Lately, we’ve been witnessing a huge number of tech companies moving to Miami. This made many people wonder if Miami is the next Silicon Valley. Therefore, we did a little research and found that Miami is indeed on its way to becoming the largest tech hub in the US. Further in this article, you’ll learn how it all started and what makes Miami so attractive to tech companies and talented professionals. And for anything else you want to know about finance, tech, or business, make sure to visit dailyhacked.com.
How did it all start, and why is Miami the next Silicon Valley?
When you think of the technology revolution that changed the entire world, San Francisco and Silicon Valley are probably some of the first things that come to your mind. In fact, moving to San Francisco at the time can, in a way, compare to the Gold Rush. Everyone wanted to come there and earn their fortunes.
This trend continued, and as more fortune-seekers arrived, the more expensive living in San Francisco became. People accepted and got used to it until the COVID-19 pandemic changed everything. All of a sudden, San Francisco was no longer a place with amazing nightlife, easily accessible amenities, and plenty of events, and this made many people want to leave.
One of them was Delian Asparouhov, the 28-year-old Founders Fund partner who moved to the Bay Area in 2013. He might as well have started the relocation movement from California to Miami with a single tweet. He suggested moving Silicon Valley to Miami and, unintentionally, started a new trend.
Unexpectedly, he got a response from Miami’s witty mayor. He answered back, “How can I help?” The tweet had a much bigger impact than mayor Suarez had expected. It helped bring many investments and talented professionals to Magic City.
What major tech companies already migrated to Miami?
You might wonder what makes large companies pack their offices and move everything to an entirely new city or even state? The team from getmovedtoday.com suggests that both residential and commercial moving to and within Miami is very easy and affordable. On top of other benefits, this makes this city that much more attractive.
Plenty of major tech companies have already moved to Miami, and as the trend continues, more talent and investments are coming the same way. Further in this article, you’ll read about just some of them.
We probably don’t have to explain, but Spotify is the Sweden-based streaming giant. They relocated to Miami and now operate in a new 20,000-square-foot office at The Oasis in Wynwood. This is now home to Spotify’s Latin American headquarters.
Uber is another major company that migrated to Miami. They are currently located in an office in Brickell. However, they should be moving soon to a 13,000-square-foot office at 3 Miami Central.
Another company that decided to replace expensive California with a more business-loyal but equally sunny Florida is Red 6. This company is developing augmented reality technology for military training. They relocated their offices to downtown Miami. At the moment, they have around 40 employees. However, they plan on expanding and boosting that number to at least 100 within the next two years.
This London-based company previously had its US headquarters in New York City. However, in June 2021, they moved it to the Brickell Financial District in Miami. This company is planning an aggressive scaling. As a part of it, they plan to hire up to 300 local employees by the end of this year.
Even Microsoft found a place for itself in downtown Miami! They leased office space at Brickell Financial District in Miami. It’s a 50,000-square-foot office in a Class A office tower that is currently under construction. It’s actually planned for Microsoft’s Latin America team to move there by mid-2023.
What attracts companies and makes Miami the next Silicon Valley?
Keep in mind that the companies we’ve listed above are only some that have moved their headquarters to Miami. But the list is getting bigger each day as more and more tech companies and professionals are making their way to Florida.
This is probably making you wonder what makes Miami the next Silicon Valley and so attractive to tech giants and talent? Here are just some of the reasons why Miami might be America’s new tech hub:
- Miami has low corporate income tax as well as zero personal income tax, which makes it very appealing for anyone looking to escape higher-tax states.
- Renting an office in Miami is much cheaper than in San Francisco or other cities in Silicon Valley. This makes organizing a commercial move and focusing on finding the right movers to help the transfer of any business
- When it comes to working culture, Miami offers one of the most diverse ones in the country. South Florida provides great opportunities for international trade, too, as it’s the main gateway to Latin America.
- Miami beat New York in 2019 when it became the number one city for Small Business Growth.
- The quality of life in Miami is on the same level as most other global cities. It offers plenty of recreational and entertainment options with great weather all year round.
- Miami is truly a great place to live, and it is constantly ranked in the top 100 most livable cities in the entire US. It’s expected for this trend to continue. So if you’re thinking of buying a property in Florida, you might want to hurry.
So is Miami the next Silicon Valley?
Although no one can predict for sure if and for how long this trend will last, so far, the answer to the question “Is Miami the next Silicon Valley?” is a definite yes. Whether you’re a tech professional looking for a job or you are looking for a perfect place to start your tech company, Miami should definitely be on your radar! This time next year, you might be welcoming your employees back to your new Miami offices!