Miami Offices Fade, Private Clubs Grab Retail Space
Why Miami’s Office Market Is Beating Other Metros Although many U.S. office markets remain trapped in weak demand and negative absorption, Miami-Dade has posted a sharply different trajectory since 2020. In the wake of Mamdani’s NYC victory, a NYC investor exodus is accelerating relocations and contract activity into Florida. Relocations and investor pricing have been reset by lifestyle amenities and international connectivity. Miami is also among the top-performing metros expected to lead office-sector job growth relative to northern peers. Disruptive Drivers Pressuring Other Metros Corporate and legal clustering Since 2020, 127 companies relocated into Miami-Dade, taking 2.2 million square feet. Twenty one of the Am Law 50 and 38 of the Am Law 100 now keep offices there. Citadel moved its global headquarters from Chicago to Miami in 2022, reinforcing Florida’s business friendly pull. Class A rents reached $73.28 per square foot, up 7% year over year and more than 50% since Q1 2020....