Miami Office Deal Volume Increases, Prices Surge

Miami's office market shows strong performance, with 2.8 million square feet under construction, significantly above the national average. The city ranks third nationally for office-to-residential conversion potential at 16.1%. Year-to-date, 29 properties totaling 1.7 million square feet traded for $588 million, a 93.8% increase from last year. The average price per square foot is $354, well above the national average. However, the office vacancy rate rose to 14.1%, still below the national rate of 19.4%. The coworking sector also remains robust, with 2.9 million square feet of shared space.