2023 | $51.71/SF | — | — | — | Newmark |
| Q3 2020 | — | — | 9K SF | — | Cushman & Wakefield |
| Q2 2020 | — | — | — | 0K SF | Cushman & Wakefield |
| Q3 2019 | $50.00/SF | 5.3% | 12.0M SF | — | Lee Associates |
| Q3 2019 | $26.78/SF | 9.8% | 162K SF | — | Cushman & Wakefield |
| Q3 2017 | $48.60/SF | 3.8% | 0K SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for office space in Miami?
- As of Q4 2025, the average asking rent for office space in Miami was $61.49/SF, per Bnp Paribas Real Estat.
- What is the office vacancy rate in Miami?
- Vacancy data for Miami office is aggregated from brokerage reports; refer to the quarterly table for available quarters.
- Where does PropZone's Miami market data come from?
- This report aggregates quarterly office market data for Miami from Cushman & Wakefield, Bnp Paribas Real Estat, Newmark, Lee Associates.
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