Why South Florida?
South Florida provides many positive attributes to both landlords and tenants alike. The region holds inherent qualities which are very favorable for businesses. As the Mecca for enterprise for international investors, South Florida harbors a unique market filled with glaring opportunity and large profit potential. Florida’s business friendly tax structure also allows for businesses to use excess capital for expansion instead of tax outlays. Miami-Dade County, one of the largest local economies in the nation, provides aggressive property tax incentive rebates in order to foster an environment where businesses thrive and feel welcomed. Irving J. Díaz & Associates works with organizations like the Miami-Dade County Beacon Council and the Miami Downtown Development Authority to ensure that South Florida remains the business friendly region that it is known for.
Located just north of The Caribbean and Latin American economic region, South Florida serves as a hub for many American corporations and other international businesses entering the Latin American market. Many international investors, particularly from Latin America, view South Florida as a secure investment opportunity. Foreign companies with their American headquarters in Miami include, AstraZeneca, Unicomer Group, and TAME. Hewlett Packard also has their Latin American headquarters based in Miami-Dade County. South Florida is also serves at the location for over 190 foreign consulates. This concentration of business opportunities affords South Florida an international recognition for international trade and opportunity.
South Florida also has world renowned airports and seaports. Miami International Airport (MIA) provides a significant bulk of economic activity to the region and connects the area to the rest of the world. The airport has nonstop flights to more than 40 destinations in the United States and Canada, 29 in the Caribbean and The Bahamas, 19 in South America, 10 in Central America and nine throughout Europe. According to estimates by Airports Council International, MIA ranks as the world’s 28th busiest airport. The airport also ranks 12th worldwide and 1st in the United States as an air cargo center, moving 1.76 million metric tons of volume. MIA had 31 million passengers travel through the airport in 2005.
Educational institutions are quite prominent in the South Florida as well. Miami is home to the University of Miami, founded in 1925, and considered one of the most prestigious universities of the State of Florida. Florida International University, one of the largest research public universities in the state, is located in Miami-Dade County. Known for their extensive research in all fields ranging from biological sciences and alternative energy to real estate research, these two universities contribute much to the South Florida business community. Graduates from these institutions also provide the region and the rest of the state with the much needed supply of professionals to foster a flourishing economy. Currently, Florida has led the country in the creation of new jobs for the last five years.
The State of Florida also realizes the importance of having businesses fuel the state economy. Florida is considered one of the tax friendliest states in the country. The state does not levy any personal income taxes, and has one of the lowest, simplest corporate income tax structures in the United States. The cost of living in South Florida, relative to other major metropolitan areas, is significantly low, thus allowing businesses to stockpile extra capital for business development. Property taxes in the South Florida region are also at very manageable levels when compared to other urbanized areas. Organizations such as the Miami-Dade County Beacon Council and the Miami Downtown Authority offer companies of all sizes generous property tax rebate incentive packages, amongst others, in order to attract these businesses to the area and create employment. In addition to property tax rebates, qualifying companies may also receive grants for tenant improvement projects. All these factors have resulted in leaving South Florida as the main economic engine for the state.
Miami-Dade County Cost of Living
| 2007 Average Prices | |||
| APT | HOME | ||
| CITY CODE | URBAN AREA AND STATE | RENT | PRICE |
| 06-41884-800 | San Francisco CA | $ 2,031 | $ 866,636 |
| 11-47894-750 | Washington-Arlington-Alexandria DC-VA | $ 1,773 | $ 650,190 |
| 12-22744-240 | Fort Lauderdale FL | $ 1,197 | $ 544,198 |
| 12-33124-500 | Miami-Dade County FL | $ 1,243 | $ 426,051 |
| 13-12060-150 | Atlanta GA | $ 781 | $ 288,758 |
| 17-16974-280 | Chicago IL | $ 1,443 | $ 354,224 |
| 25-14484-200 | Boston MA | $ 1,497 | $ 495,140 |
| 34-35084-500 | Newark-Elizabeth NJ | $ 1,322 | $ 518,648 |
| 36-35644-600 | New York (Manhattan) NY | $ 3,481 | $1,202,800 |
| 36-35644-601 | New York (Queens) NY | $ 1,725 | $ 674,978 |
| 42-37964-700 | Philadelphia PA | $ 1,385 | $ 424,647 |
| 48-12420-080 | Austin TX | $ 946 | $ 228,613 |
Source: ACCRA |
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Commercial Real Estate Market
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MIAMI-DADE COUNTY OFFICE MARKET |
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| Market | Rentable Area (SF) | Vacancy Rate (%) | Direct Weighted Asking Lease Rate FS/YR |
| Total | 39,818,115 | 8% | $30.88 |
| Class A | 16,530,332 | 6.60% | $37.06 |
| Class B | 16,545,724 | 8.60% | $28.23 |
| Class C | 6,742,059 | 9.90% |
$25.43 |
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MIAMI-DADE COUNTY INDUSTRIAL MARKET |
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| Market | Rentable Area (SF) | Vacancy Rate (%) |
Direct |
| Central Miami-Dade | 3,827,458 | 3.70% | $7.46 |
| East Miami-Dade | 3,760,029 | 11.10% | $6.67 |
| Hialeah | 37,006,890 | 8.10% | $7.29 |
| Medley | 27,716,597 | 6.00% | $8.62 |
| Miami-Airport | 73,748,969 | 5.90% | $9.90 |
| Miami Lakes | 12,080,604 | 7.80% | $8.65 |
| North Miami | 33,844,484 | 5.90% | $7.41 |
| South Central Miami | 14,933,249 | 6.30% | $10.72 |
| South Dixie Highway | 8,212,727 | 6.30% | $9.12 |
| South West Dade | 8,936,185 | 4.90% | $10.93 |
| West Miami | 4,475,243 | 1.00% |
$12.52 |
| Source: CB Richard Ellis, 1Q 2008 |
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| 2006 MIAMI CUSTOMS DISTRICT TRADE (MILLIONS OF DOLLARS) |
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| Region | Exports | Imports | Total |
| South America | 19,680,107,529 | 7,203,004,009 | 26,883,111,538 |
| Central America | 7,695,509,923 | 5,772,887,902 | 13,468,397,825 |
| Caribbean | 7,185,668,962 | 3,437,096,801 | 10,622,765,763 |
| Europe | 2,657,412,495 | 7,487,258,045 | 10,144,670,540 |
| Asia | 1,027,514,144 | 6,424,485,538 | 7,541,999,682 |
| North America | 927,508,912 | 952,013,066 | 1,879,521,978 |
| Africa | 249,022,105 | 196,771,699 | 445,793,804 |
| Australia/ New Zealand/ Oceania | 73,329,925 | 149,376,377 | 222,706,302 |
| Middle East | 244,393,615 | 518,371,846 | 763,371,846 |
| Total | 39,740,467,610 | 32,141,265,283 | 71,972,339,278 |
Peronal income summary Miami-Fort Lauderdale-Pompano Beach, FL (MSA) – 2008
| Personal income ($000) | $236,645,128 |
| Nonfarm personal income | $236,133,208 |
| Farm income | $511,920 |
| Population (persons) | 5,501,752 |
| Per capita personal income (dollars) | $43,013 |
| Earnings by place of work | $152,071,738 |
| Less: Contributions for government social insurance | $16,845,800 |
| Employee and self-employed contributions for government social insurance | $9,164,186 |
| Employer contributions for government social insurance | $7,681,614 |
| Plus: Adjustment for residence | -$246,887 |
| Equals: Net earnings by place of residence | $134,979,051 |
| Plus: Dividends, interest, and rent | $64,986,190 |
| Plus: Personal current transfer receipts | $36,679,887 |
| Wage and salary disbursements | $112,751,566 |
| Supplements to wages and salaries | $23,269,505 |
| Employer contributions for employee pension and insurance funds | $15,587,891 |
| Employer contributions for government social insurance | $7,681,614 |
| Proprietors’ income | $16,050,667 |
| Farm proprietors’ income | $177,401 |
| Nonfarm proprietors’ income | $15,873,266 |
| Total employment | 3,273,236 |
| Wage and salary employment | 2,477,816 |
| Proprietors employment | 795,420 |
Total Employment Miami-Fort Lauderdale-Pompano Beach, FL (MSA) – 2008
| Total employment | 3,273,236 |
| Wage and salary employment | 2,477,816 |
| Proprietors employment | 795,420 |
| Farm proprietors employment | 3,050 |
| Nonfarm proprietors employment | 792,370 |
| Farm employment | 13,072 |
| Nonfarm employment | 3,260,164 |
| Private employment | 2,921,350 |
| Private employment: Forestry, fishing, and related activities | 7,642 |
| Mining | 3,576 |
| Utilities | 7,141 |
| Construction | 198,042 |
| Manufacturing | 103,926 |
| Wholesale trade | 158,720 |
| Retail trade | 344,758 |
| Transportation and warehousing | 131,273 |
| Information | 61,734 |
| Finance and insurance | 187,736 |
| Real estate and rental and leasing | 205,067 |
| Professional, scientific, and technical services | 236,585 |
| Management of companies and enterprises | 27,578 |
| Administrative and waste services | 267,190 |
| Educational services | 73,497 |
| Health care and social assistance | 334,919 |
| Arts, entertainment, and recreation | 71,822 |
| Accommodation and food services | 229,766 |
| Other services, except public administration | 270,378 |
| Government and government enterprises | 338,814 |
| Federal, civilian | 34,023 |
| Military | 13,522 |
| State and local | 291,269 |
| State government | 30,641 |
| Local government | 260,628 |
Workforce Demographics
| FOREIGN BORN POPULATION | ||
| Region | Population (Thousands) | % of Total County Population |
| Europe | 44,067 | 1.86 |
| Asia | 28,638 | 1.21 |
| Oceania (Australia, New Zealand): | 4,851 | 0.21 |
| Africa | 373 | 0.02 |
| The Americas: | 1,069,827 | 45.26 |
| North America (Canada) | 5,391 | 0.23 |
| Caribbean | 688,760 | 29.14 |
| Central America | 179,105 | 7.58 |
| South America | 196,571 | 8.32 |
| Total County Foreign Population: | 1,147,765 | |
| Total Miami-Dade County Population: | 2,363,600 | |
| *Note: Figures does not include born at sea population |
| Source: Census 2000, Miami-Dade County |
