Miami’s construction office market ranks 16th nationally over the last decade

In looking at how the office construction market has fared in 50 of the largest U.S. metros, a new study by Commercial Cafe found the Miami metro area; comprised of Miami, Fort Lauderdale, and West Palm Beach; to be the 16th fastest-growing market.

Roughly 10 million square feet of office space was constructed in that area from 2007 to 2017. The top three metros by a wide margin were areas encompassing New York (38.2 million square feet), Houston (38.1 million square feet), and Washington D.C (37.2 million square feet).

The Miami metro was Florida’s first entry, followed by Tampa-St. Petersburg-Clearwater (No. 31 at) and Orlando-Kissimmee-Sanford (No. 33). Among the bottom ten metros, Jacksonville ranked dead last at just 1.5 million square feet.

An especially hot neighborhood for new office buildings is Coconut Grove, where projects like 3480 Main Highway, Mary Street and 27@Lincoln are in the works.