Commercial Real Estate Market in Miami, FL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
4,464 active listings and 31,794 off-market properties in Miami, FL. Commercial property asks $436/SF to buy and $34.70/SF/Yr to lease. Office vacancy runs 15.2%, the loosest of the segments tracked here.
Market Trends
Miami, FL spans 630.7 square miles in Miami-Dade County, Florida. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Miami, FL asks $40.43/SF/Yr to lease. Vacancy runs 15.2% in 2025, up from 12.4% in 2019. Down from a 2021 peak of 17%.
Average Lease Price $/SF/Yr
Listings
Vacancy Rate %
Retail
Retail vacancy in Miami, FL runs 2.7% in 2025, down from 3.5% in 2019. Down from a 2020 peak of 4.3%.
Vacancy Rate %
Industrial
Industrial space in Miami, FL asks $23.50/SF/Yr to lease. Vacancy runs 6.5% in 2025, up from 4.1% in 2019. Nearly 4.1x the 2022 low of 1.6%.
Average Lease Price $/SF/Yr
Listings
Vacancy Rate %
Multifamily
Multifamily space in Miami, FL asks $429/SF to buy. Vacancy runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 45.2%
- Civic 33%
- Mixed use 16.1%
- Industrial 4.2%
- Open space 1.5%
Largest Zones share of zoned land by district
Suburban Transect Restricted
Suburban Transect Open
Urban Core Transect Open
Civic Institution
Civic Space
Suburban Transect Restricted (T3-R)
The T3 zone consists of low density areas, primarily comprised of single family and two family residential units with relatively deep setbacks, streetscapes with swales, and with or without sidewalks
Market overview
Demographics & Economy
Miami, FL has 1,994,674 residents in 828,057 households. Density runs 3,162 people per square mile. Median household income here is $74,908 and median gross rent $1,848 a month.
1,994,674
Population
828,057
Households
2.4
Avg Household Size
41
Median Age
36%
College-Educated
84%
High-School Grad
630.7 sq mi
ZIP Area
3,162
Density / Sq Mi
$74,908
Median Household Income
$42,276
Median Earnings
$1,848
Median Rent
$474,607
Median Home Value
Tools
Lease vs Buy Breakeven
At $34.70/SF/Yr lease vs $436/SF buy → buying wins if held > 2.3 years.
The comparison uses county-wide sale comps against Miami asking rents, so the implied 8% gross yield is computed off asking rents rather than a closed-deal cap-rate benchmark. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Miami Springs | $436 (county avg) | $11.90 |
| Hialeah Gardens | $436 (county avg) | — |
| Hialeah | $436 (county avg) | $20.66 |
Commercial property in Miami, FL asks $436/SF. The 3 bordering markets run from $436/SF in Miami Springs to $436/SF in Miami Springs, and the city sits in line with their $436/SF median.
Frequently Asked Questions
What is the average price per square foot for commercial property in Miami?
Commercial property in Miami, FL asks an average of $436 per square foot. The 7 most recent recorded sales traded at a median of $552/SF. Multifamily carries the highest asking price at $429/SF.
How much does it cost to lease commercial space in Miami?
Asking lease rates in Miami, FL average $34.70 per square foot per year. Office asks $40.43/SF/Yr as of Q2 26, up from $36.28/SF/Yr in Q1 26.
What is the office vacancy rate in Miami?
Office vacancy in Miami, FL is 15.2% as of 2025, up from 12.4% in 2019. Retail vacancy is 2.7%, below Office vacancy.
Which property type has the lowest vacancy in Miami?
Retail has the lowest vacancy in Miami, FL at 2.7%, inside a 2–4.3% band since 2019. For comparison: office 15.2%, industrial 6.5% and multifamily 11.3% (South).
Is it cheaper to lease or buy commercial space in Miami?
Buying beats leasing in Miami, FL if the property is held longer than 2.3 years, comparing $34.70/SF/Yr asking rent with $436/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
How does Miami compare to nearby markets on price?
Miami, FL asks $436/SF against $436/SF in Miami Springs, $436/SF in Hialeah Gardens and $436/SF in Hialeah.
Where does Realmo's Miami market data come from?
Realmo compiles Miami, FL figures from 7 recent recorded sales, 2,956 active sale listings, 1,508 active lease listings, 31,794 tracked off-market properties, the current Miami zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 2,956 active for-sale and 1,508 active for-lease listings in Miami, FL. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Price per square foot
- The county-level $/SF blends closed sales aggregated over the trailing months of available data, not a single day's snapshot — it can differ from any one month's own median.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 22,648 zoned acres across 36 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- the lease-vs-buy comparison mixes county-wide sale comps with city asking rents and multifamily vacancy is reported at South region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
