Top Brickell offices near $100 per square foot

Written by Miami Today on January 28, 2025

Top tier office space rents in the Brickell area are approaching $100 a square foot on average, two new brokerage reports show. Those rates are almost double the average office space rental rates for the county as a whole.

“Class A Brickell rates continue to rise, increasing by 5.7% year over year to $101.76 per square foot,” the fourth quarter office report from CBRE said. Colliers’ report for the period put those Class A Brickell asking rates at an average of $95.20.

While rental rates were rising, so was the vacancy rate in Brickell’s 13-building Class A market, with 18% vacancy and an occupancy loss of 120,919 square feet during the fourth quarter, Colliers’ figures report. CBRE puts that vacancy at 20% and the occupancy loss for the quarter at 43,000 square feet.

The loss of occupancy in the quarter “was expected as the market reshuffled spaces with 830 Brickell [office building] having delivered fully pre-leased,” CBRE wrote. “There is additionally over half a million square feet of absorption set to occupy in 830 alone in 2025 which should lead vacancy to fall back toward pre-delivery levels and absorption to rise in 2025.”

CBRE puts the total office market vacancy rate at 14.9% countywide, while Colliers says it is below double digits at 9.4%.

The highest office space vacancy in the county is 21.6% in Wynwood, Colliers reports, though the area has among the county’s highest asking rents. In the 11 Class A Wynwood office buildings, Colliers says, average asking rents are $79.50 per square foot and vacancies total 31.6%.

CBRE reported that the asking rents in Wynwood rose 9.1% during 2024 to $89.14. “This sharp increase is predominantly due to this year’s delivery of Highley House, with asking rents in the mid-$90s per square foot. When this building is removed, rent growth in [the] submarket falls to $6.4% year-over-year and average rates to $86.99 per square foot.”

Highley House, at 2150 N Miami Ave., is a 12-story, two-tower development with 304 apartment units, 72,331 square feet of Class A office space and 17,846 square feet of retail.

At the other end of the office rent scale, CBRE lists the Miami Lakes area as having the lowest average asking rent per square foot at $34.92. Colliers puts the average there at $35.89.

Lowest pricing on Collier’ list is in Miami Gardens, the smallest office market in the county, where asking rents average $27.50 per square foot. Just above that is the Medley and Hialeah area, where average asking rents are $32.26.