Miami Class A Office Market

TL;DR

• Brickell trophy rents now exceed $130/sqft/year for high-floor product.
• Vacancy under 12% — the tightest among the top US gateway markets.
• Florida's no-state-income-tax regime continues to drive HQ relocations and individual partner moves.
• Pipeline is constrained — major Class A deliveries through 2027 are largely pre-leased.

Overview

Miami has structurally re-rated as a Class A office market since 2020. Brickell and Downtown trophy product trades at New York-adjacent rents, driven by financial services and crypto-adjacent inflows. Vacancy is among the tightest in major US markets.

Market snapshot

Composite of Q1 2026 broker market reports for Miami.

Lease norms

Modified-gross structures dominate; 7-10 year terms are common. Free rent of 6-12 months and TI of $80-$140/sqft typical on a 10-year deal. Personal guarantees common for sub-investment-grade tenants.

Transit & access

Metromover (free downtown), Metrorail to Brickell and Government Center, Brightline regional rail, MIA Mover from Miami International Airport. Brickell and Downtown are walkable; Wynwood and Coral Gables remain car-dependent.

Tax

21% federal corporate income tax; no Florida state corporate income tax for most pass-through structures. Florida assesses a 5.5% corporate income tax on C-corps. No personal income tax.

Talent

Strong bilingual (Spanish-English) finance and legal talent. Deep Latin American banking, asset management, and family-office concentrations. Tech talent is shallower than NY/SF but growing rapidly.

Notable Class A buildings

• 830 Brickell · Brickell — First Class A trophy delivery in over a decade; defines the post-2020 trophy tier.
• 701 Brickell · Brickell — Bank of America Tower.
• Southeast Financial Center · Downtown — 55-story Wells Fargo Center.
• Brickell City Centre · Brickell — Mixed-use trophy with retail base.
• The Wynwood Plaza · Wynwood — Wynwood's first ground-up Class A trophy delivery.

Class A submarkets in Miami

• Brickell — Miami's trophy financial spine. (trophy)
• Downtown — Legacy CBD with deep trophy stock. (prime)
• Coral Gables — Boutique HQ market with Latin American tilt. (prime)
• Wynwood & Design District — Creative and tech tenant frontier. (prime)
• Aventura & North Miami — Suburban Class A with strong inbound demand. (established)

Miami deep-dives

• Rents and incentives — What does Class A rent cost and what concessions are typical?
• Sublease market — How deep is sublease">sublease availability and how does it price?
• ESG and LEED stock — How much certified stock exists and what premium does it command?
• Transit and commute — Which submarkets have the strongest transit access?
• Talent and salaries — What does the white-collar talent pool look like and how is it priced?
• Fit-out costs — What does a Class A fit-out">fit-out cost per square foot?
• Flex vs lease — When does premium coworking beat a traditional lease?
• Taxes and incentives — What corporate, occupancy, and property taxes apply?
• Neighborhoods overview — Which Class A submarkets exist and how do they compare?
• Notable buildings — Which trophy assets define the market?
• Class A vs Class B — What is the spread between Class A and Class B and why?
• Leasing conventions — What lease structures, terms, and concessions are normal?
• Expansion checklist — What is the operational checklist for opening here?
• Relocation guide — How do you move into this market from another city?
• Frequently asked questions — Quick answers to the questions occupiers ask most.
• Operating expenses — What service charges, OpEx, and pass-throughs apply on top of rent?
• Growth and availability — How tight is current availability and what does the pipeline look like?
• Sustainability pathways — How do tenants land net-zero or science-based-target leases here?
• Hybrid work policy — How are hybrid policies shaping office demand here?
• Security and redundancy — What security, power, and connectivity redundancy are standard?
• Lab and R&D space — What does R&D-grade or wet-lab space look like in this market?
• Brand experience — How do trophy buildings function as brand experiences and showpieces?
• Fund strategy and flag — Which submarkets carry the strongest investor flag for funds?
• Exit and renewal — How do you handle a Class A renewal or exit cleanly here?
• Market cycle position — Where is this Class A market in its cycle right now?

Miami — frequently compared

• Miami vs Austin — Americas HQ shortlist: Austin vs Miami.
• Miami vs Boston — Americas HQ shortlist: Boston vs Miami.
• Miami vs Chicago — Americas HQ shortlist: Chicago vs Miami.
• Miami vs Los Angeles — Americas HQ shortlist: Los Angeles vs Miami.
• Miami vs New York — Americas HQ shortlist: Miami vs New York.
• Miami vs San Francisco — Americas HQ shortlist: Miami vs San Francisco.

Frequently asked questions

How tight is Brickell vacancy?

Direct vacancy in Brickell trophy product is below 6% as of Q1 2026; sublease availability is similarly tight. Most pre-2020 Class A is fully leased.

What is driving the rent re-rating?

A combination of (a) financial services migration from the Northeast, (b) Florida's tax regime, (c) constrained supply pipeline, and (d) Latin American capital flows.

Are concessions tightening?

Yes. Free rent of 6-9 months and TI of $80-$120/sqft are now typical on 7-year deals — tighter than the broader US gateway average.