Miami has the most expensive office rents in the country. Go inside the trend

The average rent for office space in Miami is more expensive than in New York City or the Bay Area.

A survey from the online commercial real estate marketplace LoopNet showed Miami has the highest average office rent —nearly $60 a square foot — of 50 U.S. cities.

New high-end office space, often referred to as Class A or Class A+, is driving that trend, said Ana Bozovic, the founder of Analytics Miami.

“There is extreme demand for new and prime product,” Bozovic said.

The real estate analyst attributed the high rents to a relatively small supply of high-end office space in Miami and high demand from businesses moving to the area or expanding their footprint. Bozovic sees it as part of a larger trend of wealthy people migrating to South Florida — bringing their money and business with them.

Just last month, billionaire Peter Thiel set a new record for the most expensive office lease in Miami by leasing space in the 830 Brickell office tower for around $250 per square foot, Bloomberg reported. Thiel, a co-founder of PayPal and Palantir, is leasing the space for his family office. Palantir, a data analytics company, moved its headquarters to an office in Aventura earlier this year.

Companies, especially large and successful ones, are looking for higher-end offices more than ever.

There’s a stronger focus on leasing office space in a building with amenities, in part to encourage employees to return to in-person work, said Tere Blanca, founder, chairman and CEO of the Miami-based brokerage Blanca Commercial Real Estate. Blanca said Miami has had one of the highest return-to-office rates post-pandemic.

An office building under construction in Bay Harbor Islands, One Kane, is offering a marina as an amenity, allowing tenants to arrive at the office by yacht. One Kane is catering to the ultra-wealthy residents of Indian Creek Village, Bal Harbour and other nearby enclaves.

The LoopNet report used office rents from the city of Miami, meaning the data does not include Miami Beach or other parts of Miami-Dade County. This likely has the effect of skewing Miami’s average office rent higher in the report, Blanca said.

The Brickell, Downtown and Coconut Grove neighborhoods in the city of Miami have high concentrations of Class A and Class A+ office space, Blanca said. Rents for high-end offices in these areas often exceed $100 per square foot, she added.

Brickell is set to get even more Class A office space in coming years.

Ken Griffin, the billionaire founder of the hedge fund Citadel, is building a tower in the neighborhood with 1.7 million square feet of office space. Roughly one-third of it will serve as the global headquarters for Citadel and Citadel Securities.

Another tower, the new regional office for Banco Santander, is also under construction nearby.

Cities with the most expensive average office rents

• Miami: $59.66 per square foot
• New York: $50.56 per square foot
• Washington, D.C.: $47.95 per square foot
• San Francisco: $42.66 per square foot
• San Jose: $39.63 per square foot

This story was originally published July 2, 2026 at 6:34 AM with the headline "Miami has the most expensive office rents in the country. Go inside the trend."

Catherine Odom

Miami Herald

786-361-9717

Catherine Odom covers real estate for the Miami Herald. She previously interned on the Herald’s government team and has worked as a journalist in Germany and Armenia. She is a graduate of Northwestern University.