Coral Gables Office Market: $98M Sale, Leasing Surge & New Space

The Coral Gables office market has had a newsworthy summer. A nine-figure building sale on Ponce de Leon, a county-wide leasing surge, and a freshly delivered boutique office building are all sending the same signal: demand for office space Coral Gables businesses can actually use — well-located, well-finished, and close to amenities — keeps climbing. Here is a look at what has happened in recent weeks and what it means if you are shopping for an office rental in Coral Gables right now.

A $98 million vote of confidence on Ponce de Leon

In early July, institutional owner PGIM sold The Ponce, the 365,000-square-foot office complex at 2525 Ponce de Leon Blvd., for $97.8 million, according to Bisnow's South Florida deal sheet. The buyer — a joint venture of Intalex Capital, Itero Investments and Greenwall Capital, partnering with the CDS family office — didn't just buy the two buildings and parking garage. The group lined up a $105 million mortgage from Acore Capital and plans to pour roughly $30 million into upgrades to lobbies, courtyards, building systems and tenant spaces, with work targeted for completion by 2027.

That's a significant bet on a property that was only about 65% leased at the time of sale. Investors don't spend that kind of money on renovations unless they believe tenants will follow — and in Coral Gables, the leasing data suggests they will.

Miami leasing is surging, and the Gables is a top performer

According to Q2 2026 market data from Savills reported by Commercial Observer, office leasing across Miami-Dade hit 1.3 million square feet in the second quarter — up nearly 45% year over year. Availability tightened to 14.9%, down from 17.1% a year earlier, while average asking rents climbed to $67.12 per square foot, about 7% higher than a year ago. Class A space now averages $80.85 per square foot countywide.

Notably, Coral Gables ranked among the top three submarkets for leasing activity in the quarter, alongside Airport West and Downtown Miami. Demand is coming from family offices, financial institutions, law firms and technology companies — many of them new arrivals to the Miami office market.

Coral Gables stands out even against its own history. A recent Avison Young analysis found the Gables is the only major Miami submarket where leasing activity is running above its pre-pandemic historical average — about 10.8% above it. While Brickell and Miami Beach saw their post-COVID surges peak earlier, the Gables has kept building momentum.

New boutique space at 4225 Ponce

On the supply side, the newest addition to the City Beautiful is 4225 Ponce, an eight-story boutique office building from Constellation Group and The Boschetti Group across from the Shops at Merrick Park. Tenants began moving in this past January, and the building was reportedly more than 50% leased before its formal launch — UBS alone took about 33,000 square feet across two full floors. With private terraces on every office floor, 13-foot ceilings and a location steps from the Douglas Road Metrorail station, it's aimed squarely at the high-end firms that have been relocating to South Florida.

New trophy supply like this is good news for the market's prestige — but at top-of-market rents, it's out of reach for many small firms.

What this means for small businesses in the Gables

Put the pieces together and the picture is clear: availability is tightening, asking rents are up roughly 57% since 2021 countywide, and landlords are investing heavily in their buildings. For a small business, that makes long-term traditional leases in Coral Gables both more expensive and more competitive to land. We broke down the numbers in our recent comparison of Coral Gables vs. Brickell and Doral office costs, and the trend has only firmed up since our midyear look at the Miami office market.

The upside: you don't need a 10,000-square-foot lease to put your business a few blocks from Miracle Mile. Executive suites Coral Gables firms rely on offer a way into this tightening market without the long-term commitment or build-out costs.

Get a Gables address without the Gables lease

Gables Executive Offices offers furnished executive suites in the heart of Coral Gables — with reception service, conference rooms and flexible terms that let you scale as you grow. While bigger players spend millions repositioning towers, you can move into a furnished office in Miami's most polished business district in days, not months.

Want to see what your business could get in the Gables? Book a tour and take a look for yourself.