Are offices filling up again? How workspaces in Miami compare to other cities

Across much of the country, the market for office space was slow last year. But numbers from Miami-Dade County tell a different story.

Though demand hasn’t returned to the highs Miami-Dade saw in 2022 after the pandemic, new data from South Florida brokerage Blanca Commercial Real Estate and the international commercial real estate firm JLL shows the office market was strong in 2025.

Fourth-quarter reports from both firms highlighted that Miami-Dade is outperforming national trends in office real estate. And data from Blanca indicates Miami-Dade is among the strongest markets for office space in the country.

Last year, 3.2 million square feet of office space was leased in Miami-Dade, which was above the county’s five-year average and up from about 2.9 million square feet in 2024, according to Blanca. Tere Blanca, the CEO of the firm, said she expects the commercial real estate market to remain strong in 2026.

Blanca pointed to companies moving to South Florida, as well as local companies expanding their footprints, as the drivers for office demand in Miami-Dade. She said she expects Miami to remain an attractive destination for people and companies coming from New York, San Francisco and other cities.

“This year, I suspect we’re going to have another big bump,” Blanca said. “I think ‘26 is well-positioned to be a terrific year for Florida and for Southeast Florida, in particular Miami.”

How does Miami compare?

Rents for Miami-Dade offices have been on the rise, indicating that there’s demand for these spaces. Over the course of 2025, rents rose 4.2%, according to JLL’s report. And between 2020 and 2025, the average asking rent rose more than 50% in Miami-Dade, according to data from Blanca.

In comparison, during the same time period in Austin, rents rose by 17.8%, in Dallas, 13.2%, and in Raleigh, 8.1%. In New York, average asking rent declined by 10.2%, and San Francisco office rent declined by 15.3%. The data for metros other than Miami-Dade was pulled from CoStar, a firm that analyzes and publishes national commercial real estate data.

According to Blanca’s data, Miami-Dade saw an 8.2% increase in office space occupancy as a percent of total inventory between 2021 and 2025. Not far behind was Nashville with a 6.1% increase. The only other metros on Blanca’s list that saw increases were Raleigh and Austin.

Dallas, New York, Los Angeles, Washington, D.C., Chicago and San Francisco all saw decreases in occupancy during the same time period. San Francisco took last place out of those metros with a decrease of more than 10%.

Miami-Dade’s direct vacancy rate was down 3.5% from 2020 to 2025, meaning vacancies in the metro were declining. Direct vacancies are unoccupied spaces that a landlord is actively marketing. Miami was the only city from Blanca’s list that saw a decrease in direct vacancies. The metro closest behind Miami was Dallas with an increase of about 5%. Again, San Francisco took last place with direct vacancies increasing by 16.4%.

Major projects, migration to South Florida

Both the Citadel global headquarters and Banco Santander’s proposed tower in Brickell are expected to begin construction this year. According to JLL’s report, these projects together will bring 2.4 million square feet of office space to Miami. Citadel moved its headquarters from Chicago to Miami in 2022.

“As an international, global city, we have been standing out in the global landscape as a place that major corporations want to do business,” Blanca said.

She said Florida’s business-friendly environment makes Miami attractive to owners of large and small businesses. Blanca said that she expects to see continued migration from cities like New York and Chicago, driven by South Florida’s business landscape.

But not everyone is so sanguine. Peter Zalewski, a South Florida condo expert and the broker-owner of consulting firm Condo Vultures, has expressed skepticism that people will continue migrating en masse to South Florida as they did during and immediately after the pandemic. He said he expects some migration back to New York and San Francisco as companies mandate in-person work. That could stunt Miami-Dade’s commercial real estate market.

Mixed-use, desirable locations, upscale amenities

Blanca said she expects to see continued interest in mixed-used projects, which she called the “darlings” of today’s development world. Projects that combine office space with retail and residential space and prioritize walkability have been popular in Miami and across the country in recent years.

“It enhances the quality of life for everyone,” Blanca said.

Blanca said most new office space in Miami is being developed in mixed-use projects, rather than single-use office tower. Citadel and Santander’s projects are both examples of high-end mixed-use developments. Citadel will offer office space in addition to a hotel and amenities like a fitness center, spa and restaurants, and Santander’s proposed tower will have both office and retail space.

Mixed-use buildings in desirable neighborhoods like Brickell and Wynwood that boast high-end amenities, she said, are attractive for companies looking to give their employees “a reason to be at the office.”

This story was originally published January 9, 2026 at 1:47 PM.