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<\/p>\nThere was no time for brokers to take a dip in the pool or a trip to the spa this summer\u00a0as office leasing jumped going into the second half of the year.<\/p>\n
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\n Bisnow\/Chloe Gallivan\n <\/p>\n
\n Miami’s office scene is on track to surpass 2024 leasing activity.\n <\/p>\n
There were 502K\u00a0SF of office leases signed in Miami during July, August and September, up more than 200K SF from\u00a0the second quarter,\u00a0according to a\u00a0CBRE report<\/a>. On the year, office leasing activity has already\u00a0met\u00a099% of 2024’s total.<\/p>\n \u201cThis summer wasn’t the time to take a vacation,\u201d CBRE<\/a>\u00a0Senior Vice President Randy Carballo said.<\/p>\n Miami\u2019s office market had\u00a0a busy start to the year<\/a>\u00a0after\u00a0a slow 2024<\/a>. But the momentum didn\u2019t last long when activity dipped<\/a>\u00a0to about 280K SF of new leases signed during the second quarter, which started\u00a0as President\u00a0Donald Trump<\/a> announced his new global tariff rates \u2014 sparking macroeconomic uncertainty<\/a>\u00a0as policies teetered back and forth.<\/p>\n Carballo said some lease negotiations that started in the first and second quarters may have closed sooner if not for the turbulence. But while some fronts of the trade war have stayed active, companies started to move with more certainty, and many\u00a0deals ended up closing in the third quarter.<\/p>\n \u201cThe world felt more turbulent in the first half of this year than it has in the second half \u2014 maybe not much less turbulent, but it certainly felt more turbulent,\u201d he said. \u201cNow I think that has softened up and folks are just able to take a deep breath and have a better picture of what they believe the world will look like.\u201d<\/p>\n In Blanca Commercial Real Estate<\/a>\u2019s preliminary data, leasing activity \u2014 which includes total new leasing and renewals \u2014 totaled 951K SF, 23% above the five-year average.\u00a0<\/p>\n \u201cThe volume of deals that were closed surprised me,\u201d Blanca Commercial Real Estate Vice Chairman Danet Linares said.<\/p>\n Second-quarter absorption dipped to 11K SF, down from 22K SF the previous quarter, which CBRE attributed to elevated rents in markets like Brickell, where asking rents\u00a0are up to nearly $93 per SF, influencing relocations to submarkets like Coral Gables.<\/p>\n While overall asking rents only ticked up\u00a00.1% to $63.73 per SF from the second quarter, they are up nearly 7% year-over-year.<\/p>\n As the amount of premier space on the market has dried up and with no large buildings going up, rent growth has slowed, CBRE research analyst Francisco Martinez said. But after growing 66% over the last five years, Miami is still one of the most expensive markets in the nation.<\/p>\n Miami\u2019s direct vacancy sits at 14.9%, and\u00a0space is even more\u00a0limited in submarkets like Brickell, which is at 13.4%; Aventura, which is at 7.9%; and Coconut Grove, where just 3.1% of the submarket’s 1.2M SF inventory is vacant, according to CBRE.<\/p>\n With no substantial supply coming online until 2030 and about 772K SF under construction, rents are\u00a0likely to stay elevated, Carballo said.<\/p>\n \u201cI don’t think we’re going to be at a stagnant level,\u201d he said. \u201cI don’t think we’re seeing [66%] over the next five years, but I do think there’s more to grow.\u201d\u00a0<\/p>\n The quarter’s largest lease was signed by Stearns Weaver Miller, which\u00a0took 97K SF at the Museum Tower in Downtown Miami in August, according to CBRE. ADP<\/a>‘s 78K SF lease for its new Miami office<\/a>\u00a0at the Miami Waterford Business District was the second-largest.<\/p>\n There also continues to be corporate migration into the area.\u00a0Playboy signed a 26K SF lease<\/a>\u00a0last quarter\u00a0to move its headquarters to Rivani Miami Beach.\u00a0<\/p>\n But much of the activity was driven by local businesses moving to a more affordable neighborhood. The airport and Doral submarket led with 28% of new leases, while Downtown Miami\u00a0grabbed 27% of leased square footage and Brickell took in\u00a013%, according to CBRE.<\/p>\n