Florida’s office market isn’t just one story
Several Florida office markets are outperforming broader national trends, according to a new CommercialCafe report. Miami posted the nation’s lowest vacancy rate among major office markets at 12.5%, while Tampa remained below the national average and Orlando stood out for comparatively affordable office rents.
Florida office markets are continuing to show more resilience than many parts of the country, giving commercial Realtors® new numbers to use when talking with investors, tenants and relocating businesses.
A new CommercialCafe report found the national office vacancy rate reached 17.6% in April, but several Florida metros performed better than the broader U.S. market.
Miami posted the lowest office vacancy rate among the nation’s 25 largest office markets at 12.5%, down from 15.7% a year earlier. Miami also recorded the South’s highest average office asking rent at $58.41 per square foot and nearly $902 million in office sales through April.
CommercialCafe said continued corporate relocations, finance-sector growth and expansions by firms including JPMorgan, Amazon and Citadel have helped sustain demand in South Florida.
Tampa also remained below the national vacancy average, at 15.1%, continuing to benefit from steady office demand and comparatively tighter inventory than many major metros.
Orlando appeared in the report for a different reason: affordability. Orlando had one of the South’s lowest average office asking rents at $29.81 per square foot, making it one of only two Southern markets below the $30 threshold.
A few Florida office trends Realtors should watch:
- Miami continues attracting higher-end office tenants and financial firms.
- Tampa remains comparatively stable as companies seek quality office space.
- Orlando’s lower rents may appeal to expanding businesses focused on costs.
- Office demand is increasingly concentrating in newer, amenity-rich buildings.
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