With the pandemic as a catalyst, Miami-Dade County has seen unprecedented growth since 2020, attracting 127 companies that occupy 2.2 million square feet of office space. More broadly, South Florida attracted 205 companies occupying 3.5 million square feet over the same period. This includes a strong footprint of law firms, with 21 of the Am Law 50 and 38 of the Am Law 100 now having a presence in Miami-Dade County.
New-to-market leasing has normalized recently, as would be expected after the pandemic boom. In 2021, new-to-market companies accounted for about 20 percent of total leasing volume versus a more normalized 3 percent today.
These new tenants typically relocate from markets with much higher office rents. As such, these tenants have spurred meteoric rent growth over the past five years. Miami’s average Class A office rent increased by 7 percent over the past year and by more than 50 percent from the Q1 2020 average, to $73.28 per square foot. Asking rents for new construction and prime office space propelled this rent growth, doubling over the past five years as demand outpaced supply for the best buildings.
Miami’s overall office vacancy rate stood at 14.9 percent at the end of Q2 2025, below its 15.1 percent pre-pandemic average. Miami has maintained the lowest sublease availability as a proportion of overall inventory in the nation, reflecting tenant certainty amid ever-changing market dynamics.
Led by Orlando and Miami, Florida was the No. 1 state for domestic tourism last year with a 15.5 percent share and was No. 2 for international tourism with nearly 9 million foreign visitors.
The city also attracts many Latin American and European investors, leveraging its status as a gateway for financial transactions, investments, and business dealings with Latin America and the Caribbean. A large presence of international banks further drives foreign direct investment in the metro area’s financial services sector.
Miami is also a top hub for trade with Latin America and the Caribbean. It handles 85 percent of all U.S. air imports from Latin America via Miami International Airport, one of the nation’s largest cargo airports. PortMiami, known as the “Cruise Capital of the World,” is also a major container port, processing over 390,000 TEUs (20-foot equivalent units) of imports annually, making it one of the 15 most active container ports in the United States.
—CBRE
