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Miami-Dade has had its best-ever year for recruiting companies to open offices in the county — and many more are on the way.
Fifty-seven companies either relocated or expanded in the county in 2022, and 150 companies are in the pipeline, the Miami-Dade Beacon Council said in its annual report released Thursday, the Miami Herald reports.
The number of corporate migrants was the most tracked by the Beacon Council, a public-private partnership that serves as the county's economic development arm and has been in existence since 1985. Combined the companies committed to occupy more than 1M SF in commercial properties.
The council projected the county to see over $800M in recurring economic gains from the out-of-town firms making Miami their new home, which combined are slate to create 8,000 new jobs with an average annual six-figure salary.
Some of the companies relocating or expanding in the county include Bradesco, asset management firm Millennium, fintech firm Yield Street and Israeli tech companies Reeco and Sauce, the council's report said, per the Herald.
The corporate migration pattern has led to an office market seeing unprecedented demand. Asking rents in Miami-Dade offices were up 13% year-over-year in the third quarter, according to Colliers, in large part driven by out-of-town firms seeking Miami outposts.
"Many of the global companies — the Fortune 100, the Fortune 50 — are in the market for meaningful requirements," Colliers Executive Managing Director Stephen Rutchik told Bisnow last month. "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."
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