WRE News: Miami’s Office Market Thrives Amid National Downturn

Miami, FL – December 26, 2023 – In the midst of a nationwide trend of struggling metropolitan office markets, the Miami area stands out as an anomaly, defying double-digit vacancy rates seen across the country.

Despite a national office vacancy rate of 16.7%, Miami-Dade County boasts a lower rate of 9.6%, reflecting the area’s attractiveness to Wall Street giants and tech CEOs seeking desirable living locations. Miami’s office market remains dynamic, with prime spaces commanding rents exceeding $100 per square foot. 

An example of this thriving market is Eighteen Sunset, a new five-story office building in Miami Beach’s Sunset Harbour neighborhood. Developed by Deco Capital and billionaire investor Marc Rowan’s family office, the building has pre-leased over half of its space to new-to-South Florida companies, emphasizing the growing appeal of Miami for businesses.