Miami office market records 12.5% vacancy rate and $892 million in first-quarter investment as Royal Caribbean's 495,000-square-foot headquarters nears completion.
Miami’s office market continues to outperform national averages, with vacancy rates dropping to 12.5 percent by March 2026, the lowest among major U.S. markets. Investment activity in the region remains robust, totaling $892 million in the first quarter, highlighted by the $180 million sale of the 324,935-square-foot 545 Wyn property in Wynwood to a partnership including Goldman Properties and Ken Griffin.
Development activity remains elevated with 1.6 million square feet of office space currently under construction. Royal Caribbean Group’s 495,000-square-foot headquarters stands as the largest project underway, with delivery expected in September. Additionally, recent completions include the 87,824-square-foot 4225 Ponce in Coral Gables, developed by Constellation Group and The Boschetti Group.
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