Miami’s office market has recorded its largest lease of 2025 so far, according to multiple sources: TracFone Wireless, a Verizon subsidiary, signed for more than 51,000 square feet in the Waterford Business District near Miami International Airport. The company is relocating from its previous, 145,000-square-foot headquarters in Medley, reducing its office space by nearly two-thirds.

The Waterford Business District — a 1.6-million-square-foot campus — is home to multiple corporate tenants, including Assurant, which signed a 78,000-square-foot lease last year. TracFone will occupy suites 500 and 600 at 5200 Waterford, which is owned by Nuveen Real Estate.

“Verizon’s commitment reflects the strength of Miami’s office market and validates our investment in creating a premier corporate environment,” said Charles Russo, Nuveen’s senior director and east region asset management lead.

Blanca Commercial Real Estate represented the landlord in the lease negotiations, while Cushman & Wakefield advised Verizon.

TracFone’s former headquarters at 9700 NW 112th Ave. in Medley is slated for redevelopment. Prologis, which bought the property for $54.5 million, plans to transform the 18.5-acre site into a logistics facility.

Miami Posts One of Lowest Office Vacancy Rates

Miami’s office market continues to perform strongly. Per the latest CommercialEdge office report, the market’s asking rents averaged $56.91 per square foot, compared to the national average of $33.38. Miami’s vacancy rate stood at 15.6% to tie for the second-lowest among major markets against a national average of 19.7%. The city also had the second-highest average sale price for office properties at $365 per square foot, following the $396 posted by Austin, Texas.

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