Companies continued to flock to the Southern U.S. this year according to a new report from the Miami-Dade Beacon Council.
In fact, Miami-Dade experienced its best year ever for companies opening offices in the region. The report showed that 57 organizations relocated or expanded in the county this year and 150 are in the pipeline for a total of over one million square feet.
As a result, the council predicts that Miami-Dade will see over $800 million in economic growth and the creation of 8,000 new six-figure salary positions.
Although the office growth has lagged in its usual reliable markets, such as New York City and San Francisco, the South has stepped up as organizations seek a lower cost of operating.
“Many of the global companies — the Fortune 100, the Fortune 50 — are in the market for meaningful requirements,” said Stephen Rutchik, executive managing director at Colliers.
“What I mean by that is 50K SF, 100K SF, 150K SF, 200K SF of office space, which historically would have been an anchor tenant. Few tenants would have asked for that size in our market.”