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While Miami-Dade County still boasts the biggest price tags for office properties, Broward County took the spotlight last year as the sector’s investment darling in South Florida.
Broward last year recorded a 93 percent year-over-year spike in its office sales last year, the greatest growth in South Florida, according to a TRD Data analysis of CBRE data. The county raked in nearly $651.5 million worth of deals last year.
The market’s office surge was fueled by a mega deal inked in the first quarter of last year. Lone Star Funds, Highline Real Estate Capital and Square2 Capital acquired the 23-story Bank of America Plaza at Las Olas City Centre in downtown Fort Lauderdale for $221 million in February. That was the second-highest office deal in the tri-county region last year.
Palm Beach County’s annual growth rate topped 51 percent, recording just under $536 million worth of office deals last year.
The story in Miami-Dade, meanwhile, was different. The county took in about $1 billion worth of office deals — the largest dollar amount among the three markets — but that total dollar volume was down by almost 26 percent year over year.
Miami had the most expensive office transaction last year: the family office of Amancio Ortega, the Spanish founder of fast-fashion chain Zara, purchased the 30-story Sabadell Financial Center in Brickell for $274.4 million in cash. The deal catapulted the county’s fourth-quarter office sales to more than $653 million — the second-highest fourth-quarter total for Miami among CBRE’s data.
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Nationally, the office market had an uneven performance in 2025. Class-A properties dominated buyer demand and commanded rent increases and lower vacancy rates, while older buildings struggled. The pipeline for new office buildings also diminished, and many developers have been eyeing converting their empty properties into residential complexes.Office buying in the three South Florida markets peaked in 2021, according to CBRE’s data, which goes back six years. That was the year that Related Companies dropped $282 million on West Palm Beach office towers, and when Monarch Alternative Capital and Tourmaline Capital Partners joined to acquire a 90 percent stake in a downtown Miami property for $279 million.