Overview of Business in Miami

In recent years, Miami has begun to attract major industries and corporations. The low tax rates of Florida make doing business attractive for corporations. In addition, the state also maintains numerous tax incentive programs that provide refunds for corporations that create jobs for residents. Logistically, businesses also find that opening an office in Miami makes sense. Because Miami is located on the coast, it is easy for corporations to engage in trade with foreign entities. The Port of Miami has enabled the cruise industry to thrive in the state.

Major Industries & Key Economic Drivers in Miami

In Miami, tourism makes up one of the most popular industries. Tourism is also a popular industry for greater Florida. Miami features prime beaches and real estate. In 2003, about nine million tourists spent over $10 billion on vacationing in Miami.

Another reason Miami continues to be a popular location for major corporations is due to its location as a port. The Port of Miami enables businesses to engage in international trade. Numerous port brokers and customs agents are located in the area to facilitate the process of international trade. There are also two free trade zones located in Miami, which are the Miami Free Zone and Homestead Free Zone. Over 252,000 employees currently work in the trade and transportation industries in Miami.

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Due to the expansion of the technology industry in California’s Silicon Valley, office occupancy has increased in the last year, which is good news for real estate agencies and office space providers.

According to Colliers International, forecasts show that office space and research facilities could increase by five million square feet this year, which would be in addition to the three and a half million square feet increase in office and research space net occupancy in 2011.

The technology companies who are leading this expansion in Silicon Valley include mobile application businesses, cloud computing providers and social networking companies. It is hoped that the technology surge is only just beginning, and that 2012 should bring another strong year for commercial leasing.

According to Colliers International, office space vacancies were down from 16 % at the end of last year compared to 20.2 % in 2010. In addition research and development space vacancies were down 13.7 % at the end of last year, down from 16.2 % in 2010.