From long-awaited construction milestones and surging luxury sales to transit upgrades and major retail expansions, December highlighted Miami’s powerful momentum across every sector of real estate. Here is your curated look at nine key developments shaping the region this month.

1. Riverside Wharf Miami Breaks Ground After a Decade of Planning

The $350 million mixed-use Riverside Wharf development is officially breaking ground along the Miami River in December 2025. Spanning 1.35 acres from I-95 to NW First Street, the project will replace the former Wharf Miami venue with a full entertainment district that includes a boutique hotel, two nightclub concepts, multiple restaurants and improved public riverwalk access. Once completed, Riverside Wharf is expected to transform downtown’s waterfront and elevate the Miami River’s hospitality landscape.
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2. South Florida Luxury Sales Surge in Second Consecutive Strong Month

Miami-Dade and Broward County recorded another robust month for residential sales in October 2025. Miami-Dade’s transactions priced at one million dollars and above jumped nearly 20 percent year-over-year, driving strong regional activity. Single-family home closings increased approximately 6.9 percent and condo sales rose 6.8 percent. Entry-level condos priced between 150,000 and 199,000 dollars surged by roughly 78 percent, underscoring broad demand across the housing spectrum.
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3. Miami Freedom Park Reveals Over 125,000 Square Feet of Retail and Entertainment

The 131-acre Miami Freedom Park development has unveiled its first-phase retail district, totaling more than 125,000 square feet of new entertainment and dining space. Anchored by brands such as Fever, PopStroke and ToroVerde, this activation will accompany Inter Miami’s 25,000-seat stadium and the 58-acre Jorge Mas Canosa Park. The first retail spaces are scheduled to open in 2026, advancing one of Miami’s most anticipated destination projects.
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4. Miami Secures Funding for Three New Electric Trolleys

The city of Miami received 1.1 million dollars in state funding to purchase three new electric trolley buses as part of its fleet modernization plan. The upgraded vehicles will reduce maintenance downtime, expand service reliability and support the city’s transition to cleaner transportation. The initiative is part of a decade-long overhaul of Miami’s trolley system.
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5. Miami Rent Market Shows Signs of Cooling

Miami remains the sixth most expensive rental market in the United States, with median rents hovering around 3,000 dollars across all unit types. One-bedroom rents fell approximately 3.8 percent year-over-year, reaching an average of 2,500 dollars. Despite the slight cooling, premium areas such as Brickell maintain median rents near 4,200 dollars, reflecting sustained strength in luxury and prime-location demand.
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6. Miami Office Vacancy Rate Declines in Q3 2025

Miami’s overall office vacancy rate dropped to 15.0 percent in the third quarter of 2025, down from 15.7 percent a year earlier. This improvement signals steady demand for workspace in a market where national office vacancies remain elevated. Miami continues to benefit from strong in-migration, business expansion and service-sector growth.
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7. Miami Retail Market Remains One of the Tightest in the Nation

Retail vacancy in Miami held at 3.1 percent in the second quarter of 2025, significantly lower than the national average of 5.8 percent. Although slightly higher than last year’s record low of 2.5 percent, the continued tightness in the market reflects sustained leasing demand, limited new supply and strong consumer spending.
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8. Ultra-Luxury Rental Shatters Records in Miami Beach

A 9,350 square foot waterfront estate on the Venetian Islands set a new Miami-Dade rental record in late 2025 after leasing for 200,000 dollars per month. The seven-bedroom, seven-bath property, originally sold for 31.5 million dollars in 2022, commanded more than 21 dollars per square foot monthly. The deal highlights the extraordinary strength of Miami’s ultra-luxury rental segment.
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Stay Ahead in Miami Real Estate

December’s updates capture a Miami market defined by expansion, investment and transformative development. For insights, guidance and curated listings across the city’s top neighborhoods, visit Jose Muñoz Real Estate.