Writer: Eleana Teran
3 min read December 2024 — Miami has cemented its place as a global magnet for business relocation and growth, drawing companies and entrepreneurs for over a decade.
A trend that continues to increase due to its favorable tax policies, robust infrastructure, and diverse talent pool, the Greater Miami region is paving the way for innovation and economic development.
The city recently ranked as the second-best place to start a small business, according to a study by CoworkingCafe, trailing only Scottsdale, Arizona. Miami earned its spot through remarkable metrics, including 5,320 business applications per 100,000 residents and a self-employment rate nearing 18%. Despite a higher cost of living at 118.2% above the national average, the state’s pro-business policies create an appealing environment for startups in sectors such as finance, tech, and logistics.
Miami isn’t the only hotspot for entrepreneurs — it’s part of a broader trend showcasing Florida’s business-friendly environment. Alongside South Florida’s Magic City, cities like Orlando, Tampa, and Jacksonville have made their mark in the top 10 U.S. cities for startups, according to Clever Real Estate.
Recent trends also show the region is benefiting from broader corporate relocation patterns. According to CBRE’s analysis of Fortune 500 headquarters moves, Florida was one of the top gainers of corporate HQs between 2018 and 2023, alongside Texas and Georgia. The region’s competitive advantages, including its low taxes and overall affordability compared to other major business hubs, continue to attract companies seeking long-term growth opportunities and a higher quality of life for their workforce.
To delve deeper into these trends and their implications, Invest: spoke with Alfred Sanchez, CEO of the Greater Miami Chamber of Commerce, Fred Senra, president of the Miami Lakes Chamber of Commerce, and Mark Trowbridge, president and CEO of the Coral Gables Chamber of Commerce. Their insights provide a firsthand look at how business leaders are driving innovation, fostering collaboration, and addressing challenges to maintain Miami’s position as a premier destination for talent and investment.
Alfred Sanchez, CEO of the Greater Miami Chamber of Commerce
Successful, desirable metropolitan communities do not have the luxury of having single problems. The reason it takes a lot of work to keep Miami at the forefront is that many of its problems are integrated. The cost of living has gone up, so housing costs are astronomical compared to salaries. Moreover, wages are low because Miami has mostly been a service economy with low-paying jobs. We have been working for 20 years to get a tech hub started here where the goal is to go from a low-paying service economy to a high-paying tech economy.
Many of the problems we have are due to our great success as a community. Being a place everyone wants to live in can come with baggage: traffic, higher housing costs, etc. However, the chamber believes we are on the right track to addressing those issues by growing a higher-wage economy and producing a well-trained workforce to fill those new jobs.
We work closely with Rick Beasley from our local workforce board, CareerSource South Florida, to reach out to small businesses. We received a grant from them to identify small businesses that are at risk and connect them with resources within the community. A lot of new initiatives have also been launched throughout the community, such as a new AI program at Miami-Dade College. We aim to connect those initiatives rather than duplicate them. Additionally, with many kinds of training, retraining, and upskilling programs coming up, we aim to educate the business community about those programs and how to connect to them.
Fred Senra, president of the Miami Lakes Chamber of Commerce
Right now, developers are building upward due to limited land availability. For example, the Graham Companies just completed nearly 300 rental apartments and are starting another 300-unit project. A few years ago, they completed another development along Main Street with about 400 luxury apartments. This growth is great for Miami Lakes — it’s a renewal of our town. More young professionals are moving in because it’s more affordable to rent here than in places like Brickell. Despite occasional commuting hassles, our location near major highways like the Palmetto, I-75 and the Turnpike is ideal.
Miami Lakes is maintaining its small-town atmosphere while reinventing itself. Many businesses are investing in this growth. Of course, some businesses fail, often due to a lack of knowledge or proper coaching. Just having money isn’t enough — you need to understand the business. Overall, our community is filled with professionals, with many children and grandchildren of original residents returning. A great example is the Cao family, owners of Vicy Bakery, with around 35 locations across South Florida. Families like the Olivas, known for their cigars, and former Miami-Dade Mayor Alex Penelas also live here. Miami Lakes has a unique attraction not found in many other communities.
Mark Trowbridge, president and CEO of the Coral Gables Chamber of Commerce
The arrival of major organizations to Coral Gables reflects what we’re seeing across South Florida and Florida as a whole — we’re ahead of our peers. Companies are leaving places like New York and Chicago and coming here. Take Ryder, for example — after selling their headquarters, there was a lot of discussion about whether they’d stay in South Florida. We worked with our mayor, the Beacon Council, and partners to find them the perfect location in Coral Gables, ensuring they had what they needed to support their employees.
Things like easy parking, walkability, and access to over 100 restaurants within four blocks of their office were key factors. Coral Gables is a welcoming, safe, and clean community that allows companies to thrive. FIFA is doing the same — hiring locally and relocating a division here from Zurich. And while Apple’s plans aren’t clear yet, if they follow this path, they’ll be great advocates for Coral Gables and Greater Miami. Their thorough decision-making process to come here speaks volumes.
Even with Citadel moving downtown, we feel the positive effects of a brand like that in our region, and the same goes for companies like Blackstone. We’ve also seen businesses relocating from Brickell to The Plaza in Coral Gables. While some of that is due to pricing, companies tell me there’s a special vibe in Coral Gables right now. With companies trying to bring their teams back to the office three to five days a week, they need to offer more than just a workspace. Coral Gables has less traffic and offers a better work-life balance.
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