Real Estate

Why Miami is a powerful lure for businesses

A Costa Rica-bound cargo sails froms PortMiami. Few cities offer the many advantages businesses can access in Miami, says Tere Blanca, CEO of Blanca Commercial Real Estate.
A Costa Rica-bound cargo sails froms PortMiami. Few cities offer the many advantages businesses can access in Miami, says Tere Blanca, CEO of Blanca Commercial Real Estate. PortMiami | 2017

With enviable beauty and diverse culture, a strategic geographic location, and a thriving business, tech, and financial hub, Miami has become a top contender for companies, like Amazon, looking to add new headquarters or relocate. And the city’s commercial real estate landscape — including its design, connectivity, and availability of premier and build-to-suit office space — is accommodating to everyone from startups to Fortune 500 companies.

Miami draws people from all over the world, and the availability of a diverse, multilingual, multicultural talent pool is a differentiating advantage to businesses in a wide range of industries.

Additionally, Miami’s location is unrivaled. Long dubbed the Gateway to the Americas, the city is now known as the Gateway to the World and is recognized as a global city in its own right. Miami International Airport surpasses all other U.S. airports in flights to Latin America and the Caribbean, offers numerous direct flights to Europe, and ranks as the country’s second-busiest airport for international passengers.

For companies with product to ship or receive, PortMiami was dredged to 50 feet in depth, is outfitted with super-post-Panamax cranes able to handle mega-ships and their cargo, and is also the world’s largest passenger port.

Miami’s welcoming business climate has helped drive the settlement of more than 1,100 multinational companies to the area and a significant influx of businesses from other major cities continue to look to Miami when considering relocating or expanding operations to other markets. More and more global businesses seek to add Miami to their office footprint.

Miami is a dynamic innovation ecosystem, attracting startups, and offering exceptional accelerator programs, incubators, and coworking spaces.

Tere Blanca (2)
Tere Blanca is the founder, chairman and chief executive officer of Blanca Commercial Real Estate, which is headquartered in Miami. .

The local business tax structure continues to be advantageous. There is no state income tax on individual income and tax breaks on commercial real estate leases are available.

Also, Miami provides several modes of public transit that connect to various parts of the Florida community, including Metrorail, Metromover, Metrobus, and Tri-Rail. Virgin Trains (formerly Brightline) is already connecting the Miami-Fort Lauderdale-Palm Beach tri-county region, and construction has begun to provide service to Orlando. This type of transportation connectivity is important for companies looking for commercial real estate in the area because it affords them the opportunity to draw from a larger talent pool across county lines without arduous commute times.

Other attractive advantages to Miami include excellent magnet schools, private schools, public schools, colleges and universities. And residents enjoy a lower cost of living than markets like New York and California, or than London, Paris, or São Paolo.

Having examined the myriad general attractions, it is important to assess the advantages of commercial real estate in Miami. Miami enjoys a healthy supply of inventory, including office space, warehouse facilities, and more.

The county has ample build-to-suit opportunities — from downtown Miami, Wynwood, and Aventura, to the Miami Airport area, and beyond — giving companies the opportunity to design their own corporate environment with the amenities and features relevant to attract and retain talent.

In terms of design and facilities, commercial real estate in Miami offers a broad selection of office inventory that combines world-class design and efficiency with the kind of amenities today’s workforce expects.

Inventory is situated throughout the county, providing businesses with varied neighborhood options to best satisfy their needs. Numerous office markets — such as Brickell, downtown Miami, and Coral Gables — are readily accessible to mass transit; those that are not, offer alternate options, like trolleys and freebie shuttle services.

Miami commercial real estate also leverages great live, work and play opportunities. As a growing city that continues to attract global capital, Miami offers recently built and renovated, quality office buildings, and a dynamic pipeline of new office and mixed-use projects located in established and emerging urban environments that appeal to international and domestic businesses.

Finally, regarding the cost of office space, Miami is still one of the most affordable of major global markets in terms of occupancy costs.

Few cities in the world offer the manifold advantages businesses can access in Miami. A coveted lifestyle, cultural activities, welcoming business climate, diverse and multicultural talent pool, a location offering convenient direct flights across the globe, and highly desirable commercial real estate inventory, combine to create an ecosystem where lives flourish and companies thrive.

Tere Blanca is the founder, chairman and chief executive officer of Blanca Commercial Real Estate, Inc., an independently owned commercial real estate services firm headquartered in Miami. She may be reached via email at tere.blanca@blancacre.com or via LinkedIn at https://www.linkedin.com/in/tere-blanca-6275b724/. www.blancacre.com.

▪ This opinion piece was written for Business Monday | The Miami Herald. The views expressed are those of the writer.

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