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
Sep Niakan
Broker / Team Lead
(305) 697-7667
sep@blackbookproperties.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

Video: A Look at Miami’s Most Famous Architects Their Most Iconic Buildings
Video Blog Video: A Look at Miami’s Most Famous Architects Their Most Iconic Buildings
Architecture and design lovers – take note! We love architecture and design here at Blackbook Properties, and so we couldn’t resist creating a video to share with our viewers the most famous Miami architects who have transformed this city over the last 120 years. Sep Niakan, founding broker and CEO of Blackbook Properties, takes you through history and the top architects who have helped shape the Miami of today and have built the city into a timeless masterpiece.     Miami has forever been an architecture lover’s paradise. There’s something for everyone here – from old Spanish bungalows with loads of European charm to whimsical Art Deco structures with their hard-to-miss pastel colors, and modernist skyscrapers that push the boundaries of design. Every building mentioned in this video contributes to making our coastal city stand out as an ever-evolving landscape that is poised to remain architecturally relevant in the future as well. Tracing Miami’s architectural history from...
Out of the Kitchen! The Best Condos with Pickleball and Padel Courts in Miami
Lifestyle Out of the Kitchen! The Best Condos with Pickleball and Padel Courts in Miami
Miami is known for its riveting blend of cultures, active lifestyles, a deep love of sport, and for embracing the curated and curious. Nothing sums up this concept more than the growing popularity of padel and pickleball. At this point, you’re probably either saying, “Yes! I love playing them both,” or “A what ball? A cucumber and gherkin game? What the hell are you talking about?” Truth is pickleball has taken America by storm. It’s the fastest growing sport in the U.S. for the fifth consecutive year in a row, after being created near Seattle in 1965. And padel has long been a community racquet sport in Europe, after the first official courts opened in Marbella, Spain in 1974 (but it was created by Mexican Enrique Corcuera in 1969). And we can attest to the fun and addictive nature of both of these petite iterations of tennis—several members of our top Miami real estate brokerage play padel and pickleball! (Call us if you want advice on where to play!) Miami even has a professional...
April 2024: Miami New Development and Pre-Construction Condo Update
Preconstruction April 2024: Miami New Development and Pre-Construction Condo Update
Over a decade in the making, the world’s first Aston Martin Residences finally opened their doors in April. First residents can now come home to all of their favorite elements of the UK-based car brand, including wood paneling, colors, and even number plinths. Meanwhile, developers continued their bullish run this month as a total of seven new condo projects launched sales, including the highly anticipated Viceroy Brickell and Edge House. South Brickell’s Una Residences and the south tower at Aria Reserve topped off, suggesting first residents can step into their brand-new residences as early as next year. Read on below for details on these and more exciting updates in our monthly Miami condo pre-construction market roundup for April 2024:  Now Open Aston Martin Residences – Downtown Miami Sales Launched Viceroy Brickell – Brickell Edge House – Edgewater The Residences at Mandarin Oriental (One Island Drive) – Brickell Key Cassia Miami – Coral Gables Palma Miami Beach...
Miami Luxury Condo Market Report Q1 2024: Stability, the New Normal
Real Estate News Miami Luxury Condo Market Report Q1 2024: Stability, the New Normal
View the most up-to-date market reports. Take me there now! With steady sales growth, moderate price gains, and relatively fast sales, Miami's luxury housing market established a new normal as it kicked off 2024 on a strong note. Despite the national housing market's challenging situation, prices performed well, closing at an all-time high with luxury properties selling within two-three months of being listed. As our expert condo analytics show, luxury condo prices are not going down in Miami anytime soon. This indicates great market health and consistent buyer demand as our sunny shores expand to welcome more homeowners. In our neighborhood-by-neighborhood Miami condo market analysis Coconut Grove & Coral Gables (collectively) emerged as the most popular market for luxury condo buyers in Q1 2024 closing with the highest year-over-year increase in sales (16%).  Fisher Island maintained its status quo as the most expensive zip code in Miami with a price of $1,839 per...
The Most Luxurious Condo Buildings in Sunny Isles Beach
Real Estate News The Most Luxurious Condo Buildings in Sunny Isles Beach
Sunny Isles Beach is known as Miami’s luxury branded condo corridor, and not without reason. When you read the news about the best new Miami condo developments, you’ll find the biggest names in global luxury offering residences here. Brands such as Porsche, Bentley, Armani, St. Regis, and the Ritz-Carlton are some of the exclusive houses inviting you to inhabit their world on this stunning stretch of beachfront lots along the famed Collins Avenue. Very few other locations in Miami will give you oceanfront living like this in new, residential-only towers offering international quality services and five-star hotel amenities. So, if you’re considering Sunny Isles Beach and the kind of opulence such brands bring to the neighborhood, stay tuned for our ranking of the five most luxurious condo buildings in Sunny Isles Beach. As a bonus, we’ll also talk about the most anticipated pre-construction condos that could soon become part of our list. — Why Choose Sunny Isles Beach? Sunny...
April 2024: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
Real Estate News April 2024: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
Billionaire and Miami Dolphins owner Stephen M. Ross grabbed headlines this month as he broke ground on West Palm Beach’s South Flagler House and proposed a brand-new, two-tower condo community in the neighborhood. In what’s an emerging trend, developers across South Florida, including Ross’ Related Companies (not Related Group), are proposing condo towers in partnership with religious bodies to create communities with a deeper sense of belonging. Further, with developers staying bullish on beachfront development sites due to consistent buyer demand, a pair of Canadian developers purchased a 1-acre lot that is pre-approved to build a condo-hotel in Pompano Beach. Read below to find details on these and more updates in our April 2024 pre-construction condo market round-up for Fort Lauderdale and Palm Beach: Broke Ground South Flagler House by Stephen Ross’ Related – West Palm Beach Planned/Proposed Ocean Park Residences – Fort Lauderdale Related Cos. and Frisbie Group’s...