Downtown Miami, also known as the Central Business District (CBD), is Miami’s historic center, as well as one of its fastest developing neighborhoods today. Its office space home to numerous private and public headquarters, including the Miami Herald, Macy’s Florida, Vector Group, and the central offices of the Miami-Dade County government and the Miami-Dade County Public Schools. This blend of old and new — historic buildings and revitalization projects alongside high-rise and residential developments — draws an influx of young professionals that keeps the Central Business District growing.
Bound by Interstate 95 to the west, North 6th Street to the north, the Miami River to the South, and Biscayne Boulevard, Bayfront Park, and Museum Park to the east, the Central Business District is distinct from the financial district, which is in neighboring Brickell. Brickell, Wynwood, Edgewater, and the CBD are now sometimes considered part of a Greater Downtown area, which also includes the Government Center, Omni, and Park West neighborhoods.
Downtown Miami Office Space | Lease and Data Trends
|Office Space for Rent||Class A||Class B|
Overall, Downtown Miami has just under 14 million square feet of office space inventory, of which just under nine million square feet is Class A office space. Across all building classes the average asking rent for the CBD is just over $42 per square foot, with Class A space averaging just over $50 per square foot, and Class B space going for just over $30 per square foot.
Lease price averages only cost a fraction of
With new and ongoing development projects, such as the revitalization of shopping mainstay Flagler Street and various high-rise office and residential towers, Downtown Miami is poised to continue moving towards high-quality office space. The nearly 200 thousand square feet of inventory currently under development is entirely Class A space; Class B space mirrored this growth with increased vacancy rates.
Even with more and more Class A space hitting the market, high vacancy in Downtown Miami will continue to cap rent growth, leaving cost-effective, high-quality options for businesses looking to move to the CBD.
What Our Brokers Say About Downtown Miami Office Space for Rent
Downtown Miami is a cultural, financial, and commercial center, providing a diverse marketplace for new and established businesses. Its historic buildings and the shopping destination Flagler Street draw locals and tourists alike, while easy access to public transit and new high-rise apartment developments draw working professionals in the age range of 25-40. Downtown Miami is in a substantial period of growth and development, providing opportunities for new tenants to harness a growing young workforce and shape the future of the neighborhood.
Downtown Miami is home to many of the oldest buildings in Miami, as well as attractions such as museums, theaters, parks, the Bayside Marina, the Miami-Dade College Wolfson Campus, and the American Airlines Arena. Visit rooftop bar Pawn Broker for Prohibition-era cocktails, or Mike’s at Venetia for a more tucked-away local crowd. Our team also recommends Sparky’s Roadside Barbecue, Pizzarium, Tuyo, and Rubio’s Coastal Grill.
Downtown Miami Neighborhood History
Miami was first incorporated as a city in July of 1896 with a population of just over 300. What is now known as Downtown Miami is one of the oldest settled areas of the city, dating back to pioneer settlement in the early 19th century, when it was known as Biscayne Bay Country. Henry Flagler’s extension of the Florida East Coast Railway down to Miami, at the insistence of Julia Tuttle, jump-started Miami’s urban development and later gave Flagler Street and the Julia Tuttle Causeway their names.
Miami experienced rapid population growth in the 1920’s during the Florida Land Boom, a real estate bubble prompted by the extension of the Florida East Coast Railway, the draining of the Everglades to create more dry land, and the promise of a U.S. destination with a tropical climate. Though the bubble ultimately burst, it was responsible for a surge of developments in Downtown Miami, including a large number of buildings in what is now recognized as the Downtown Miami Historic District.
By the 1940’s, Miami had a population of 172,000, which was boosted again by the influx of wealthy Cubans after Fidel Castro came into power in 1959. In recent years, immigration and internal migration from other U.S. states have slowed, and Downtown Miami’s continued population growth can be attributed to the urbanization and high-rise construction that has increased its population density.
Getting to, From, and Around Downtown Miami
Miami’s traffic is notoriously bad, but luckily Downtown Miami boasts numerous other options for getting around. Walkscore rates Downtown Miami a Walker’s Paradise and Very Bikeable, making it one of the most pedestrian and cyclist-friendly neighborhoods in Miami. It is accessible by the Metromover Inner Loop and the MetroRail Government Center Station and is well-serviced by the Miami Trolley and the Miami-Dade County Metrobus, as well as taxis and ridesharing services such as Uber and Car2Go.