Miami-Dade Office Availability Drops to 14.6% as Rents Hit $68.46 per Square Foot

Miami-Dade’s office market in Florida tightened further this quarter with landlords gaining pricing power while tenant activity eased, according to Savills Research.

Availability fell 120 basis points year-over-year to 14.6%, and available sublease space shrank from 1 million square feet to 800,000 square feet. The picture varies by submarket, though: Wynwood-Design District has the highest availability at 30.6%, followed by downtown at 20.6%. Meanwhile, South Dade is the tightest at 7.3% with Coral Way (7.7%) and Kendall (10%) close behind.

Rents are following a similar pattern: The average asking rent reached $68.46 per square foot, up 8.4% from $63.15 a year earlier. But, the spread between submarkets is wide. Miami Beach ($99.74), Coconut Grove ($97.94) and Brickell ($90.25) command the highest prices, while Airport West averages $45.91 and North East Dade is at $35.13.

That gap shows up in where tenants are going. Specifically, leasing totaled 1.1 million square feet (down from 1.3 million square feet in Q3 2025), and Airport West captured 28% of it with Brickell close behind at 25.2%. Not to be outdone, Coral Gables (16.2%) and downtown (12%) followed.

Notably, both expansions and newcomers are behind the activity. For example, Google grew its footprint at 1450 Brickell Ave. from about 10,000 square feet to 45,000 square feet, and Brevan Howard opened its first Miami office in Coconut Grove. Elsewhere, Banco Sabadell renewed 49,702 square feet at 1111 Brickell Ave. — the largest deal on Savills’ notable-lease list — and the Miami-Dade Sheriff’s Office relocated into 36,360 square feet in Airport West.

Still, the overall availability rate flatters the market for bigger occupiers. Savills notes that “headline availability overstates the options available to occupiers with larger requirements.” In fact, only 10 contiguous blocks between 50,000 and 100,000 square feet are open countywide, and just two exceed 100,000 square feet.

Relief from new construction is also a long way off. About 2.7 million square feet of office space is under construction, but nearly 60% of it is in Santander Tower, which isn’t expected to deliver until 2029. Otherwise, Wyncatcher II delivered in Wynwood this quarter, and roughly 325,000 square feet more is slated to finish by year-end, led by 2600 Biscayne, Safra National Bank in Aventura and The Doris. Overall, Savills expects future development to stay selective, favoring owner-anchored or boutique buildings because financing for large, speculative projects remains difficult.