Power Moves: Big Business Finally Moving to Miami, South Florida

Power Moves: Big Business Finally Moving to Miami, South Florida

Jan 07, 2021 January 07, 2021

They say “build it and they will come.” Well, it’s been long in the building, but Miami’s business boom is taking shape. 2020 was an important and remarkable year for obvious reasons. We have seen unexpected market shifts making the luxury markets for both single-family homes and condos very desirable. Additionally, Miami’s business landscape has seen a massive migration. 

In what can be viewed as a rather recent acceleration, businesses of all shapes and sizes - ranging from established investment firms to tech start-ups and restaurant concepts - have lined up to either expand or completely relocate to the Magic City, particularly from major business hubs like New York City and the West Coast of California, including Los Angeles and the Bay Area. In fact, South Florida ranks in the top 2 states attracting businesses in 2020, leaving behind the likes of California and New York according to this recent Census.

It’s not just the businesses, top-tier talent is moving too!

Major talent from Silicon Valley to real estate and the consumer industry is pouring into Miami, as well. Top CEOs such as Keith Rabois of Founders Fund, Shutterstock founder Jon Oringer, Shervin Pishevar of Hyperloop One, Harry Hurst of Pipe, Alex Taub of Upstream, Alexandra Wilkis Wilson of GlamSquad and Fitz, plus venture capitalist David Blumberg of Blumberg Capital are just some of the intellectual capital that is also moving to the Miami area. 

Blumberg told Business Journals, “I'll quote Walter Wriston's famous statement on this topic when he was chairman and CEO of Citibank: 'Capital goes where it is welcome and stays where it is well treated. Florida hits both of those points very well.” On being asked “Why Miami?,” the venture capitalist openly declared, “Florida is open for business. They are pro-growth and they want entrepreneurs to succeed. They call Miami the capital of South America, and there's an interesting opportunity for Blumberg Capital to bridge its Latin American markets with others around the world. This is going to be a rising market.”

This amassing of businesses to South Florida is something the region has long hoped and planned for. Reading the tea leaves, Twitter and Square founder Jack Dorsey started following Mayor Francis Suarez on the platform this December, substantiating the attention tech entrepreneurs are bestowing upon Miami. 

What else is attracting businesses and top-tier talent to Miami, Florida?

  • Miami’s low corporate income tax and zero personal income tax situation is super attractive to those migrating from higher-tax states in the Northeast, especially those from New York or New Jersey, as well as California
  • The average cost of office space in Miami is $45.45 per square foot compared to $64.12 in San Francisco, according to latest data released by the Miami Downtown Development Authority
  • Miami already has one of the most diverse work cultures in the country, making it a favorable environment for all-inclusive growth
  • Being the gateway to Latin America, Miami offers extensive opportunities for international trade and expansion 
  • Miami also ranked as the No. 1 City for Small Business Growth, according to Biz2Credit's annual rankings in 2019, knocking out New York City
  • The quality of life in Miami is on par with most global cities, with its burgeoning arts, culture, dining, entertainment, and shopping options, while offering the unique benefit of incredible temperate weather year-round as well as beach lifestyle


These Companies have Committed to Moving to Miami or Tri-County Area



Starwood Property Trust of Starwood Capital

Moved to 2340 Collins Avenue, South Beach from Greenwich, Connecticut 

Starwood Property Trust of Starwood Capital


One of the first major corporations to have announced their arrival in Miami (in 2018), an affiliate of the Starwood Capital Group, Starwood Property Trust
is a real estate and infrastructure investment company. Its Miami Beach headquarters have already topped off. To be housed in a Class-A office building, the first of its kind in South Beach, the 144,430-square-foot commercial property is looking forward to a late 2021 completion. Next door to the 1 Hotel & Homes condo-hotel, the headquarters will share space with third-party tenants (especially family offices) and 8,000 square feet of ground floor retail. 


Icahn Enterprises

Moved to Milton Tower, 16690 Collins Avenue, Sunny Isles Beach from Manhattan, New York

Icahn Enterprises 


Milton Tower, the brand-new oceanfront headquarters for billionaire activist investor Carl Icahn’s hedge fund business was completed this July. The private equity firm now occupies 23,500 square feet of the newly constructed building on Collins Avenue, while the remaining 102,000 square feet will be rented or leased out to other offices, along with another 5,000 square feet of ground-floor retail/restaurant space.

Carl Icahn already set up home in Indian Creek Village ahead of his business relocation. 


Blackstone Group Inc.

Moved to 2 MiamiCentral in Downtown Miami from New York City

Blackstone Group Inc.


Planning to open up a new, 41,000-square-foot office in Downtown Miami, the New York-based Blackstone Group will expand its tech team in the Magic City. The private equity giant, which has more than $580 billion in assets under management, will be looking to hire 200 employees for its back-end operations, with an average pay of $200,000 a year. The move is rumored to have been sparked by Miami-Dade County Commission’s resolution to provide up to $650,000 in incentives over a 10-year period to attract investment firms.


Colony Capital

Moving to Boca Raton from Los Angeles

Colony Capital


Colony Capital, a Los Angeles-based investment firm, moved part of its team from Los Angeles to Boca Raton effective January 1, according to a company press release. The company, reports it has more than $47 billion in assets under management, was founded in 1991 and has offices in 12 countries.
Colony’s President and CEO, Marc Ganzi, and Executive Vice President and CFO, Jacky Wu, are already based out of Boca Raton


Nucleus Research

Moved to 7975 Biscayne Point Cir, North Beach from Boston

Nucleus Research


As Boston shut down for the pandemic, CEO Ian Campbell decided to shift his IT research firm to Miami Beach. The consultancy firm’s new, waterfront headquarters are located in North Beach’s gated community of Biscayne Point. (Find more gated communities in Miami Beach 
here.)


Palm Drive Capital

New local office at 4300 Biscayne Blvd, Design District

Palm Drive Capital


Looking to support and strengthen its Latin America-based portfolio companies, this New York-based venture capital firm has set up shop in the Midtown-Design District neighborhood. The firm already has investments in multiple high-growth startups, such as grocery delivery startup Merqueo, Colombian e-commerce unicorn Rappi, and contact lens e-commerce firm Lentesplus. With both its managing partners relocating to Miami, the firm is expecting to hire additional local talent to support its business operations.


ShiftPixy Inc.

Moved to 501 Brickell Key Drive, Brickell Key from Irvine, California 

ShiftPixy Inc.


Relocating its headquarters from the Bay Area of California, this tech start-up for gig workers plans on expanding on this side of the coast along with the European and Latin American markets. The firm also plans on opening a ghost kitchen in Miami named ShiftPixy Labs Ghost Kitchen. The company will allow new chefs and entrepreneurs to compete to be part of the business model where restaurateurs can provide delivery-only menus to third-party platforms such as Uber Eats.

Having moved to Miami, the public company is able to save 25 percent on its lease compared to what it was paying in California.


Payless Shoes

Moved to 3050 Biscayne Blvd, Edgewater from Topeka, Kansas

Payless Shoes


In an attempt to go head-to-head with e-commerce stores as part of its relaunch plans, the once-thriving shoe store chain has relocated its Kansas headquarters to Miami’s Edgewater neighborhood. With plans to open more store concepts in Miami and elsewhere (with social distancing in mind), the shoe chain is focusing on developing its e-commerce presence.


In Transit: Businesses Planning to (or rumored to) Move to South Florida



Goldman Sachs Group

Moving to South Florida from New York City

Goldman Sachs Group


In what would be an unprecedented relocation, the investment icon is considering moving its asset management operations to South Florida. Goldman Sachs has been shopping around for spaces in Palm Beach County and Fort Lauderdale. The global investment bank’s asset management arm is known to bring in around $8 billion in revenues per year.

In case South Florida doesn’t work out, the division could look towards Dallas as its new home. However, Douglas Sacks, Managing Director at
Goldman Sachs, has already settled into Miami with a new condo worth $12 million in North Beach’s 
Eighty Seven Park.


Elliott Management Corp.

Moving to West Palm Beach from Midtown Manhattan

Elliott Management Corp.


Planning on moving his hedge fund’s corporate headquarters to South Florida, billionaire Paul Singer could soon be joining his co-chief investment officer, Jon Pollock in West Palm Beach. Although the $41 billion firm will be keeping its Manhattan offices, the move is led by multiple senior executives of the corporate shifting base to South Florida.


Citadel

Satellite office in Miami

Citadel


Florida native and Founder of the $32 billion Citadel fund, Ken Griffin is expected to set up a brand-new office in Miami next year. The hedge fund billionaire sparked rumors of another office when he moved some of his traders from Citadel Securities to the Four Seasons Hotel in Palm Beach and bought a property on Star Island for $37 million in October.


Balyasny Asset Management

Miami outpost

Balyasny Asset Management


The Chicago-based Balyasny Asset Management is another hedge fund firm in the process of setting up its own Miami office. The $8 billion firm will be opening shop soon with a capacity for about 30 staff.


Divvy Homes

Expanding to Miami and Fort Lauderdale

Divvy Homes


The San Francisco-based rent-to-own startup has planned offices in Miami and Fort Lauderdale in addition to Denver, Houston, Jacksonville, Minneapolis and Orlando. The company buys homes and then leases them to renters for a period of three years. Within this timeframe, renters contribute 2 percent towards the purchase price of the house along with having a quarter of each subsequent rent payment going towards down payments of the property. At the end of three years, renters can choose to buy the property or cash out their savings.


Major Food Group

Three new Miami concepts

Major Food Group


Major Food Group, the company behind Carbone in New York City and 20 other restaurants in Las Vegas, Hong Kong and Tel Aviv, plans on opening three new concepts in Miami over the course of 2021. The restaurateur is bringing eateries to the neighborhoods of Design District, Brickell, and South Beach. With its lease in place for a South of Fifth location, more details are expected to be released over the next four to 12 months.


Industrial Growth



Additionally, the industrial and warehouse scene is expanding in South Florida, with the likes of Amazon building the largest warehouse and distribution space in Miami ever, plus Allen and Son Moving company setting up camp in the Miami-Dade area.



Are you relocating your business interest or corporate office to Miami? If you are moving to Miami, and need expert advice to find housing, call, email or chat us here to let a residential real estate expert help plan your move to rent or own a Miami home or condo.

Contact Us
Founder, Condoblackbook.com & Owner/Broker, BlackBook Properties
(305) 697-7667
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

Miami Building Boom 2021: These are the 12 New Condo Development Projects Planned to Date
Real Estate News Miami Building Boom 2021: These are the 12 New Condo Development Projects Planned to Date
It’s a trend we’ve been talking about since the last quarter of 2020 - waves of buyers are contributing to one of the biggest real estate booms in Miami history. As individuals and businesses escape high tax states like New York and California, and have the freedom to work from any location, luxury condo developers in Miami are announcing new project after new project.   Miami condo developers have announced over a dozen new and relaunched condo projects since the beginning of 2021. In an attempt to appeal to a wide range of new residents, each new project aims to be taller, more luxurious, and offer the most exciting set of amenities imaginable, and could bring more than 10,000 residential units to Miami over the next few years. With the real estate market in Miami in one of its most lucrative cycles yet, here’s a look at the latest condo projects proposed in Miami since January 2021 (till the time of this post): New Miami Condo Development Projects 2021 E11even Hotel and...
Surfside vs Sunny Isles Beach: Which Miami Neighborhood is Better?
Neighborhood Comparisons Surfside vs Sunny Isles Beach: Which Miami Neighborhood is Better?
If you love coastal living with walkable access to Atlantic Ocean beaches, and you want to move to a beachfront address while bypassing the hustle and bustle of South Beach, there are two beachside communities to consider when looking to make your move: Sunny Isles Beach and Surfside.  While these communities are practically next-door neighbors (with ritzy Bal Harbour nestled between them) and they share many amenities, including direct beach access to the Atlantic. Plus, they both are in prime locations that provide quick and easy access to airports, shopping, arts and culture, and outdoor living, living there could not be more different from one another.   As insiders who’ve lived in these popular Miami neighborhoods, we’ve broken down the similarities and differences between these two beautiful seaside communities in case you are looking to move to Miami. Lifestyle: Sunny Isles Beach vs. Surfside While Sunny Isles Beach and Surfside both provide residential coastal living...
Miami Condos with Shabbat Elevators
Real Estate News Miami Condos with Shabbat Elevators
Last updated June 11, 2021. Whether you refer to it as the Sabbath, Shabbat, Shabbos, or by any other term, your religious commitment to observing a holy day of rest should not prevent you from enjoying a luxury condo lifestyle in the subtropical paradise that is Miami.  For this reason, a number of condo communities provide the convenience of a Shabbat or Sabbath elevator, which is a specially programmed elevator that stops automatically on every floor during the Jewish Sabbath, from sundown on Friday evening until sundown on Saturday of every week.  This service is provided in order to accommodate the Jewish religious law that prohibits religious observers from pushing buttons or operating machinery during the Sabbath. While Miami today is known as a particularly Jewish-friendly metropolis, Jews were not even allowed to enter Miami Beach Hotels until the late 1940s. But by the 1950s they began to lay down roots in Miami Beach and to impact the economy, politics, and social flavor...
The Top 10 Tallest Buildings in Miami (You Can Live In)
Real Estate News The Top 10 Tallest Buildings in Miami (You Can Live In)
If you’ve been visiting Miami over the years, one thing you’ve probably noticed is the buildings keep getting taller, and the skyline keeps growing. Ever since the FAA relaxed its height restrictions more than six years ago, Miami’s skyline has continued to elevate itself with glimmering designs of glass and light. The tallest residential building in Miami as of this post is the apartment highrise Panorama Tower at 828 feet. But that won’t last for long. Every few months, a new condo tower is announced with ambitions of becoming one of Miami’s tallest buildings.  Call them #supertowers, #supertalls, or #skyscrapers, they’re definitely building the city’s skyline, reputation, and luxury living to new heights. So, who can claim the title of Miami’s tallest building you can call home? Check out our list below of the top 10 Tallest Condo Buildings in Miami – present and under construction – if you like to live above it all. Elysee Miami | Edgewater Height: 649 feetFloors: 57Developed...
Brickell Avenue Bridge Schedule, Traffic and Solutions -- All You Need To Know
Transportation Brickell Avenue Bridge Schedule, Traffic and Solutions -- All You Need To Know
Ever tried driving from Brickell to Downtown Miami for lunch? Most Miamians dread the thought of catching the dreaded Brickell Avenue bridge, a drawbridge that opens every hour or half-hour during non-curfew hours to allow river and traffic and boats to pass under.  * This article was updated on June 7, 2021 So what’s the problem? A big one! When the bridge opens, it ends up turning the city into a parking lot. With the last two building booms, there’s been a sudden surge in Downtown population since 2010 that has not stopped, and hence, denser traffic. And with Brickell now one of Miami’s hottest neighborhoods, serving as Miami’s vital financial hub, dense residential condo neighborhood and go-to place for nightlife, travel to and from Brickell and Downtown Miami is unavoidable.  This is why almost every second year, the FDOT faces requests to place restrictions on opening the bridge for maritime traffic during rush hour or extending curfew hours. However, listen to the marine...
June Events 2021: Father’s Day and More Summer Fun in Fort Lauderdale
Events June Events 2021: Father’s Day and More Summer Fun in Fort Lauderdale
Summer in Fort Lauderdale is the best time for a beach swim, day on the boat, brunch with friends, and to beat the summer heat. With over 20 June events in Fort Lauderdale to choose from, our curated list offers the best variety of things to do this month. Choose from a musical comedy, a scavenger hunt, concerts, a food and spirits festival on the beach, a dance showcase, tons of summer camps, and virtual programs you can enjoy right at home in the A/C! Also, since Father’s Day is June 20th, we’ve provided a list of things to do to honor Dad. Read on for some of the best picks for Father’s Day celebrations and events to make summer fun in Fort Lauderdale: Things to Do in Fort Lauderdale - June Events at a Glance Father’s Day 2021 Celebrations in Fort Lauderdale June 2021: Fort Lauderdale In-person Events Bonnet House Museum & Gardens Family Summer Specials: June 1 to September 5 Erotica - Exhibit: June 1 to July 2 Paranormal Boot Camp: June 4 Mel Schwartz Sleeps With Mae West...