Unnamed Tech Giant Planning 100K SF Office In Downtown Miami
A global tech firm that already has a large presence in Miami is looking to supercharge its local footprint.
The unnamed company, which has 820 employees already in Miami-Dade County, is looking to hire 3,400 more and open a 100K SF headquarters, according to the Miami-Dade Beacon Council, which is pursuing $4.5M in financial incentives on behalf of the company.
The economic development project is being referred to by the alias "Xray," and its incentives could be approved by the Miami-Dade County Commission next week, Miami Today reports.
Beacon Council Chief Marketing Officer Maria Budet told Bisnow Wednesday it is seeking funds through the Targeted Jobs Incentive Fund and the Relocation and Expansion Incentive Program. Each is performance-based, Budet said, adding that the TJIF allocates tax refunds over a 10-year period to expanding or relocating companies that create new jobs in targeted, high-value industries.
The REIP grants tax credits to expanding or new-to-market businesses that will hire a minimum of 50 new employees in Miami-Dade County over the span of five years.
Miami-Dade County expects to welcome 150 new companies to the market this year, according to the Beacon Council's annual report, published in November.
In 2022, 57 companies either relocated or expanded to the county. Combined, those companies committed to occupying more than 1M SF of commercial space.
The local office market has benefited from the unprecedented run-up in demand as asking rents were up 14% year-over-year in Class-A space across the entire city in the fourth quarter, according to CBRE.