Miami Commercial Real Estate Market: 2026 Guide

The Miami commercial real estate market in 2026 is not one number. Through the first three quarters, Miami-Dade commercial sales were $4.33 billion. That is down 19 percent from a year earlier. The median price per building square foot still rose for office, industrial, and retail. Fewer deals closed. The deals that did close skewed toward higher-priced buildings.

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This page is a market-status reading for buyers, sellers, and investors who already know what commercial property is. It covers county sales, price per foot, and the latest office, industrial, and retail occupancy notes. It does not define property types, teach cap rates, or replace a building-level review. For the definition, metrics, and financing basics, start with the group's guide to what commercial real estate is.

Figures below come from the October 2026 South Florida commercial report by MIAMI REALTORS and RWorld, which analyzes county records and cites Yardi Matrix, Colliers, and Cushman and Wakefield for occupancy. They describe a county or a market area, not the building in front of you. Confirm any deal, rent, or vacancy with current documents before you rely on it.

Miami commercial real estate market sales in 2026

Sales volume and price moved in different directions. Across South Florida, commercial sales slowed to $9.5 billion in the first three quarters of 2026, down 14 percent from a year earlier. The association's chief economist tied that slowdown to higher borrowing costs, including a 10-year Treasury yield that climbed to 5 percent in September 2026.

Miami-Dade still produced the largest county total in the region, at $4.33 billion. Broward rose 9 percent to $3.55 billion. Palm Beach fell 33 percent to $1.39 billion. A smaller county total is not the same thing as a weak building. It means fewer dollars changed hands.

Inside Miami-Dade, the property-type split matters more than the county headline:

• Multifamily sales volume fell 30 percent.
• Office sales volume fell 43 percent.
• Retail sales volume fell 4 percent.
• Industrial sales volume rose 6 percent.

The largest commercial sales volume clustered in Miami, Hialeah, Doral, Miami Beach, and Medley. Those city names are a map of where deals concentrated. They are not a ranking of which city is "best" for the next buyer.

Price per building square foot told a tighter story. In Miami-Dade, the median for the first three quarters of 2026 rose 12 percent for office to $569, rose 7 percent for industrial to $323, and rose 30 percent for retail to $575. Multifamily slipped 4 percent to $312. Buyers paid more per foot for most asset types even while total dollars traded fell. That pattern fits a market that is closing fewer, more selective acquisitions rather than marking the whole stock down.

How to read volume, price, and occupancy together

Three stats can point three ways. Volume says how much traded. Price per foot says what the closed sales cost. Occupancy and asking rent say how leased space is behaving. A useful reading keeps them in separate columns.

South Florida medians are lower than the Miami-Dade office and retail medians above: retail $493, office $430, industrial $323, and multifamily $310. Use the county figure when the building is in Miami-Dade. Using the regional figure will make a Miami-Dade office sale look expensive when it may simply match the county tape.

Also separate a closed-sale price from an asking rent. The $569 office figure is a median sale price per building square foot. The $61 figure is an average asking rent per square foot per year in the Miami market area, which covers most of Miami-Dade. They answer different questions. Mixing them is how a quick screen turns into a bad offer.

Office, industrial, and retail are not moving together

The county is not one commercial market. Office, industrial, and retail each have a different 2026 shape. A buyer who underwrites all three with the same vacancy story will misread at least two of them.

Office: fewer sales, firmer rents

Office was the sharpest volume decline in Miami-Dade, down 43 percent, and still posted a higher median sale price. Occupancy helps explain why price held up. By September 2026, average asking rent in the Miami market area was $61 per square foot, up 8.5 percent from a year earlier, against 1.2 percent rent growth nationally. Vacancy was 11.6 percent, against 17.8 percent nationally.

Supply is not sleepy. About 2.9 million square feet was under construction, equal to 3.3 percent of existing inventory, versus 0.4 percent nationally. The largest office projects underway in Miami are the Santander Tower, at about 1 million square feet, and Royal Caribbean Group's headquarters, at about 495,000 square feet. Corporate expansions cited in the same note include Google, Iru, Terrabank, Thiel Capital, and Playboy Enterprises.

Submarket rent is a different cut. A July 2026 reading put Brickell asking rent at $79.7 per square foot, with 7.3 percent vacancy. The Miami central business district was $78.4, with 13.2 percent vacancy. Downtown Coral Gables was $67.2, with 8.0 percent vacancy. Those rents are not the county sale price of $569 per foot.

Industrial: the volume exception

Industrial was the only major Miami-Dade property type with higher sales volume, up 6 percent, and its median price rose to $323 per foot. Vacancy was reported at 10.7 percent with rent growth also at 10.7 percent, a sign that occupiers are paying up for space that fits the operation. About 3.6 million square feet was under construction, adding 1.4 percent to inventory, below the 1.8 percent national addition. The report points to a shortage of infill lots as the reason.

Two demand notes belong in any industrial screen. PepsiCo signed a 794,230-square-foot lease at Bridge Point Commerce Center in Miami Gardens in 2026. Colliers reported that the average industrial lease in South Florida shrank from 75,000 square feet in 2020 to 46,000 square feet in 2026, with strong demand for small-bay space under 10,000 square feet. A large logistics box and a small contractor bay are different products. The county vacancy rate will not tell you which one is scarce on the street you are touring.

Retail: tight space, a small volume dip

Retail sales volume in Miami-Dade dipped only 4 percent, while the median price per foot jumped 30 percent to $575. Cushman and Wakefield put shopping-center vacancy at 3 percent in the third quarter of 2026, the lowest among major U.S. markets in that cut. Asking rents rose 3.2 percent year over year. Only about 536,999 square feet was under construction, adding 0.5 percent to inventory.

Tight vacancy can support rent. It does not prove that a former shop can become a restaurant, clinic, or late-night use. That question is zoning and certificates, covered later, not a market statistic.

Where new supply is concentrated

Sales slowed. Construction did not disappear. Miami-Dade has the highest level of multifamily construction among major U.S. markets in this report: 20,908 units under way, equal to 10.7 percent of existing inventory. At the cited absorption pace of 8,098 units a year, that pipeline is a little over two years of demand. Asking rents in the Miami market area were up 2 percent year over year by September, versus 0.7 percent nationally, with vacancy at 4.8 percent versus 6.6 percent nationally.

That pipeline is a residential-income fact sitting next to a commercial sales fact. It matters if you are comparing a commercial building with an apartment investment, and it matters if your commercial thesis depends on daytime population from new housing. It is not a forecast that every new unit will lease at the rent in a pro forma.

Office construction at 3.3 percent of inventory is the other supply number to keep visible. A county vacancy rate of 11.6 percent can rise in the submarket where the new towers deliver and stay tight somewhere else. Industrial, by contrast, is adding space more slowly than the nation. Read each pipeline against its own stock.

The same report says Miami-Dade and Palm Beach are seeing some of the most intense multifamily and office construction in the country relative to existing stock. Intensity is not the same as oversupply. It means a larger share of the stock is still in the ground. Ask when those projects deliver, and whether your hold period overlaps the lease-up.

What a county snapshot cannot decide

A market reading is a screen. It is not diligence. These are the decisions the 2026 tape cannot make for you:

1. Price one building. A median of $569 per foot for office sales does not say what a given floor plate, lease roll, or capital need is worth.
2. Approve a use. Prior occupancy is not zoning. Miami-Dade assigns each property a zoning district that controls permitted uses and standards such as height, setbacks, and open space. Check the county's official zoning district pages, then confirm the parcel with the jurisdiction.
3. Set an insurance or flood budget. County vacancy ignores storm and flood exposure. FEMA's Flood Map Service Center is a starting map, not a premium quote.
4. Predict your financing. The Treasury move explains why fewer sales closed. It does not quote your rate, your reserves, or your debt-service coverage.
5. Replace the rent roll. Asking rent of $61 per foot is a market-area average. Collections, free rent, and tenant improvements live in the leases.

Public parcel facts are a cross-check, not a conclusion. The Miami-Dade Property Appraiser is the place to start on folio, building area, and assessed information. Reconcile that record with title, survey, and the leases before you treat any square footage as real.

If the alternative is a home or condo rather than a leased building, use a residential source. The Miami real estate market buyer's guide and the Miami real estate investment guide cover that path. Apartment income has its own loan questions in the Miami investment property DSCR loan guide. None of those pages is a commercial market update.

A practical way to use this reading

Use the county tape to decide which questions are worth a tour, not to decide the offer. A simple sequence keeps the stats in their lane:

1. Name the asset type. Office, industrial, retail, and multifamily did not share a 2026 volume trend. Start with the row that matches the building.
2. Put the county median next to the ask. If an office ask is far from $569 per foot, write down why: condition, lease term, location, or a number that is not actually a building-wide price.
3. Check the occupancy story for that type. Office vacancy at 11.6 percent, industrial at 10.7 percent, and shopping-center vacancy at 3 percent are not interchangeable.
4. Check supply timing. Office and multifamily have heavy pipelines. Industrial and shopping-center retail are adding little space.
5. Only then open documents: zoning, flood, leases, and the appraiser folio.

Geography still matters inside the county. Brickell, downtown, and Coral Gables do not share one office rent. Doral, Medley, and Miami Gardens do not share one industrial bay. The Miami communities overview is a residential map of those areas. Use it to see who lives nearby. Do not use it as a commercial rent survey. For homes and condos already on the market, the Miami property search is the live inventory, and new development listings cover projects still selling. Those are residential shelves, not a commercial exchange.

The Maya Vander Group's daily work is luxury residential real estate in Miami and nearby communities. This note stays on the 2026 sales and occupancy tape. Use it before you decide whether a leased building, a residence, or both belong in the search.

Talk with The Maya Vander Group if you want help placing a Miami home or condo search next to this commercial reading.

Frequently asked questions

Is the Miami commercial real estate market down in 2026?

Sales volume is down. Price per foot is not, for most types. Miami-Dade commercial sales were $4.33 billion in the first three quarters of 2026, 19 percent below a year earlier. Over the same stretch, median sale prices per foot rose for office, industrial, and retail and fell slightly for multifamily.

Why did sales fall if rents and prices look firm?

The October 2026 association report points to higher borrowing costs. The 10-year Treasury yield reached 5 percent in September 2026. Deals that still closed concentrated in lower-risk buildings, which is why several price-per-foot medians rose while the number of dollars traded fell.

Which property type was the exception?

Industrial. Miami-Dade industrial sales volume rose 6 percent while office fell 43 percent, multifamily fell 30 percent, and retail fell 4 percent. Industrial vacancy was 10.7 percent with matching rent growth, and new supply was a smaller share of stock than the national rate.

Do these figures price a building I am touring?

No. They are county medians and market-area averages. A single roof, lease, flood zone, or zoning limit can move a price far from $569 or $323 per foot. Use the tape to frame the question, then underwrite the parcel.

Where should I confirm zoning and flood risk?

Start with Miami-Dade's zoning district pages and FEMA's Flood Map Service Center, then have the right local professionals confirm the parcel. A market report will not tell you whether your use is allowed or what the insurance will cost.