Miami’s Office Market Remains Strong, but Cracks Emerge
New report shows leasing jumped 36% in 2025, but concessions and subleasing rose, too
By Julia Echikson January 15, 2026 5:20 pm
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Miami-Dade County reached 5 million square feet in office leasing activity last year — a 36 percent increase year-over-year — but some cracks are emerging, according to a new leasing report from Savills.
Average asking rents rose to just over $63 per square foot per year, representing a 5 percent increase over the past year, and a more than 52 percent jump compared to five years ago. Class A asking rents have become some of the most expensive in the country outside of New York City, hovering at just over $70 a square foot.
The vacancy rate, too, has fallen to just 16 percent, dropping by more than a percentage point over the past year.
But signs of weakness are appearing. Landlords are offering more concessions, and subleasing drove some of the activity, according to Savills.
Case in point: The 43,624-square-foot lease of Restaurant Brands International, the parent company of Burger King, Tim Hortons and Popeyes. The deal was the second-largest in Miami-Dade County in the fourth quarter of 2025 and expanded the company’s presence within the Waterford Business District, near Miami International Airport, where it already has a headquarters.
But rather than sign a brand-new lease with a landlord, the fast-food giant is subleasing from a subsidiary of French cosmetics behemoth L’Oreal at 6100 Waterford District Drive, the South Florida Business Journal reported.
Julia Echikson can be reached at jechikson@commercialobserver.com.
