Miami Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, CBRE, JLL, Newmark
Quarterly office market indicators for Miami, aggregated by CREhunt from Cushman & Wakefield, CBRE, JLL, Newmark. As of Q2 2026, average asking rent was $66.40/SF/yr and vacancy was 14.6%, per Cushman & Wakefield.
Projected current office pricing — Miami
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Miami office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 Cushman & Wakefield asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~85% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $66.40/SF/yr | 14.6% | 246K SF | 831K SF | Cushman & Wakefield |
| Q1 2026 CBRE | $66.16/SF/yr | 15.0% | 54K SF | — | CBRE |
| Q1 2026 Cushman & Wakefield | $65.22/SF/yr | 15.1% | 28K SF | — | Cushman & Wakefield |
| Q1 2026 JLL | $69.45/SF/yr | 16.0% | 61K SF | — | JLL |
| Q4 2025 Cushman & Wakefield | $64.48/SF/yr | 15.2% | — | 575K SF | Cushman & Wakefield |
| Q4 2025 Newmark | $61.49/SF/yr | 14.8% | -99K SF | — | Newmark |
| Q3 2025 Cushman & Wakefield | $64.74/SF/yr | 15.0% | — | 48 SF | Cushman & Wakefield |
| Q3 2025 Newmark | $59.91/SF/yr | 14.7% | 113K SF | — | Newmark |
| Q2 2025 Newmark | $59.63/SF/yr | 15.0% | -110K SF | — | Newmark |
| Q1 2025 Newmark | $59.52/SF/yr | 14.8% | 113K SF | — | Newmark |
| Q4 2024 Newmark | $57.51/SF/yr | 14.9% | -54K SF | — | Newmark |
| Q3 2024 Newmark | $55.93/SF/yr | 14.3% | 148K SF | — | Newmark |
| Q2 2024 Newmark | $55.95/SF/yr | 13.8% | 37K SF | — | Newmark |
| Q1 2024 Newmark | $53.64/SF/yr | 14.2% | 62K SF | — | Newmark |
| Q4 2023 Newmark | $51.71/SF/yr | 14.7% | 417K SF | — | Newmark |
| Q3 2020 Cushman & Wakefield | $41.08/SF/yr | 14.8% | 9K SF | — | Cushman & Wakefield |
| Q2 2020 Cushman & Wakefield | $39.93/SF/yr | 13.4% | -113K SF | 2 SF | Cushman & Wakefield |
| Q1 2020 Cushman & Wakefield | $40.74/SF/yr | 12.5% | -127K SF | — | Cushman & Wakefield |
| Q3 2019 Cushman & Wakefield | $26.78/SF/yr | 9.8% | 162K SF | — | Cushman & Wakefield |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Miami office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Airport West | $45.96/SF/yr Cushman & Wakefield · Q4 2025 | Cushman & Wakefield, Q4 2025 |
| Airport/Doral | $44.94/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Aventura | $59.95/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Biscayne Blvd Corridor | $51.14/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Biscayne/Wynwood/Design | $83.82/SF/yr Cushman & Wakefield · Q4 2025 | Cushman & Wakefield, Q4 2025 |
| Brickell | $91.60/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Brickell Avenue | $94.25/SF/yr Cushman & Wakefield · Q3 2025 | Cushman & Wakefield, Q3 2025 |
| Coconut Grove | $79.60/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Coral Gables | $63.47/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Coral Way | $41.87/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Downtown Miami | $68.58/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Kendall | $44.41/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Miami Beach | $89.63/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Miami Lakes | $35.51/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northeast Dade | $52.92/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| S. Gables/S.Miami | $52.89/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| South Dade | $48.27/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Wynwood | $87.20/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
How the brokerage sources compare
For Q1 2026, the brokerages CREhunt aggregates for Miami office did not fully agree. On vacancy, the sources span 1.0 points — from 15.0% (CBRE) to 16.0% (JLL). Asking-rent estimates differ by $4.23/SF/yr — from $65.22/SF/yr to $69.45/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Cushman & Wakefield | 15.1% | $65.22/SF/yr | — |
| CBRE | 15.0% | $66.16/SF/yr | — |
| JLL | 16.0% | $69.45/SF/yr | — |
Per-brokerage figures for Q1 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in Miami?
- As of Q2 2026, the average asking rent for office space in Miami was $66.40/SF/yr, per Cushman & Wakefield.
- What is the office vacancy rate in Miami?
- The office vacancy rate in Miami was 14.6% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Miami market data come from?
- This report aggregates quarterly office market data for Miami from Cushman & Wakefield, CBRE, JLL, Newmark.
- How much do brokerage estimates differ for office space in Miami?
- For Q1 2026, the brokerage sources CREhunt aggregates for Miami did not fully agree. On vacancy, the sources span 1.0 points — from 15.0% (CBRE) to 16.0% (JLL). Asking-rent estimates differ by $4.23/SF/yr — from $65.22/SF/yr to $69.45/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.