Miami’s business scene is booming. 2020 was a very important year for many reasons. Unexpected market shifts made luxury real estate more desirable than ever. There is very high demand for luxury single-family homes and condos. In addition, Miami’s business landscape has seen a lot of migration. Businesses of all kinds and all sizes have considered expanding or moving to Miami. Although there are companies from all over that have participated in this move, businesses from big hub cities such as New York have taken the lead.
In fact, South Florida attracted more businesses than California and New York in 2020. With the businesses, many professionals are also moving to Miami. Talent from Silicon Valley, the consumer industry, and real estate has been pouring into the Magic City. Examples of this are Top CEOs such as Keith Rabois of Founders Fund, Shutterstock founder Jon Oringer, Shervin Pishevar of Hyperloop One, and more.
Businesses and top-tier talent are attracted to Miami, Florida for the following reasons:
- Miami has low corporate income tax and no personal income tax. This is very attractive to those moving from high-tax states such as New York.
- Office space in Miami is cheaper per square foot than other major business hubs such as San Francisco.
- The city has a very diverse work culture.
- Miami is a gateway to Latin America, offering extensive opportunities for international expansion.
- Miami was ranked as the #1 City for small business growth by Biz2Credit’s annual raking in 2019.
- The Magic City has incredible quality of life. The city is full of culture, arts, dining, entertainment, beaches, shopping, and the advantage of great weather year-round.