Florida has undeniably become the top state in the U.S. for business. Since 2010, Florida businesses have created 1.4 million private sector jobs for a total overall state earnings of $511.2 billion. If the job numbers aren’t enough, for five consecutive years, the state has been labeled the second- best state for business by C-Suite voters in Chief Executive Magazine’s “2017 Best and Worst States for Business.” With a highly business-friendly atmosphere, more and more business leaders are considering a move to Florida to help their companies grow quickly.
Relocating a company’s headquarters to Florida can offer the business opportunity to expand its labor force and market. The state provides a highly-skilled, diverse, multilingual workforce with international professional experience. Having a company hub in Florida also provides unmatched global access to markets from South America to Europe and Asia both by sea and air.
Companies such as Hard Ten Clothing have already made the choice to relocate their warehouse and headquarters from more expensive states such as New York City to Miami-Dade County. Thanks to ComReal’s leasing team, the company is locating into a +/- 47,500 Sq.Ft. industrial facility in the northern part of the city. They will set up their custom printing and design operation and plan to hire about 50 employees. You can read more on the story here.
Florida offers a large supply of commercial real estate space, including warehouses and facilities for housing larger businesses. A move to Florida and more specifically, Miami-Dade County can expand the real estate options for the business. Here are more reasons to relocate a business to Florida.
The State of Florida offers many benefits for living and working here, perhaps the most beneficial is the low taxes for businesses and employees. Florida has no personal income tax statewide, which makes it an attractive haven for business owners and employees. A big contrast from paying higher taxes on earnings in states such as California and New York. Florida’s business friendly tax structure has helped it consistently rank as one of the friendliest states to conduct business and maintain a headquarters. Some of the tax advantages include a low corporate income tax rate of five and a half percent, no inventory tax, no unitary tax, and several sales tax exemptions, along with other competitive business policies such as more affordable labor, land, and capital, Florida.
In addition to statewide tax incentives, Miami-Dade County specifically offers an extremely competitive advantage for businesses that choose to relocate here. The county can assist businesses with employee training, tax credits for occupying real estate in certain areas and many other incentives.
GLOBAL MARKET ACCESS
Florida continues to grow as one of the most connected states in the nation. Businesses benefit from having access to customers and resources within the state; as of 2017, Florida had 20.98 million people living in the state, plus 102 million visitors yearly. The state has the fourth largest GDP in the U.S. at $926.9 billion. Additionally, companies can have global market access through the airports and deep-water sea ports located in South Florida and other coastal areas.
Miami, specifically, is a hub that makes it easy to be virtually anywhere in the world and ship and receive products easily to and from Central and South America. Miami is the gateway to the Americas; any company planning to conduct business throughout the Americas and Caribbean will see a great benefit to having a location in South Florida.
MIAMI INTERNATIONAL AIRPORT
Miami International Airport is the economic engine for South Florida. It’s the nation’s number one freight airport in the United States. This capacity guarantees businesses in Florida global access to customers and supplies.
Miami International Airport (MIA) offers direct access to 160 cities on four continents and is the world’s largest gateway to Latin America. The airport also handles 83% of all air imports and 79% of all exports from the region. MIA is the #1 Airport for perishables in the country; bringing close 90% of all imported flowers and 75% of all other perishables.
The airport and surrounding warehouses are conveniently located in the middle of the city, making it easily accessible by highway and railway. Businesses are able to reach customers throughout South Florida and reach the Southeast region. ComReal’s office is located about ten minutes away!
Port Miami’s importance in South Florida’s economy is undeniable. The Port is the closest US East Coast deepwater container port to the Panama Canal. All major cargo ships call at Port Miami. Last year, a total of 1,002 ships docked at the port, loading and unloading a total of 1,024,335 TEU’s. About 46% of the freight goes and comes to the Americas & Caribbean. Port Miami is also the Cruise Capital of the World. During 2017 the Port serviced 5,340,559 passengers and crew through its terminals. A total of 1,185 Cruise ships docked at the port for the year. The great connections via Miami International Airport makes it a unique combination that has helped the Port become the great engine it is now.
The Port presents a great opportunity for companies looking to expand their market and reach more customers beyond the United States.
In addition to the business benefits of basing a company in Florida, the state also offers an incredible lifestyle with year- round warm weather for a perfect work/life balance. Between the boating, entertainment, and the endless golf facilities, Florida residents can enjoy the outdoors in several different ways from January to December. From family fun options in Orlando, to a glamorous nightlife in cities like Tampa and Miami. It’s hard to beat the options for a little off- the-clock fun. From the panhandle to The Florida Keys, you will find a waterfront paradise across the state. All these can be enjoyed with a cost of living that is lower compared to other states.
Bigger cities like Miami not only offer unparalleled global access, but also house some of the most energetic and eclectic arts and culture options. From top-rated museums to annual festivals such as Art Basel, South Beach Food and Wine Festival, and Miami Music Week, there’s something for every type of lifestyle in the cities and towns throughout the state.
Between business-friendly policies, low taxes, endless beaches, and international culture, Florida offers a lot to companies and employees looking to relocate to Florida.
For more information on benefits of relocating your business to Florida check out these organizations:
- Enterprise Florida: https://www.enterpriseflorida.com
- Miami-Dade Beacon Council: https://www.beaconcouncil.com
- ComReal Miami – Doral www.ComReal.com
FLORIDA KEY STATISTICS:
5 Largest Cities: Jacksonville, Miami, Tampa, Orlando, and St. Petersburg
Number of Counties: 67
Most Populous County: Miami-Dade, 2,662,874
State Income Tax: 0%
Florida Sales Tax: 6%
Florida GDP 2017: $1 Trillion
Number of Annual Visitors: 116.5 Million (2017)
Largest Airport by Passenger: Miami International Airport
Largest Port by Cargo Value: Port Miami
PORT MIAMI STATISTICS:
Cargo Ships Docked: 1,002
Total TEU: 1,024,335
Cruise Ships Docked: 1,185
Total Cruise Passengers: 5,340,559
MIAMI AIRPORT STATISTICS:
Passengers: 44.1 million (2017 Domestic & Int’l)
Freight: 2,245,190 U.S. Tons
Number of Destinations: 156
#1 on Int’l Freight among U.S. Airports
#3 on Int’l Passengers among U.S. Airports
For more information on commercial real estate properties in Florida, you can contact the ComReal team to schedule a confidential consultation: 786-433-2380 or e-mail MiamiIndustrialTeam@ComReal.com