Coral Gables office leasing up 10.8% over historical average

Leasing activity (as a share of inventory) in Miami continues to outpace most US markets, though several submarkets remained below their 2010–2019 averages throughout 2025. Coral Gables is a notable exception, exceeding its historical average by 10.8%. For context, an average annual leasing volume of 1,000,000 square feet would equate to 1,108,000 sf in 2025 with a 10.8% growth rate.
Key submarkets such as Coconut Grove, Brickell, and Miami Beach experienced a surge in 2022, with leasing activity increasing by 89.4%, 51.9%, and 38.5%, respectively, as excess vacancy was rapidly absorbed. Coral Gables and Downtown Miami followed in 2023, posting gains of 35.0% and 25.5%.
Following two strong years, Miami’s office market has since stabilized as it adjusts to a new equilibrium. Looking ahead, leasing activity is expected to increase, supported by a robust development pipeline and continued tenant demand for new product.

March 19, 2026

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