Commercial Edge reports in its latest report on the national office sector that Miami recorded the lowest vacancy rate (15.5%) among the top 25 markets in the U.S. in the first quarter of 2025. Austin has the nation’s highest rate (28.5%). The national average is 19.8%

Other metrics showed that investment activity slowed significantly compared to the same period last year, with Miami emerging as the runner-up among markets with high sales prices.

As of March, Miami’s under-construction pipeline included approximately 1.7 million square feet of space, placing it eighth among the top 10 best-performing markets in the U.S. The metro slightly outperformed Manhattan (1.5 million square feet) and Washington, D.C. (1.2 million square feet).