South Florida by the numbers: Big Tech and Wall Street head to South Florida

Miami /
Jan.January 29, 2021 12:33 PM
Miami Mayor Francis Suarez and SoftBank Group COO Marcelo Claure. (Getty)

Miami Mayor Francis Suarez and SoftBank Group COO Marcelo Claure. (Getty)

 

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.

The big story of 2020 Miami real estate was the extraordinary surge of new residents fleeing cities and states with high taxes, rising living costs, and burdensome Covid restrictions. In the opening weeks of 2021, it appears that several big-name tech and finance companies are also leaving places like Silicon Valley and Wall Street for sunny South Florida, presenting extraordinary opportunities for real estate sectors across the region. But is this a momentary outlier, or a transformational trend that will re-shape the market for years to come? We examine it in this edition of “South Florida by the numbers.”

2 million-plus

Number of impressions generated by Miami Mayor Francis Suarez’s “tweet response” to a well-known venture capital principal last year, offering to help with his proposed move out of Silicon Valley. This interaction led to the mayor’s sudden and frequent conversations with major venture capitalists and tech executives from around the country, who are interested in relocating to Miami and other parts of South Florida. [TheRealDeal]

$8 billion

Estimated annual amount generated by investment giant Goldman Sachs’ asset management division, which is reportedly considering a relocation from New York City to South Florida for tax advantages. The bank’s success in operating remotely during the pandemic persuaded members of its leadership team to consider this move, which could dramatically alter NYC’s status as the nation’s financial center. [TheRealDeal]

30,000

Square feet Microsoft is reportedly in talks to lease at 830 Brickell, a 57-story office tower which, when completed, will be the first large Class A office tower in downtown Miami built in the last decade. Other prospective tenants include Chicago-based hedge fund Citadel and multinational law firm Baker McKenzie. [TheRealDeal]

$100 million

Amount budgeted for a new initiative to fund local tech companies and those moving to Miami, recently launched by SoftBank Group COO Marcelo Claure. Doral-based Lumu Technologies is one of the first investments for the initiative, which was announced on Miami Mayor Francis Suarez’s “Cafecito Talks” series. [TheRealDeal]

Two

Number of annual programs new Miami Flagler district tenant Plug and Play will host each year in Miami. The early-stage investor and accelerator (which invested in Google, PayPal, Dropbox and other major tech firms) announced that these events will offer business development opportunities, mentorship, and networking for startups, investors, and corporations. [TheRealDeal]

This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.


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