Miami office cap rates
Miami-Dade County · Updated September 2026
Current range
7.00% – 8.75%
Office has the widest range of any property type right now. Two buildings with the same income can trade two points apart.
Typical expenses
40%
of collected income, paid by the owner
What moves a office property within the range
- Occupancy and lease rollover. Vacancy risk is the main thing buyers price in office today.
- Tenant improvement and leasing costs. Buyers deduct what it will cost to fill the space.
- Location. Brickell and Coral Gables trade well below the county range, suburban office above it.
- Location and age. Core neighborhoods trade about 0.25% tighter, outer markets about 0.50% wider, and buildings from before 1980 about 0.25% wider.
What a quarter point is worth
Take a office property with $500,000 of net operating income. At today’s range, every 0.25% change in cap rate moves its value by about $195,360.
| Cap rate | Value at $500,000 NOI |
|---|---|
| 6.75% | $7,407,407 |
| 7.00% | $7,142,857 |
| 7.88% | $6,345,178 |
| 8.75% | $5,714,286 |
| 9.00% | $5,555,556 |
Questions
What is a good cap rate for office in Miami?
Stabilized office properties in Miami-Dade are trading at 7.00% to 8.75%. A lower cap rate means a higher price for the same income. Whether a given cap rate is good depends on whether you are buying or selling.
How do I calculate the value of a office property?
Divide the net operating income by the cap rate. A property netting $500,000 a year at a 7.88% cap rate is worth about $6,349,206.
What expenses come out of net operating income?
Property taxes, insurance, repairs, management, utilities the owner pays and reserves. Not the mortgage. For office, owner-paid expenses typically run about 40% of collected income.
Other property types: Multifamily (10+ units) · Small multifamily (2–9 units) · Retail / strip center · Single-tenant net lease · Medical office · Industrial / warehouse · Mixed use · Self storage · Hotel / motel · Auto service / gas. Land values by neighborhood: see the table.
What is your office property worth?
Enter your address and we pull the county record. Add your rent and expenses and you will see your cap rate and value range against today's office market. It is free.
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