Miami's office sector is stable as more workers fill up space in the area and outpace other big cities' markets. As of August, Miami's office visitation rate was 75.8 percent, well above the national average of 61.3 percent. Additionally, the traffic outperformed six gateway markets, including Manhattan (72 percent), Dallas (61.8 percent), Atlanta (60.6 percent), Chicago (58.4 percent), Boston (58 percent) and Los Angeles (57.2 percent).
The fight to quality is working in the Magic City's favor, according to Avison Young.
"Employees are increasingly drawn to newer, amenity rich spaces, something Miami offers in abundance," the CRE firm said.
Overall, rents averaged $63.75 per square foot, a small increase year-over-year. However, Brickell is standing out with the submarket commanding prices that average almost $100 per square foot, a figure that's only outpaced by four New York areas: Midtown Core, the Meatpacking District, Central Park and Hudson Yards.
"Throughout 2025, both Brickell and the Biscayne Corridor ranked among the top 25 for average strike pricing, driven by strong tenant demand — giving landlords leverage to raise asking rents," Avison Young explained.
Office leasing in Miami overall in the third quarter was stable, as 919,000 square feet in signings were recorded. That's in line with the around 900,000 square feet posted in previous quarters in 2025.
Also, while net absorption dropped signficantly from over 500,000 square feet in the third quarter of 2024, the number remains positive at over 61,000 square feet.
ADP took the top lease, with its 78,315 square feet deal at 703 Waterford Way. The workforce management firm was followed by UBS and Nelson Mullins with their 39,885 square feet and 26,795 square feet renewals, respectively.
Another important element in Miami's office sector is that nothing was delivered in the third quarter — but more than one million square feet of product was under construction. Almost half of that is underway in Miami Beach and Brickell.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.