Miami’s Office Leasing Jumps Nearly 45% in Q2

Miami-Dade County’s office market remains strong as companies compete for premium office space, pushing rents to record highs as vacancy continues to tighten.

Availability fell to 14.9 percent, down from 17.1 percent a year ago, during the second quarter of 2026, according to data from Savills. Leasing activity jumped to 1.3 million square feet, increasing by nearly 45 percent year-over-year. The average asking rent climbed to $67.12 per square foot, up 7 percent from a year earlier and nearly 57 percent higher than five years ago. 

The Airport West, Downtown Miami and Coral Gables submarkets accounted for the largest share of leasing activity. Some large transactions included cafe chain Pura Vida relocating its corporate office from Sunset Harbour to the Gateway at Wynwood building, where it leased 26,982 square feet, as well as Planet Fitness taking 26,207 square feet within the Omni Center at 1501 Biscayne Boulevard.  

Family offices, financial firms, technology companies, law firms — many of them new to the Miami-Dade market — are driving the bulk of the demand at the top end of the market.

Miami Beach and Coconut Grove — sought-after residential neighborhoods, where well-paid executives typically live — also boasts the county’s most expensive office rents, which average roughly $99 per square foot. Countywide, rents for Class A buildings rose by 6 percent year-over-year to $80.85 a square foot, reflecting demand for new, amenity-rich properties. 

Just this month, the family office of billionaire Peter Thiel, a PayPal co-founder and early Facebook investor, signed an 18,158-square-foot lease at Miami’s 830 Brickell, paying $250 per square foot, according to Bloomberg. The price is Miami-Dade County’s most expensive office lease, rivaling rents commanded by some of Manhattan’s premier office towers.

Developers of new, luxury buildings are taking note. The office space at the Well, Terra’s mixed-use development in Bay Harbor Islands, is being marketed at about $175 per square foot triple-net. More is in store. Thirteen office projects, amounting to about 2.5 million square feet, remain under construction. 

Julia Echikson can be reached at jechikson@commercialobserver.com.