The Miami Commercial Real Estate Market

Reading Time: 7 minutes

From buyers to tenants to brokers, commercial real estate professionals close more deals using Crexi’s commercial real estate technology tools. Nationwide, investors and businesses consider Miami’s CRE market an attractive investment option with a rapidly growing population, favorable tax rates, incentives, and encouraging ROI.

Buyers and tenants in Miami and beyond use Crexi’s platform and Intelligence tools to explore thousands of Miami-Fort Lauderdale-West Palm Beach MSA properties, quickly narrow their search results, and instantly reach out to Miami-specializing brokers. The majority of Crexi’s digital traffic is composed of actively seeking principals and tenants, many searching for the ideal Miami commercial real estate investment.

On the other side of the table, brokers harness Crexi’s robust suite of listing, lead management, and marketing tools to close deals in Miami and the surrounding cities on their buyers’ behalf. Thanks to Crexi’s simplified marketplace, Miami commercial brokers can connect with prospective, interested buyers and tenants in a snap.

Crexi has facilitated over $540 billion in commercial property transactions and has marketed over $5 trillion in total property value.
Crexi proudly serves Miami, Doral, Aventura, Hialeah, Coral Gables, and the entirety of Miami-Dade County as the fastest-growing digital commercial real estate marketplace.

Miami coast skyline

The State of Commercial Real Estate in Miami

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.

This metro area is attractive for its cultural diversity, year-round warm weather, and its robust economy. The MSA has seen consistent population growth, largely due to international immigration. This population increase is a key factor for businesses and residents, contributing to a thriving economy with a broad range of industries, including tourism, international trade, and real estate.

Miami’s consistent population growth, combined with its strategic location as a gateway to Latin America, makes it a prime spot for commercial real estate investment.

Miami Regional Breakdown

Miami’s position as a gateway to Latin America and the Caribbean, along with its appealing coastal setting, has been vital in driving its population growth. While projections suggest a future demographic shift towards an older population, the city’s diversity and beach lifestyle continue to attract a steady influx of residents.

  • Miami is home to 6,139,340 in the greater metropolitan area.
  • Miami-Dade County (where Miami is located) boasts a population of about 2.7 million, larger than 16 US states.
  • The population is forecasted to reach 3 million over the next few years.
  • The largest cities in the Miami area include Fort Lauderdale, West Palm Beach, Boca Raton, Miami Beach, and Coral Gables.
  • The median age is 42.1, about the same as in Florida and about 10% higher than in the US.
  • Per capita income is $41,588, and median household income is $70,769.
  • Household incomes have grown by 6.5% year over year, according to Data USA.
Palm trees in the foreground with Miami towers behind

Miami Job Market

Miami’s population surge is not only due to its strategic location but also its robust economic landscape. The city is home to a flourishing business sector, with numerous multinational corporations choosing Miami as their headquarters, creating job opportunities and drawing individuals from all over the world.

The city’s commitment to education contributes to its population growth. With reputable institutions such as the University of Miami and Florida International University, students domestically and internationally are attracted to the city.

  • Gross Domestic Product for Miami-Fort Lauderdale-West Palm Beach, FL (MSA) is over $417 billion.
  • GDP has increased by 64% over the past ten years.
  • The unemployment rate is 1.5% as of August 2023, as reported by the U.S. Bureau of Labor Statistics (BLS).
  • Top industry sectors by employment are healthcare, retail, hospitality, education, construction, professional and technical services, and transportation.
  • Fortune 500 companies headquartered in the metropolitan area include World Fuel Services, Lennar, Ryder System, MasTec, AutoNation, and Watsco, according to
  • The best colleges in Miami are the University of Miami, Florida International University, Florida Atlantic University, and Nova Southeast University, based on rankings by U.S. News & World Report.
  • About 37% 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.
Downtown Miami's arena with coastal and harbor view

Miami Industrial Market

The Miami industrial market has seen steady leasing activity, although slightly lower than last year’s. The market is experiencing a slight correction as supply has begun to outpace demand, leading to a minor increase in vacancy rates, although these remain below the 2% mark. Despite these shifts, developers remain confident, with record levels of construction activity underway and steady rents, indicating a potential for growth in 2024.

Market overview (Cushman & Wakefield Q3 2023

  • Inventory: 170,234,363 SF
  • Vacancy rate: 1.8%
  • Absorption:  1,207,356 SF (YTD)
  • Key leases by tenant: FedEx, Top Shipping Systems, Aeropost International Services
  • Under construction:  6,377,123 SF 
  • Largest submarkets: Airport West, Airport North/Medley, Airport East/Downtown, North Central Dade

Crexi Intelligence

These are the most recent Miami industrial lease and sales trends from Crexi Insights (as of October 2023):

For Lease (active)

  • Asking rate/SqFt (median): $24 per year
  • Median SqFt/listing: 3,983
  • Days on market: 115
  • Total listings on Crexi: 257 spaces

For Sale (active)

  • Median asking price: $1.53 million
  • Price/SqFt: $325
  • Asking cap rate: 4.3%
  • Days on market: 121
  • Total listings on Crexi: 180 listings for a total of 1.26 million SF

Sales Comps (past 12 months)

  • Median sold price: $627,000
  • Sold price/SqFt: $265
  • Total sales volume: $889 million
  • Sold cap rate: 5.4%
  • Median SqFt sold/transaction: 2,376
  • Total SqFt sold: 6.56 million 
  • Days on market (median): 144

Discover Miami industrial space for rent.

Miami's downtown with palm trees in the foreground

Miami Office Market

The office market in Miami is experiencing a dynamic period of growth and change, with a significant shift towards Class A spaces. Key areas such as Coconut Grove, Wynwood, and Brickell are witnessing notable absorption rates, indicating a ‘flight-to-quality’ trend among tenants. Furthermore, the decreasing availability in prime locations like Wynwood and Downtown Miami underscores the robust demand for premium office spaces in the city.

Market overview (CBRE Q2 2023)

  • Inventory: 42,272,200 SF
  • Vacancy rate: 16.5%
  • Absorption:  109,300 SF (YTD)
  • Key leases by tenant: Openstore, Fundkite, BAC Bank, Trivest Partners 
  • Under construction: 2,187,000 SF
  • Largest submarkets: Airport/Doral, Downtown, Brickell, Coral Gables

Crexi Intelligence

Crexi provides real-time data for the Miami office market. Here are the latest leasing and sales trends as of October 2023:

For Lease (active)

  • Asking rate/SqFt (median): $39 per year
  • Median SqFt/listing: 1,390 SF
  • Days on market: 187
  • Total listings on Crexi: 1,014 spaces

For Sale (active)

  • Median asking price: $890,000
  • Price/SqFt: $464 
  • Asking cap rate: 5.0%
  • Days on market: 108
  • Total listings on Crexi: 185 listings totaling 884,000 SF

Sales Comps (past 12 months)

  • Median sold price: $800,000
  • Sold price/SqFt: $441
  • Total sales volume: $656 million
  • Sold cap rate: 5.4%
  • Median SqFt sold/transaction: 1,839 SF
  • Days on market (median): 188

Discover Miami office space for rent. 

tall buildings in Miami, Florida

Miami Retail Market

The Miami retail market is showing resilience and growth, outperforming many other regions in the country. The decrease in vacancy rates and the consistent rise in rental rates across Miami-Dade, Broward, and Palm Beach counties indicate a strong demand for retail space. However, the significant volume of retail construction in the pipeline could challenge the current low vacancy rate. In contrast, the dropping market cap rates and increasing sales prices suggest a potential shift in the market.

Market overview (Lee & Associates Q1 2023

  • Inventory: 336,973,562 SF
  • Vacancy rate: 3.1%
  • Absorption:  2,775,212 SF (12-month YTD)
  • Under construction: 4,548,365 SF 
  • Key lease transactions by tenant: Top Golf, El Bodegon, Club Studio

Crexi Intelligence

Miami retail lease and sales trends from Crexi Insights (as of October 2023):

For Lease (active)

  • Asking rate/SqFt (median): $45 per year
  • Median SqFt/listing: 2,273 SF
  • Days on market: 221
  • Total listings on Crexi: 625 spaces

For Sale (active)

  • Median asking price: $2.99 million
  • Price/SqFt: $554
  • Asking cap rate: 5.2%
  • Days on market: 143
  • Total listings on Crexi: 193 listings for a total of 1.51 million SF

Sales Comps (past 12 months)

  • Median sold price: $2.0 million
  • Sold price/SqFt: $415
  • Total sales volume: $1.06 billion
  • Sold cap rate: 5.4%
  • Median SqFt sold/transaction: 4,115 SF
  • Days on market (median): 200

Discover Miami retail space for rent.

Overhead view of cars driving down a highway in Miami beach

Miami Multifamily Market

The multifamily market in Miami has shown exceptional performance in the past years, setting records for rent and occupancy in 2021 and 2022. However, recent trends indicate a cooling in demand, with both rent and occupancy rates falling into negative territory year-over-year. Despite these challenges, the steady job growth, continued migration, and international investment interest indicate that Miami remains an attractive market for the long term, even with potential short-term volatility.

Market overview (CBRE Q1 2023)

  • Total housing units: 2,683,497
  • Multi-unit: 320,674
  • Vacancy rate: 4.8%
  • Asking rents: $2,450
  • Rent growth: 6.1% year over year
  • Under construction: 46,203 units
  • Largest submarkets: Miami-Dade, Broward, Palm Beach

Crexi Intelligence

Here are the most recent Miami multifamily Insights from Crexi (as of October 2023):

For Sale (active)

  • Median asking price: $995,000
  • Price/SqFt: $496
  • Price/Unit: $339,000
  • Asking cap rate: 5.4%
  • Days on market: 52
  • Total listings on Crexi: 569 listings totaling 1.72 million SF

Sales Comps (past 12 months)

  • Median sold price: $674,000
  • Sold price/SqFt: $280
  • Sold price/unit: $281,000
  • Total sales volume: $1.04 billion
  • Sold cap rate: 5.4%
  • Total SqFt sold: 3.51 million
  • Days on market (median): 136

Learn more about Miami multifamily property for sale.

 Get more in-depth Miami market insights with Crexi Intelligence.


Similar Articles

Shanti Ryle
Shanti Ryle

Content Marketing Manager

Shanti leads Crexi's content marketing strategies with 7+ years of content development experience, creating everything from blog posts to award-winning podcasts. Previously, she worked on content teams at Snapchat, Weedmaps, and HopSkipDrive as well as developed copy, articles, and media for freelance publications.

Share This Article