“America’s business leaders, freed from the office, looked around the country, taking note of its coronavirus lockdowns, taxes and rabble rousers. And many said as if in unison: Miami!”
That’s how a major article on the cover of the Technology section of the Jan. 29 edition of The New York Times begins. It goes on to note that several finance and technology titans as well as Silicon Valley venture capitalists are relocating to Miami, where Mayor Francis X. Suarez has rolled out the red carpet.
The article reads:
“Dozens of big names have arrived. There was a tech contingent: Keith Rabois, a PayPal co-founder and investor, and his husband. Then their friend Peter Thiel, the tech investor and prominent conservative. Jon Oringer, founder of the stock-photography provider Shutterstock, and the media mogul Bryan Goldberg. Steven Galanis, the head of the celebrity-video product Cameo, is here. Elon Musk is talking about building car tunnels under Miami.
“There are also hedge funds and private equity funds. Paul Singer’s Elliott Management is moving its headquarters to the Miami area, as is Carl Icahn’s firm, Icahn Enterprises. Others are opening major Miami offices: Kenneth Griffin’s Citadel as well as Blackstone Group. Goldman Sachs is weighing moving parts of its operation to Miami.”
The article also notes Mayor Suarez, who launched a program called to simplify the process of starting a business in Miami, recently went live on Twitter with the chief operating officer of SoftBank to announce the Japanese conglomerate had committed $100 million to investing in Miami tech companies or tech companies willing to move to the city.
“Unlike San Francisco and New York, Miami is diverse in its politics, with Republicans and Democrats living together in relative peace. It is also racially diverse and international in a way that is vastly different from where some of the newcomers used to live,” the article reads.
Other reports in major national outlets have also documented Mayor Suarez’s numerous conversations and interactions with venture capitalists and tech executives from around the country who are interested in relocating to Miami and other parts of South Florida. They indicate Microsoft is reportedly in talks to lease 30,000 square feet at 830 Brickell, a new 57-story office tower where other prospective tenants also include Chicago-based hedge fund Citadel and multinational law firm Baker McKenzie.
The upsurge in people and businesses relocating to the Greater Miami area has already had a significant impact on the South Florida residential and commercial real estate markets. Residential sales prices have seen large increases due to the upsurge in demand and limited supply, especially for single family homes in desirable suburbs.
Our firm’s other South Florida real estate attorneys and I are now working very closely with clients on the sales, leases and development of both residential and commercial properties. We understand that the heated state of the current South Florida market requires quick decisions and expedited legal services, and we are working to enable our clients to make the most of every real estate opportunity they pursue.
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