Miami-Fort Lauderdale Commercial Space

Q3 2026

Q3 2026 Miami-Fort Lauderdale Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

South Florida remains one of the strongest commercial real estate markets in the country. Miami-Dade office posted its largest quarterly absorption since 2021, retail vacancy sits at just 3.0%, and industrial vacancy remains healthy at 6.3%. Tenant demand on TenantBase moved sharply toward office in Q3: office space accounted for 53.3% of all South Florida tenant searches, nearly four times its 14.1% share in Q2.

Sector Snapshot

  • Office: Strengthening. Miami-Dade vacancy fell to 14.6% on about 245,500 SF of Q2 absorption, with asking rents up 4.3% year over year.
  • Industrial: Healthy. Vacancy was 6.3%, while asking rents fell 5.3% as new supply delivered.
  • Retail: Very tight. Vacancy was 3.0%, well below the 4.4% national average.
  • Multifamily: Strong demand. First-quarter absorption rose 40% from a year earlier despite an ongoing delivery wave.

Miami-Fort Lauderdale Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across Miami-Dade, Broward, and Palm Beach counties are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

  • Office: 53.3%
  • Retail/Storefront: 40.9%
  • Warehouse/Industrial: 5.8%

Quarter-Over-Quarter Change

  • Office: 14.1% in Q2, 53.3% in Q3
  • Retail/Storefront: 49.4% in Q2, 40.9% in Q3
  • Warehouse/Industrial: 36.5% in Q2, 5.8% in Q3

Key Takeaways

  • Office overtook retail as South Florida's top search category, with office share nearly quadrupling quarter over quarter.
  • Short-term office demand surged. Office searches for terms under one year rose from 36.8% in Q2 to 57.5% in Q3.
  • Office space needs grew. Tenants seeking 3 to 5 year office terms averaged 2,636 to 5,500 SF, up from 1,664 to 3,464 SF in Q2.
  • Retail tenants added flexibility. Retail searches for terms under one year rose from 5.4% in Q2 to 29.4% in Q3.

Office Market

Key Metrics (Miami-Dade, Q2 2026)

  • Vacancy: 14.6%, down 60 basis points quarter over quarter (Cushman & Wakefield)
  • Net absorption: about 245,500 SF, the largest quarter since 2021 (Cushman & Wakefield)
  • Average asking rent: $66.40/SF full service, up 4.3% year over year (Cushman & Wakefield)
  • Brickell: 13.1% vacancy at $90.91/SF (Cushman & Wakefield)
  • Airport West: 13.8% vacancy at $45.67/SF (Cushman & Wakefield)
  • Miami Lakes: 9.4% vacancy at $35.51/SF (Cushman & Wakefield)
  • Largest new lease: Iru, 92,000 SF at 3390 Mary St in Coconut Grove (Cushman & Wakefield)

TenantBase Office Activity

Demand share: 53.3% of South Florida tenant searches, up from 14.1% in Q2.

Lease term preferences:

  • Less than one year: 57.5%
  • 3 to 5 years: 20.5%
  • 2 to 3 years: 11.0%
  • 5+ years: 11.0%

Space requirements by term:

  • Less than one year: 1,067 to 2,300 SF
  • 2 to 3 years: 900 to 2,200 SF
  • 3 to 5 years: 2,636 to 5,500 SF

Top locations: Airport/Doral was the most requested area across all space types in Q3, followed by suburban West Palm Beach, Miami Lakes/Northwest Dade, Boca Raton, Delray Beach, Brickell, and Kendall/South Dade.

TenantBase data vs. the market: South Florida office demand on TenantBase is concentrated in suburban and value-oriented areas like Airport/Doral and Miami Lakes rather than Brickell. That fits the rent gap: Airport West asks about half of Brickell's $90.91/SF, and Miami Lakes is even lower. Small tenants searching those areas get far more space for the money, though Miami Lakes, at 9.4% vacancy, is tighter than the broader market.

Industrial & Warehouse Market

Key Metrics (Miami-Dade, Q2 2026)

  • Vacancy: 6.3%, up 30 basis points year over year (Cushman & Wakefield)
  • Q2 net absorption: about 409,000 SF (Cushman & Wakefield)
  • Average asking rent: $15.73/SF net, down 5.3% year over year (Cushman & Wakefield)
  • Under construction: about 2.5 million SF, about 11.0% preleased (Cushman & Wakefield)
  • Largest new lease: Ryder System, 409,189 SF in North Central Dade (Cushman & Wakefield)

TenantBase Industrial Activity

Demand share: 5.8% of South Florida tenant searches, down from 36.5% in Q2. Industrial searches in Q3 averaged 2,500 to 10,000 SF on 3 to 5 year terms and 10,000 to 25,000 SF on 5+ year terms.

TenantBase data vs. the market: With industrial rents down 5.3% and about 2 million SF delivering by year-end, mostly unleased, industrial tenants have more negotiating room, especially for new construction in Airport West.

Retail Market

Key Metrics (Miami-Dade, Q2 2026)

  • Vacancy: 3.0%, versus 4.4% nationally (Cushman & Wakefield)
  • Q2 net absorption: positive 396,000 SF (Cushman & Wakefield)
  • Average asking rent: $49.82/SF, nearly double the U.S. average (Cushman & Wakefield)
  • Under construction: about 1.34 million SF, the most since Q1 2023 (Cushman & Wakefield)
  • Notable leases: Floor & Decor (54,000 SF) and Tesla (45,255 SF) in Kendall (Cushman & Wakefield)

TenantBase Retail Activity

Demand share: 40.9% of South Florida tenant searches, down from 49.4% in Q2.

Lease term preferences:

  • Less than one year: 29.4%
  • 3 to 5 years: 23.5%
  • 5+ years: 21.6%
  • 2 to 3 years: 19.6%
  • 1 to 2 years: 5.9%

Space requirements by term:

  • Less than one year: 500 to 1,000 SF
  • 1 to 2 years: 750 to 1,500 SF
  • 3 to 5 years: 3,833 to 7,833 SF
  • 5+ years: 2,383 to 4,833 SF

TenantBase data vs. the market: South Florida retail tenants on TenantBase split between small short-term users under 1,500 SF and multi-year tenants needing 2,400 to 7,800 SF. With Miami-Dade vacancy at just 3.0%, multi-year tenants face stiff competition and should start their search early.

Multifamily Market

Miami-Dade multifamily demand remains deep despite an ongoing delivery wave, according to Marcus & Millichap. First-quarter net absorption rose 40% from a year earlier, Class C vacancy held near 3%, and lower-tier renewal conversions are near record highs of 70%.

Q4 2026 Outlook

  • Office: Expect continued tightening and rising rents, with small-suite demand from TenantBase searches concentrated in Airport/Doral and suburban Palm Beach.
  • Industrial: Expect tenant-friendly rents as new supply delivers.
  • Retail: Expect vacancy to stay near historic lows.
  • Multifamily: Expect steady demand to absorb new deliveries.

Frequently Asked Questions

What type of commercial space are South Florida tenants searching for in 2026?

In Q3 2026, office space made up 53.3% of Miami-Fort Lauderdale tenant searches on TenantBase, followed by retail/storefront at 40.9% and warehouse/industrial at 5.8%. Office share rose from 14.1% in Q2.

Which South Florida areas are tenants searching most?

Airport/Doral was the most requested area on TenantBase in Q3 2026, followed by suburban West Palm Beach, Miami Lakes/Northwest Dade, Boca Raton, and Brickell.

What lease terms do South Florida office tenants want?

57.5% of South Florida office tenants on TenantBase sought terms under one year in Q3 2026, and 31.5% sought terms of 3 years or longer.

What is the office vacancy rate in Miami?

Miami-Dade office vacancy was 14.6% in Q2 2026, with an average asking rent of $66.40/SF full service and Brickell at $90.91/SF, according to Cushman & Wakefield.

What is the retail vacancy rate in Miami?

Miami-Dade retail vacancy was 3.0% in Q2 2026, compared with 4.4% nationally, according to Cushman & Wakefield.

How can I find commercial space in South Florida at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across Miami-Dade, Broward, and Palm Beach counties at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

  1. TenantBase proprietary search data, Miami-Fort Lauderdale, July 1 to September 30, 2026
  2. TenantBase, Miami-Fort Lauderdale Commercial Real Estate Market Report, Q2 2026
  3. Cushman & Wakefield, Miami Office MarketBeat, Q2 2026
  4. Cushman & Wakefield, Miami Industrial MarketBeat, Q2 2026
  5. Cushman & Wakefield, Miami Retail MarketBeat, Q2 2026
  6. Marcus & Millichap, Miami-Dade Multifamily Market Report, 2Q 2026

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.