Journal · In the News
By Josh Stein · Florida license SL3057661 · Updated 2 November 2026
On the record: NBC 6 South Florida reported on 30 October 2026 (Sophia Hernandez) that Miami’s overall office vacancy rate is around 9% and slowly decreasing. The figure is from CoStar data cited by Cyril Bijaoui, a broker associate at The Corcoran Group with more than 20 years in commercial real estate.
What the report says
By class, the CoStar figures cited in the story put vacancy at 3.1% for Class C, 5.9% for Class B and about 13% for Class A. The same story says no new Class C office is under construction, while more than 4.5 million square feet of Class A is being built.
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Last updated November 2, 2026, 9:47 am
On rents, Bijaoui said space in areas including Brickell and Lincoln Road that leased for about $40 to $60 per square foot roughly a decade ago looks very different now. At the high-end building where he spoke with NBC 6, he said the entry price for an average suite is about $165 per square foot. He put gross asking rents for some Class B and Class C space at about $20 to $40.
On demand, he said some companies want smaller spaces in buildings with amenities, or offices near where their staff live. He tied part of the demand to companies and people moving from higher-tax areas, and said domestic movers now play a larger role than international clients did. His closing point: “Miami needs to think intelligently about how to work for everyone.”
What it rests on
The story rests on one broker and one data source. I did not see a CoStar report date or the boundaries of the area measured in the story, so I would not treat the percentages as more than what NBC 6 printed on 30 October 2026.
My view, for condo buyers
This is my own read, not a finding of the report. I sell condos, not offices, and an office vacancy rate does not tell you what a condo will do, so I am not drawing a line from one to the other. What I take from it is narrower: it is one broker’s account of what tenants ask for. If you are weighing a specific building, the county record of what its units actually sold for is a better guide than a commercial-market headline.
Where to go from here
See what condos have sold for in Brickell, and get the free Miami Buyer’s Guide.
Josh Stein is a sales associate with LoKation Real Estate. Questions about Miami condos? Call or WhatsApp (305) 695-8257.
Sources: NBC 6 South Florida, Sophia Hernandez, “Miami office market evolves as companies seek luxury, amenities and location,” 30 October 2026 (cites CoStar data as relayed by Cyril Bijaoui). Read 1 November 2026.
How has your building held its value? The Miami Condo Index ranks Miami condo buildings by their county sale records: real price per square foot, turnover and four-year change.