Miami Office Market Records Low Vacancy and Strong Development Pipeline
Miami’s office market is showing encouraging signs, particularly in vacancy levels and new development. According to Yardi Matrix data reported by Commercial Property Executive on October 13, 2026, the city’s office vacancy rate stood at 11.6% at the end of August. That was lower than the national average of 17.8%.
The rate had fallen by 1.7 percentage points over the previous year. Among major US office markets, only Manhattan recorded a lower vacancy rate.
New office projects add to the pipeline
Miami had 2.9 million square feet of office space under construction across 15 projects in August. This represented 3.5% of its existing office inventory, the highest share among the markets surveyed.
One of the major developments is Santander Tower in Brickell. Construction began in April 2026 at 1401 Brickell Avenue. The planned 50-story mixed-use building will include 877,276 square feet of office space, with completion expected in 2029.
Royal Caribbean’s new headquarters is another significant project. The 495,000-square-foot development reached its structural top in June 2026, with completion expected by the end of the year.
Miami also saw four office properties completed during the first eight months of 2026. Together, they added 455,202 square feet of space, a 59% increase from the same period last year.
Office prices remain high
Office investment in Miami totalled $1.1 billion through August 2026, placing the city 11th nationally. Properties sold for an average of $406 per square foot, compared with the national average of $205.
One notable transaction was the $180 million sale of 545 Wyn, a 324,935-square-foot creative office property, acquired by Goldman Properties and Ken Griffin in January.
Flexible workspaces are also part of Miami’s office landscape. In August, the city had 3.4 million square feet of coworking space spread across 163 locations. This accounted for 4.7% of its leasable office inventory, above the national average of 2.4%.
Taken together, the figures point to a market with relatively low vacancy, ongoing construction and high property values. Miami’s office sector continues to attract development, even as investment activity remains below that of the country’s leading markets.
