The lower cost of office space in Broward is attracting companies from Miami-Dade that are looking to reduce their real estate expenses and be closer to their employees.
During the third quarter of 2026, five transactions related to business relocations between both counties were recorded, according to a report by Blanca Commercial Real Estate cited by Bisnow.
The price difference is considerable. According to data from Cushman & Wakefield, the average office rent offered in Miami-Dade reached $67.77 per square foot during the third quarter, compared to $45.59 in Broward, approximately 33% less.
Both figures correspond to offered rents calculated by the same consultancy and not necessarily to the final prices negotiated in each contract. Rents increased by 4.7% year-on-year in Miami-Dade and by 7.1% in Broward.
One of the most notable movements is that of the construction company Brasfield & Gorrie, which in September signed a contract to move its offices from Coral Gables to Weston, in Broward County.
The company will vacate approximately 5,500 square feet on Ponce de León Boulevard to occupy 19,330 square feet in Weston Pointe I, a building located at 2400 North Commerce Parkway.
According to the JLL press release, the real estate firm that represented the construction company, occupancy is expected in the second quarter of 2027. This transaction will allow Brasfield & Gorrie to significantly expand its workspace and improve access to its projects and employees in South Florida.
Among the other firms mentioned in the report are NewEdge Wealth, the law firm of attorney Alexandra Linder, and the private equity company Altura Capital. Blanca CRE did not publicly identify the fifth company. The recorded transactions do not imply that all relocations were completed during the quarter.
Companies are following their workers north
The price of offices is not the only factor. Christina Jolley, senior vice president and head of the Broward market at Blanca CRE, explained to Bisnow that companies are also seeking locations close to their employees, many of whom have moved north due to housing costs.
The migration data supports the significance of this residential movement. Between 2022 and 2023, 17,471 tax returns from Miami-Dade reported a change of address to Broward, corresponding to 29,098 individuals, according to IRS data collected by consultant David Abernathy.
Broward was the main destination for the individuals represented in the tax returns that indicated a departure from Miami-Dade to another U.S. county during that period.
The migration pressure continued thereafter. According to the estimates from the Census Bureau, the population of Miami-Dade decreased from 2,812,144 residents in July 2024 to 2,802,029 in July 2025, a decrease of 10,115 residents.
Gus Martinez, managing director of CMV Commercial and president of the South Florida Office Brokers Association, told Bisnow that companies are seeking better rental conditions and that many of their employees have already moved north due to housing and apartment prices.
More office contracts and new business strategies
The changes also impact how companies organize their spaces. Mark Corlew, president of the real estate firm Grover Corlew, explained that some companies are replacing the search for a large office with several smaller spaces distributed across different markets.
Corlew described operations where initial requirements of 25,000 square feet ended up being reduced to spaces of 12,000 or 10,000 square feet in one of the markets, while the rest of the needs were met at another location.
According to Blanca CRE, Broward recorded approximately 728,000 square feet of leasing activity during the third quarter of 2026. However, 55% of that was attributed to renewals of existing contracts, so that figure does not exclusively represent new office demand.
The market also shows differences between areas and categories of buildings. Cushman & Wakefield reported that the average listed rent for Class A offices in Broward was $50.49 per square foot, while in Miami-Dade it reached $74.77.
The difference in costs, along with the location of workers and the need to expand or redistribute office spaces, is influencing the decisions of companies operating in both counties. The case of Brasfield & Gorrie demonstrates how a company can increase its workspace while simultaneously choosing an area with average rents lower than those in Miami-Dade.
This business movement comes at a time when residential rents in Miami-Dade continue to rise above the national average, and Miami's price parity index has surpassed New York's for the first time, making South Florida the second most expensive metropolitan area in the country in relation to local income.
The cost of doing business in Miami has become increasingly difficult to sustain for small businesses and Latino professionals.
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