Blanca Commercial Real Estate CEO Tere Blanca and DaGrosa Capital Partners Chairman Joe DaGrosa spoke with Fox News Digital about how California's commercial migration has followed residential in the Light State.
While major metropolitan areas across the country continue to struggle with vacant office space, Florida's business climate is pushing office occupancy above pre-pandemic levels.
According to the latest data from Placer.ai's monthly Office Index, Miami is ranked as the top metro for office return activity in June 2026, with estimated office visits surpassing 2019 levels.
Additionally, Miami earned the No. 1 ranking. 1 nationwide for returning to the office after the pandemic in five of the last six months, New York ranked second during those same times.
“Miami leading the country in offices is a clear sign that we have become the second center of business and financial activity,” Blanca Commercial Real Estate founder and CEO Tere Blanca told Fox News Digital. “This includes decades of investment in the region, in addition to companies giving workers a real say in where they want to build their careers.”
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“Businesses first come to Miami for the business-friendly environment and tax benefits that Florida offers. They then stay for the ease of connecting to the airport with many domestic and international flights, the talent they can hire locally or relocate here, and the quality of life that is hard to match, including feeling safe,” he continued. “That's what turns a tour into a lease, and a lease into a regional office, or in some cases, a full headquarters move.”
New data shows Miami has surpassed New York City in return-to-office levels in five of the last six months. (Getty Images)
Last week, Blanca Commercial Real Estate released its second quarter Snapshot for the Miami-Dade County Office, noting that South Florida's real estate market continues to evolve from attracting initial corporate migration to supporting an expanded local presence for companies.
The firm's research found that companies including Amazon, Blackstone, IRU and Simpro Group have expanded their commercial footprints in Miami since entering the market.
“Companies that have been here since 2020 are now doubling and tripling. IRU is one of my favorite examples. A technology company has grown from a small company in Coconut Grove to more than 25 times its original location in less than two years, after announcing Miami as its new East Coast headquarters,” Blanca told Fox News Digital.
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Blanca CRE's analysis shows that Miami's premier malls exhibit structural characteristics similar to Manhattan's corridors, where areas such as Park Avenue, Grand Central and Hudson Yards command asking rents from $90 to more than $100 per square foot, with premium locations reaching $300 to $320 per square foot.
“Companies are also still flying to the top. When they're asking people to come back to the office full-time or on a mixed schedule, they want a space that feels like a home improvement,” he added, “and that's why you're starting to see our best buildings command rents comparable to Park Avenue or Hudson Yards.”
The data shows that smaller Manhattan stores command asking taxes in the $60s and $70s per square foot, matching the Miami-Dade county-wide average.
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“It's never been Miami versus New York. Even across the region, our Class A and B office market is a fraction of the size of what Manhattan has. It's nowhere near the scale that companies are operating there,” Blanca said.
“Firms are clearly prioritizing real estate diversification right now, and that's why we're seeing a lot of moves from New York companies looking for more space down here. They want to be present in more than one city, not necessarily a complete replacement of the one they already have. Miami is a complementary market, not a competitive one. But based on what we're seeing on the ground, I just keep watching New York, because these companies are coming down.”
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