Multimillion-dollar homes and expensive office space — see real estate changes

South Florida’s high-end real estate market is making headlines, including an NBA star’s mansion listing to record-setting office rents.

Here’s a look at the latest developments across Miami-Dade and Broward counties:

• Miami Heat house: Tyler Herro listed his eight-bedroom Pinecrest mansion for $12 million on Monday, just after his trade from the Miami Heat to the Milwaukee Bucks was finalized. He bought the 9,019-square-foot home in 2023 for $10.5 million.
• Rising office rents: Miami now has the highest average office rent of 50 U.S. cities at nearly $60 per square foot, topping New York City and the Bay Area, according to a LoopNet survey. Class A and Class A+ space is driving the trend. Billionaire Peter Thiel recently set a Miami record by leasing space in the 830 Brickell office tower for around $250 per square foot. Ken Griffin’s Citadel is also building a 1.7 million-square-foot tower in Brickell.
• Waterfront desire: A waterfront home in Miami’s Bay Point neighborhood sold for more than $27 million to a buyer relocating from the West Coast. It’s the priciest Bay Point sale so far this year. The six-bedroom, 6,361-square-foot Bay Point property features a private dock, rooftop terrace, infinity pool and 400-bottle wine cellar. The seller originally purchased the lot for $1.9 million in 2012 and redeveloped it.
• Airline headquarters: Spirit Airlines pushed back deadlines for bidding on its former Broward County headquarters, with indications of interest now due July 10 and final bids due July 31. The airline shut down abruptly on May 2, leaving 17,000 people out of work.

This report was produced with the assistance of a proprietary tool powered by artificial intelligence and using our own originally reported, written and published content. It was reviewed and edited by our journalists.