Modified-gross structures dominate; 7-10 year terms are common.

  • Typical lease length: 7 years.
  • Typical rent-free: 9 months.
  • Vacancy: 11.8%; trend rising.
  • Modified-gross structures dominate; 7-10 year terms are common.

Miami office lease norms

Modified-gross structures dominate; 7-10 year terms are common.

TL;DR

  • Typical lease length: 7 years.
  • Typical rent-free: 9 months.
  • Vacancy: 11.8%; trend rising.
  • Modified-gross structures dominate; 7-10 year terms are common.

Structure

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.

Negotiating levers

Free rent and TI remain the most negotiable line items; landlords prefer concessions to face-rent cuts because they preserve headline rent and implied valuation. Always model effective rent (face minus PV of concessions).

Key facts

cityMiami
countryUnited States
regionAmericas
classARentLocal78 USD/sqft/yr
classARentUsd$78/sqft/yr
vacancy11.8%
typicalLeaseYears7
typicalRentFreeMonths9
submarkets5
primeYieldPct5.4%

Frequently asked questions

What's a typical lease term in Miami?
7 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.
How is rent quoted in Miami?
In USD/sqft/year. We also publish a USD-normalised view ($78/sqft/yr) for cross-market comparison.

Editorial provenance

Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.

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