Demand for high-quality offices leads to diminishing large block availability in Miami

• The supply trends of Miami’s office market are defined by the availability of large block spaces. As of March 2024, there are a total of 104 large blocks available—the lowest number in three years, reflecting the ongoing need for office space in South Florida. 
• Continued tenant demand for urban trophy and class A offices has led to the contraction of large block availability. Urban areas account for only 23% of large block availabilities, as at least 18% of office transactions in 2023 were for spaces over 20,000 square feet.
• The most common large block availability falls within the 20,000 to 30,000 square feet range, representing over half of the market with 53 spaces.

March 14, 2024

Additional resources

• Who is seeking top-tier office space in Miami post pandemic?
• Have return-to-office initiatives been successful in Miami after the pandemic?
• Report: the latest Miami office market trends

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