Balancing future supply and demand in Miami's office market

Office lease comps in the last two years compared with lease expirations in the next two years ranging from under 10,000 square feet to 50,000 or more square feet in Miami
  • From June 2022 to June 2024, 68% of the office leases signed in Miami have been under 10,000 square feet, as a result of hybrid work adoption. Meanwhile, only 28% of upcoming expirations from June 2024 to June 2026 are for spaces of the same size.
  • Leases between 20,000 and 50,000 square feet make up 31% of expirations over the next two years, indicating additional large blocks of space coming onto the market in the short term.
  • To better align with current tenant demand, proactive landlords are pivoting by dividing large blocks of space into smaller spec spaces to attract current demand.

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