The Miami Commercial Real Estate Market

Shanti Ryle

October 28, 2025

Key Takeaways

As of October 2025, the Miami metro is home to more than 6.3 million residents, including 2.7 million in Miami-Dade County, and remains one of the most densely populated and globally connected CRE markets in the United States. Population growth, international migration, and favorable tax policy keep vacancy in Miami-Dade below many other major U.S. metros.
By mid-2025, the Miami–Fort Lauderdale–West Palm Beach MSA generates over $533.6 billion in GDP, while the Miami–Miami Beach–Kendall area records a 2.9 percent unemployment rate compared with 4.3 percent nationally. A diversified base in trade, logistics, finance, technology, and healthcare, supported by multiple Fortune 500 headquarters, reinforces its role as a leading economic hub.
Industrial real estate is currently experiencing sustained strength, with 247.4 million square feet of inventory, a 5.7 percent vacancy rate, and 751,665 square feet of positive absorption year to date as of Q1 2025. Median industrial asking rents have reached about $21 per square foot per year, supported by logistics, e-commerce, and trade activity tied to the port and airport.
Office and retail space are holding up in a high-demand environment: office vacancy is 15.0 percent on 39.5 million square feet of inventory with positive year-to-date absorption, while retail vacancy is just 3.2 percent across 109.7 million square feet as of Q2 2025. Florida’s removal of state sales tax on commercial leases effective October 1, 2025, is improving occupier economics and supporting new leasing.
Multifamily fundamentals remain solid, with metro vacancy at 6.0 percent, average asking rents around $2,434 per month, and 7,654 units absorbed over the past 12 months. More than 26,300 units under construction as of early 2025 signal that developers continue to bet on long-term renter demand across South Florida.

Few markets capture both global attention and local energy quite like Miami. The city has evolved beyond its reputation as a resort destination to become a thriving financial and commercial hub, connecting North America, Latin America, and Europe. Fueled by population growth, an influx of corporate relocations, and ongoing infrastructure investment, Miami’s economy is flourishing.

Crexi sits at the center of this momentum, helping professionals move from discovery to closing with speed and confidence. The platform brings together powerful search tools, verified comps, and real-time market intelligence to give users a clear edge in one of the nation’s most competitive CRE landscapes. Miami brokers rely on Crexi’s digital suite to market listings, manage leads, and reach qualified buyers faster than ever before.

With more than $615 billion in property sales facilitated and over $7 trillion in total asset value marketed, Crexi proudly serves Miami, Doral, Aventura, Hialeah, Coral Gables, and the greater Miami-Dade region as the nation’s fastest-growing online commercial real estate marketplace.

Miami Commercial Real Estate Market Overview

The Miami metropolitan area, also known as South Florida or the Gold Coast, is a vibrant and diverse region encompassing Miami-Dade County, Broward, and Palm Beach counties in southeastern Florida. This dynamic area boasts a population of approximately 6.1 million people, making it one of the most populous regions in the United States.

Miami remains a high-demand market driven by population growth, international migration, and favorable tax policies. However, recent data indicates a complex picture across sectors, with some areas experiencing strong demand and others moderating due to supply increases. Notably, Miami-Dade’s vacancy rates remain lower than other US metro areas, keeping it competitive for investments despite national economic fluctuations.

Miami Regional Context

Miami continues to grow steadily, shaped by a mix of migration, innovation, and global influence. People from across the country and around the world are drawn here for its climate, lifestyle, and opportunity, creating one of the most dynamic populations in the U.S. The region’s diversity is part of its identity, with cultures, languages, and perspectives blending to make Miami uniquely vibrant. This steady influx of talent and energy keeps the city evolving, adding new depth to its communities and economy year after year.

As one of the most densely populated major cities in the United States, the Miami metropolitan area is home to more than 6.3 million people.
Miami-Dade County spans nearly 1,900 square miles, with a population of 2.7 million residents.
The largest cities in the Miami area include Fort Lauderdale, West Palm Beach, Boca Raton, Miami Beach, and Coral Gables.
The median age in Miami is 39.3, about 10% younger than the overall figure for Florida.
Miami’s per capita income is $49,105, with a median household income of $68,635.
The region boasts an impressive diversity of cultures and languages, with more than 50% of residents born outside the U.S.
The cost of living in Miami is about 21% higher than the national average, largely due to relatively high housing expenses.

Downtown Miami with palm trees in the foreground

Miami Job Market

Miami’s economy is among the most dynamic and resilient in the country, built on a strong foundation that combines global trade, technology, finance, and healthcare. The city’s international connections and entrepreneurial energy create steady job growth and attract companies from across industries. With top universities fueling a skilled workforce and world-class infrastructure supporting business connectivity, Miami continues to strengthen its position as a leading economic hub.

The Gross Domestic Product for Miami-Fort Lauderdale-West Palm Beach, FL (MSA) is over $533.6 billion.
The Miami-Miami Beach-Kendall metro area has an unemployment rate of just 2.9% (August 2025), markedly lower than the U.S. unemployment rate of 4.3%.
Top industries in the Miami-Dade County economy include aviation and airspace, technology, trade and logistics, finances, and life sciences and healthcare.
Fortune 500 companies headquartered in the Miami metropolitan area include World Kinect, Lennar, and AutoNation, with other major employers including American Airlines, Bank of America, Ryder, and Blue Frontier.
The best colleges in Miami are the University of Miami, Florida International University, Florida Atlantic University, and Nova Southeast University, based on US News & World Report rankings.
About 38.6% of residents hold a bachelor’s degree or an advanced degree, a rate higher than in Florida and the US.
The transportation infrastructure is extensive, with the Miami International Airport (MIA) for air travel, the Port of Miami for maritime travel, and a network of significant highways, including I-95, I-75, and the Florida Turnpike. It also features the Miami-Dade Transit system, which includes Metrorail and Metrobus services.

A view of downtown Miami buildings with a palm tree in the foreground

Miami Industrial Market

Miami’s industrial market continues to show remarkable staying power, even as national trends point toward cooling demand. Activity across logistics, e-commerce, and manufacturing remains healthy, supported by the city’s strategic position as a gateway to Latin America and the Caribbean.

While new construction has eased from record highs, absorption remains positive and vacancies are beginning to level off - signs of a market finding balance. With smaller warehouse spaces in especially high demand and long-term fundamentals intact, Miami’s industrial sector is poised for steady, sustainable growth.

Market overview (CBRE Q1 2025)

Inventory: 247,383,283 SF
Vacancy rate: 5.7%
Absorption: 751,665 SF (YTD)
Under construction: 5,160,386 SF
Deliveries: 1,272,826 SF (Q1 2025)
Largest submarkets: Airport/Doral, Medley, North Central Dade, Central Dade

Crexi Insights

These are the most recent Miami industrial lease and sales trends from Crexi Insights (as of October 2025):

For Lease (active)

Asking rate/SqFt (median): $21 per year
Median SqFt/listing: 3,704
Days on market: 197
Total listings on Crexi: 588 spaces

For Sale (active)

Median asking price: $1.1 million
Price/SqFt: $402
Asking cap rate: 5.8%
Days on market: 185
Total listings on Crexi: 3,095

Sales Comps (past 12 months)

Median sold price: $1.5 million
Sold price/SqFt: $321
Total sales volume: $109.4 million
Median SqFt sold/transaction: 4,118
Total SqFt sold: 361,700
Days on market (median): 142

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An overhead view of a beach side road with cars driving in Miami

Miami Office Market

Miami’s office market is regaining its rhythm, shaped by renewed leasing activity and a strong appetite for high-end, well-located space. Tenants are gravitating toward neighborhoods like Brickell, Wynwood, and Coral Gables, areas where new developments and top-tier amenities continue to redefine what modern workspace looks like.

While supply growth has been measured, steady absorption and record-setting rental rates signal enduring confidence from both occupiers and investors. With global firms expanding their footprint and new projects setting a high design bar, Miami’s office landscape feels more energized - and more competitive - than ever.

Market overview (Cushman & Wakefield Q3 2025)

Inventory: 39,524,844 SF
Vacancy rate: 15.0%
Absorption: 235,000 SF (YTD)
Under construction: 522,400 SF
Largest submarkets: Airport/Doral, Brickell, Coral Gables, Downtown

Crexi Insights

Crexi provides real-time data for the Miami office market. Here are the latest leasing and sales trends as of October 2025:

For Lease (active)

Asking rate/SqFt (median): $21 per year
Median SqFt/listing: 2,383 SF
Days on market: 193
Total listings on Crexi: 322 spaces

For Sale (active)

Median asking price: $900,000
Price/SqFt: $637
Days on market: 208
Total listings on Crexi: 80

Sales Comps (past 12 months)

Median sold price: $1.2 million
Sold price/SqFt: $490
Total sales volume: $149.9 million
Median SqFt sold/transaction: 1,988 SF
Days on market (median): 214

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Downtown Miami office skylines dot the horizon with retail shops in the foreground

Miami Retail Market

After several years of rapid expansion, the retail market in Miami is finding its rhythm. Brick-and-mortar demand continues to hold firm, fueled by strong tourism, steady population growth, and active consumer spending in key corridors like Brickell, Wynwood, and Coral Gables.

A major policy change is also reshaping the landscape - as of October 1, 2025, Florida eliminated the state’s sales tax on commercial leases, easing occupancy costs and encouraging new retail investment. Together, these developments point to a market that’s evolving in healthy, sustainable ways to create fresh opportunities for tenants and investors alike.

Market overview (Colliers Q2 2025)

Inventory: 109,710,900 SF
Vacancy rate: 3.2%
Absorption: -178,500 SF (12-month YTD)
Under construction: 545,400 SF
Key lease transactions by tenant: BrandsMart U.S.A. (40,000 SF), Crunch Fitness (37,000 SF)

Crexi Insights

Miami retail lease and sales trends from Crexi Insights (as of October 2025):

For Lease (active)

Asking rate/SqFt (median): $18 per year
Median SqFt/listing: 2,648 SF
Days on market: 178
Total listings on Crexi: 231 spaces

For Sale (active)

Median asking price: $320,000
Price/SqFt: $6304
Asking cap rate: 5.8%
Days on market: 212
Total listings on Crexi: 216

Sales Comps (past 12 months)

Median sold price: $2.8 million
Sold price/SqFt: $374
Total sales volume: $281.7 million
Sold cap rate: 6.5%
Median SqFt sold/transaction: 4,866 SF
Days on market (median): 211

Find Miami retail space for rent.

Bridges connect Miami's Dolphins stadium to the main section of downtown Miami

Miami Multifamily Market

Miami’s multifamily market shows strong renter interest, supported by steady job growth and an expanding urban core. While rent growth has moderated from previous highs, demand remains firm, particularly in downtown and coastal neighborhoods where lifestyle amenities and proximity to major employers drive leasing activity. With thousands of new units still under construction, Miami’s housing market is working toward balance without losing its momentum.