The state of Florida is renowned for its warm temperatures, sunny skies, and pristine beaches. With new remote work policies freeing employees to work where they want, many are choosing the Sunshine State for its excellent quality of life and cultural attractions. The COVID-19 pandemic has served as a catalyst for some businesses to move to Florida, but the momentum behind this movement has been building up for years. Miami is an international city due to decades of families who left troubled countries in Latin America and the Caribbean to build their homes in Miami.
This diversity is one more reason why companies seek the Sunshine State. The confluence of Florida's smart tax structure, the welcoming attitude of public officials, the high quality of life and a bright future will likely make businesses come to the state for many years to come. The long list of companies moving their corporate headquarters from the New York metropolitan area to Florida has become a little longer. Future Tech Enterprise, an IT service provider, moved its headquarters from New York to Fort Lauderdale.
Colony Capital, a Los Angeles-based investment firm, moved part of its team from Los Angeles to Boca Raton beginning Jan. 1.Unicorn investor Keith Rabois has moved to Miami and said the Bay Area is losing its concentration of tech talent.By moving to Miami, public companies can save 25 percent on their lease compared to what they paid in California. Even moderately successful late-stage companies are attracting private investment, including direct purchases in some cases, giving them options in addition to an eventual IPO.Amid increased migration to Florida by out-of-state businesses, Fort Lauderdale is receiving some attention from technology and financial services companies looking to expand or relocate from northern states. Other newcomers range from high-tech companies to companies that deal with transportation and consumer products.Mayor Francis Suarez of the City of Miami has spearheaded the movement to make Miami the world's next technology hub.
To keep tech companies coming, Miami needs to implement an aggressive and strategic marketing and communications campaign that highlights South Florida's most successful companies and founders.
