Miami-Dade County is now the most expensive office market in the United States. Average asking rents climbed to $67.12 per square foot in Q2 2026, surpassing Manhattan, according to Savills' Q2 report and LoopNet survey data cited by the Miami Herald.
The price premium is anchored by trophy tower transactions. Peter Thiel's family office, Thiel Capital, signed an 18,158-square-foot lease at 830 Brickell for $250 per square foot in June—the highest office lease rate in Miami-Dade history and comparable to premier Manhattan tower rents.
Leasing activity in Q2 jumped 45 percent year over year, totaling 1.3 million square feet. However, the market exhibits structural skew: demand concentrates in new Class A and Class A+ space while older Class B and Class C stock carries higher vacancy rates. Across Miami-Dade, 13 to 17 percent of office space remains available, but this supply is not uniform by building vintage.
Relocating finance and legal firms drive the concentration. Hedge funds, family offices, law firms, and financial companies are moving from New York and California into new Brickell developments. Palantir relocated its headquarters to Miami in early 2026, adding to the migration.
Brickell, Airport West, Downtown Miami, and Coral Gables absorbed the largest share of Q2 leasing volume. Average rents in these submarkets range from $59.66 to $67.12 per square foot, with trophy towers commanding multiples above the market median—a dynamic that pulls the overall average higher each reporting period.
The gap between trophy and standard Class A space signals a bifurcated market. While older stock languishes at elevated vacancy, new Class A towers operate near capacity. This concentration of high-value transactions in a narrow pool of buildings generates the market-wide rent climb, even as significant inventory sits empty citywide.
