31
May

Coral Gables Office Market Report: 40% Below Brickell Rents, Zero New Supply, & a Shrinking Window to Act

Coral Gables feels like home to me. It’s not only where I’ve done business and maintained my office for the past 30 years, but also where I’ve shared dinners with friends and family, taken Sunday afternoon walks with my wife, and attended art show openings to enjoy the culture and creativity that make this city so special.

From The Biltmore and Venetian Pool to the University of Miami and Fairchild Tropical Garden, Coral Gables enchants, but don’t let that fool you. The City Beautiful is not just a pretty place, it also means business for investors and tenants alike.

 
THE MARKET
Coral Gables holds a singular position in the Miami office landscape.
With investor and tenant advantages, The City Beautiful combines historic character, walkable streets, and premier accessibility in the heart of Miami-Dade County that newer corridors simply can’t manufacture.
In addition to accessibility and convenience, it has significant cost advantages over nearby Brickell — making it one of South Florida’s most compelling office addresses.
What sets it apart:
13.4 MSF of existing office space across one of Miami’s most established and affluent submarkets
Mediterranean Revival architecture, tree-lined boulevards, and a walkable urban core
Premium dining, entertainment, and shopping, all with a prestigious address at a meaningful discount to Brickell
Top-tier 4 & 5 Star product running approximately 40% below comparable Brickell rents, which are now at or above $100/SF

LEASING MOMENTUM
800,000+ SF leased over the past 12 months — an 8% YOY increase

Net absorption turned positive in the second half of 2025
Zero square feet currently under construction — 0.0% of inventory in the pipeline
Vacancy positioned to hold steady regardless of near-term absorption swings
Overall vacancy rate: 8.9%


RENT GROWTH
5.0% rent growth over the past four quarters — well above the historical average of 3.2%

> 4 & 5 Star asking rents have reached $65/SF
> Brickell’s top-tier rents are at or over $100/SF — driving Coral Gables’ real tenant migration
> Large tenants increasingly favoring Coral Gables for its value-to-quality ratio and ease of access
> Positive rent growth persisting even as vacancy has ticked modestly higher.

INVESTMENT ACTIVITY
$285M in transaction volume over the past 12 months — 54% above the five-year average of $184M
Institutional capital has taken notice.

Two transactions defined the past year:

Alhambra Plaza & Alhambra West232,000 SF + 94,000 SF traded for $119.6M ($367/SF)Seller: Germany-based DWS GroupBuyer: Joint venture — Lone Star Funds, Square2 Capital, and Highline Real Estate Capital

Columbus Center | 1 Alhambra Plaza262,000 SF acquired by Tourmaline Capital Partners from Affinius Capital LLC for $76M ($290+/SF)



BOTTOM LINE
Coral Gables is a first choice — for tenants who know the market and investors who’ve done the math.
Rising rents, constrained supply, and surging investment volume tell a consistent story: demand for this submarket is real, and the fundamentals support it.
Contact me today to discuss how we find your Real Solutions for Real Estate.
 786.567.8474