Miami-Dade office rental rates climb 51.2% in five years since Q4 2019

In Miami-Dade, average rental rates at year-end 2024 continued their upward trajectory, finishing the year at $59.81 per square foot (psf). This represents a 16.6% increase year over year and a notable 51.2% surge compared to pre-pandemic levels five years ago. The rise in average office rents is primarily attributed to strong demand for newly developed Class A office space, which saw a 47.1% increase over the past five years and a 14.8% rise year over year. These premium spaces have attracted new-to-market companies to Miami-Dade, as well as local businesses upgrading to higher-quality office spaces. Key industries driving this demand include financial services, legal services, and healthcare. Meanwhile, Class B office spaces also saw significant growth, with rental rates increasing by 40.1% over the past five years. Brickell remains the most expensive submarket in the county, with rental prices 50.8% higher than the citywide average.

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