Miami-Dade County is continuing its hot streak as a prime destination for corporate relocations and a robust commercial real estate market. Fifty-seven companies either re-located or expanded in Miami-Dade in 2022, and 150 more are looking to lay down roots in the “Magic City” soon, according to the Miami-Dade Beacon Council annual report. The Council said this year marked the best on record for recruiting companies to offices in the county going back to 1985.
The Beacon Council, which serves as the county’s economic development agency, projects the county to see more than $800 million in recurring economic gains from companies moving to Miami. The relocations will also create 8,000 new jobs with an average annual salary of six figures. While some other notable national office markets are struggling, Miami’s continues to see huge demand. Colliers reports that office asking rents in Miami-Dade spiked 13 percent year-over-year in the third quarter, driven mainly by out-of-town firms moving there.
Miami officials have aggressively marketed Florida’s second-biggest city as a business hub to companies worldwide. For example, this year, Beacon Council members traveled to Israel, the U.K., and Spain to promote the Miami-Dade region to foreign companies. Looking forward, the city will have to contend with increases in housing costs and the existential threat of hurricanes despite its booming office market and economy. Still, many other cities and the real estate industry can learn from how Miami is successfully marketing itself as an important destination for corporate occupiers.