Miami submarkets power office surge with sharp vacancy drops in Coral Gables, Miami Beach, and Airport/Doral
Miami quarterly vacancy & 4-year change by submarket
- Miami’s office market is powering ahead with major submarkets rapidly absorbing space and pushing vacancy down. Four years of new, high-end product have supercharged flight-to-quality and kept rent growth firmly in positive territory.
- The Airport/Doral, Coral Gables and Miami Beach submarkets are quietly doing the heavy lifting, accounting for 37.5% of Miami’s office inventory and posting meaningful vacancy drops from Q4 2022 to Q4 2025. Airport/Doral led with a 4.0% decline (423k sf absorbed), followed by Coral Gables’ 3.3% drop (242k sf) and Miami Beach’s 3.6% decrease (100k sf).
- Downtown and Brickell tell a different story with vacancy ticking up due to new supply hitting the market, yet rents still increased, signaling demand hasn’t cooled. With top-tier space leasing steadily, vacancies are expected to level off as the new wave of product gets absorbed.
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