Few cities embody the transformative growth that is underpinning Miami’s economy and real estate markets. Already known for its alluring beaches and visitor economy, a deepening bench of finance and tech firms is cementing Miami’s position as a leader and top destination for technical talent. A global hedge fund manager began construction on its 1.7 million square foot new global corporate HQ in Brickell, a $2.5 billion project, in March 2026, with vertical development only just recently kicking off. Despite a recent pause, the hedge fund continues to define the market by committing $2 billion for a 35-acre Carnegie Mellon campus in Wynwood.
It’s not just about one firm though. Office demand has been robust post-pandemic, and current tenants in the market total over 2.8 million square feet of demand with an average requirement just over 27,000 square feet. Vacancy is now at its lowest point since 3Q 2020, at 13.7 percent—not far from pre-pandemic averages. Construction, meanwhile, remains limited with only 395,000 square feet underway beyond the global HQ discussed above and an international bank’s 1.6-million-square-foot tower that broke ground in April.
Although Florida’s repeal of the commercial rent tax last October trims occupancy costs, office rents are rising, and quickly. Average asking rents for office are nearing $68/square foot, just 10 percent less than Manhattan’s average, while top-tier rents are mostly coming in $100/square foot to $120/square foot. Top-tier office space trades between $400 and $600/square foot depending on the submarket location. One office building in Coconut Grove sold for more than $1,067/square foot. The convergence in pricing in leasing markets toward those of Manhattan is one of the more noteworthy outcomes from Miami’s evolution.
Investment sales are off 4.3 percent compared to 2025, tallying just $6.9 billion through August. The prior peak was in 2022, at $17.3 billion. In December 2025, a development partnership closed on a $520 million Brickell Bay Drive site, the most expensive land trade in Miami’s history, backed by a $464.5 million loan. Nearly $14 billion of South Florida apartments have traded over five years but has slowed considerably since the record $6.7 billion traded in 2021. Multifamily deals continue to pick up from their 2023 nadir of $1.9 billion and are on track to reach $3.1 billion this year. The multifamily sector in Miami is absorbing supply, with demand ranking 12th in the nation (relative to stock), vacancy falling to 8.1 percent, and rents rising 2.8 percent year-over-year in 3Q 2026.
Outside of multifamily and BTS office, limited development defines most of the real estate sector. Retail is the second tightest in the nation at 3.1 percent vacancy, where rents are 37 percent higher than in 2019 (versus 25 percent for the nation). The visitor economy remains equally impressive. Greater Miami welcomed a record 28.3 million visitors in 2025, generating $32.2 billion of economic impact and $22.7 billion of direct visitor spending. Lodging, dining, entertainment, and retail continue to benefit from one of the strongest tourism engines in the country.
Transformative mixed-use developments are scattered around the city. Inter Miami’s Nu Stadium opened in April 2026 as the first phase of the $1 billion, 131-acre Miami Freedom Park—a privately funded, mixed-use urban district in immediate proximity to Miami International Airport. Closer to the water north of Brickell, Miami Worldcenter is adding 600,000 square feet of office space later this year, with 1,700 hotel rooms and 600,000 square feet of additional event, meeting, and exhibition space yet to come.
Taken together, Miami is increasingly separating itself from the broader Sun Belt, pairing recent population and employment growth with international capital, global tourism, and corporate investment to create one of the deepest and most resilient real estate demand stories in the country.
—Cushman & Wakefield
