Two New Office Projects in the Miami Design District Show Where Office Demand Is Concentrating

The Miami Design District is adding two office projects at once: Dacra and Raycliff Capital broke ground on September 30 on an eight-story, 120,500-square-foot building with a 55,000-square-foot lease already signed, and Miami Design District Associates and BH3 Management have announced The Ursa, a 20-story tower with about 250,000 square feet of office space. Traded reported both. Together they show where office demand in Miami-Dade is concentrating, and what kind of space is losing it.

The two projects

The Snøhetta-designed building will have more than 92,000 square feet of office and about 22,500 square feet of retail, with completion expected in early 2028. Atria Health and Research Institute committed to roughly 55,000 square feet across three floors, and 26North, the alternative asset manager founded by Josh Harris, is also joining. The Ursa, at 30 NE 39th Street, will offer 18,000 to 20,000-square-foot floor plates, 14-foot ceilings, balconies and about 15,000 square feet of retail. Construction is expected to begin in 2027 and finish in 2029. The district’s ownership group includes Dacra, L Catterton Real Estate and Brookfield.

Amenities are the product

Both buildings are being sold on their surroundings as much as their floors: restaurants, luxury retail with more than 200 brands, galleries and walkability. Companies competing for talent are paying for that environment, and developers are financing new office in the few districts that offer it. Older office space without that setting faces a harder path, and many owners of dated buildings are weighing conversion, repositioning or sale.

The numbers show the split. Cushman & Wakefield reports Miami-Dade office vacancy at 14.6% in the second quarter, down from 15.2% at the end of 2025, with average full-service asking rent of $66.40 per square foot. Inside that average, Brickell ran 13.1% vacant at about $90.91 per square foot across all classes and nearly $110 for Class A, while downtown Miami sat at 19.3% vacancy and $68.32. Tenants are paying a large premium for the right district, and buildings outside it are carrying the vacancy.

What this means for you

If you are an office tenant, new amenity-rich buildings will not deliver until 2028 and 2029, so near-term options in top districts are limited. Plan early and use the future supply as leverage. If you own older office or flex space, invest in what tenants value, such as parking, flexibility and location access, or evaluate alternatives before vacancy forces the decision. If you are an investor, the spread between the best and the rest is widening.

AXCESS Commercial advises owners and tenants across Miami-Dade, leasing space, listing buildings for sale and managing properties.

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