Rental rates surge 18.8% year over year
In Miami-Dade, average rental rates have continued their upward trajectory, starting 2025 at $61.99 per square foot (psf). This represents an 18.8% year-over-year increase, and a notable 55.3% surge compared to five years ago, when the pandemic began. The rise in rental prices is attributed to strong demand for both Class A and Class B office spaces. Currently, the lack of new high-quality office space continues to drive significant increases in asking rents for available spaces, particularly in Brickell and Downtown. Even with new deliveries, properties built since 2010 represent only 10% of the total inventory by square footage. Newer properties can command asking rents that are up to 50% higher than the market average.