Commercial Real Estate Market in Palmetto Bay, FL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
21 active listings and 359 off-market properties in Palmetto Bay, FL. Commercial property asks $436/SF to buy and $24.04/SF/Yr to lease.
Market Trends
Palmetto Bay, FL spans 29.8 square miles in Miami-Dade County, Florida. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Palmetto Bay, FL runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Palmetto Bay, FL runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Palmetto Bay, FL runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily space in Palmetto Bay, 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
Market overview
Demographics & Economy
Palmetto Bay, FL has 127,113 residents in 45,721 households. Density runs 4,268 people per square mile. Median household income here is $85,644 and median gross rent $1,670 a month.
127,113
Population
45,721
Households
2.8
Avg Household Size
43
Median Age
40%
College-Educated
89%
High-School Grad
29.8 sq mi
ZIP Area
4,268
Density / Sq Mi
$85,644
Median Household Income
$43,499
Median Earnings
$1,670
Median Rent
$539,442
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Cutler Bay | $436 (county avg) | $24.57 |
| Kendall | $436 (county avg) | — |
| Pinecrest | $436 (county avg) | — |
Commercial property in Palmetto Bay, FL asks $436/SF. The 3 bordering markets run from $436/SF in Cutler Bay to $436/SF in Cutler Bay, 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 Palmetto Bay?
Commercial property in Palmetto Bay, FL asks an average of $436 per square foot. The 5 most recent recorded sales traded at a median of $580/SF. Multifamily carries the highest asking price at $429/SF.
How much does it cost to lease commercial space in Palmetto Bay?
Asking lease rates in Palmetto Bay, FL average $24.04 per square foot per year.
How does Palmetto Bay compare to nearby markets on price?
Palmetto Bay, FL asks $436/SF against $436/SF in Cutler Bay, $436/SF in Kendall and $436/SF in Pinecrest.
Where does Realmo's Palmetto Bay market data come from?
Realmo compiles Palmetto Bay, FL figures from 6 recent recorded sales, 10 active sale listings, 11 active lease listings, 359 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 10 active for-sale and 11 active for-lease listings in Palmetto Bay, 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.
- 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
- office vacancy is reported at South region level, retail vacancy is reported at South region level and industrial 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 · How Realmo checks market page data · Report a data issue
