Low-cost office rental rates and business friendly climate attract Silicon Valley business leaders to South Florida
“Ok guys hear me out, what if we move Silicon Valley to Miami?”
What started as an inquisitive tweet from Founders Fund Principal Delian Asparouhov opened up new doors as City of Miami Mayor Francis Suarez offered his support. One tweet was all it took to open the floodgates to accelerate Miami as the next technology haven.
COVID-19 advanced the tech exodus out of the Bay Area. Many tech founders and venture capitalists are attracted by the allure of Florida’s lack of state income tax. It offers savings of upwards of 13.3% for those coming from California. Not to mention a friendly business climate where companies have direct access to the bountiful resources Miami has to offer, including a direct line to Mayor Suarez.
In comparison to the Bay Area, Miami is a value play not only for housing, but for office space. Miami office rental rates are on average about 52% less than San Francisco – where the average office rental rate is currently $78.45 per square foot, while in Miami-Dade the average office rental rate is $41.08 per square foot.
Florida’s income tax savings in addition to lower overall real estate costs are an obvious appeal for investors. Add in the sunny climate and beach access; it’s hard to beat.
Miami is also offering incentives for businesses looking to relocate to the Magic City.
For those interested in incentive opportunities, Miami-Dade Beacon Council, Miami-Dade County’s official economic development organization, offers free concierge services to those looking to relocate or start a business in Miami. The organization offers free services to those looking to relocate or start a business in South Florida. The organization acts as a liason that not only verifies incentives but also empowers businesses to succeed by connecting them to local resources—whether in marketing, publications law or client services . All at no cost to new businesses.
Ready to make a move? Witko Group is a full service commercial real estate brokerage firm with experience advising businesses relocating to South Florida with finding their ideal office space and negotiating their lease/sale. Witko Group will also advise on vendors and put you in touch with the appropriate local officals to see what incentives you may qualify for. For more information, or if you have any questions on the market and relcoating please email Founder Ericka Witkowski at ericka@witkogroup.com.
