Miami office market reports

Q4 2022

Historic in-migration helped boost Miami’s office market in the fourth quarter. The Magic City saw 359,000 square feet (sf) of positive absorption in the fourth quarter along with the lowest availability since at least 2019 and rising investment asset prices despite rising interest rates. Strong activity in the fourth quarter signaled that companies are continuing to relocate to South Florida and investors continue to see strength in the Miami office market.

1.2 msf

Under construction

More than 1.2 million square feet (msf) of office space is under construction with several high-profile projects slated to finish in 2023 following just 250,000 square feet (sf) of completions last year.


Office attendance

Miami’s office attendance in December was at 59.6% when compared to the week before pandemic lockdown, well above many other major markets.

87 months

Average lease term

The average lease term grew 10.1% year-over-year in 2022 to 87 months as tenants look to lock in space and rates in an uncertain market.


Sublease availability

Miami had just over 800,000 sf of available sublease space in December, a 7.8% increase from the third quarter.



Direct vacancy fell 60 basis points to 14.9% aided by strong absorption in the fourth quarter.


Office job growth

The number of office-using jobs in Miami grew by 3.4% year-over-year in November as a wave of new companies from out-of-state begin opening offices.

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Your source for the latest Miami office market reports

Get in-depth office market reports from commercial real estate experts in the Greater Miami area. Avison Young advisors look at Miami commercial real estate activities and the latest Miami statistics to provide you expert market research on Miami's office properties.

Explore different topics like the latest office market pricing trends and analysis of Miami's current office real estate market conditions. Gain a better understanding of Miami’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Miami's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Miami.

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