The migration to Miami doesn't appear to be slowing down.
A swarm of of founders, investors, startups and longtime businesses have entered the Miami market over the past 18 months, drawn to the region's low taxes, burgeoning tech sector and relaxed Covid-19 regulations.
The trend is bringing more talent and investment dollars to Florida, which leads the Southeast U.S. for startup funding. South Florida's startup ecosystem aloneis valued at $17 billion, 61% more than the global average of $10.5 billion.
Below is a roundup of some of the most prominent businesses that have made moves to the area – or announced their intention to do so – over the past six months.
Corporate relocations:
Blockchain.com: In June, the London-based cryptocurrency company announced it moved its U.S. headquarters from New York City to the Brickell Financial District as part of an aggressive effort to scale. At the time, Blockchian.com said it planned to onboard up to 300 local employees by the end of 2022, starting with 100 full-time workers this year.
Blocktower Capital: The cryptocurrency and blockchain investment firm moved its headquarters and entire team to Brickell, where it plans to scale. According to the Miami Downtown Development Authority, BlockTower plans to add 25 new hires to its Brickell office.
Borderless Capital: The blockchain-focused venture capital group Borderless Capital announced it will move its headquarters from Atlanta to Miami, where it will launch a new $25 million fund for local startups that use blockchain and cryptocurrency technology.
CI Financial: The company, one of Canada's largest global asset and wealth management companies, will establish its U.S. headquarters in the Brickell Financial District. CI Financial (NYSE: CIXX) leased a 20,000 square-foot office at 830 Brickell, a Class A office tower under construction in downtown Miami.
Flora Growth: The Canadian company, an outdoor cannabis cultivator and manufacturer of cannabis-derived brands, told Miami Inno it leased an office space in Brickell. Flora Growth (Nasdaq: FLGC) currently has five employees in the area and expects to relocate its full headquarters operations by early 2022. It will maintain an administrative office in Toronto after the move.
Red 6: Red 6, a company developing augmented reality technology for military training, traded California for Florida this summer. The firm established a headquarters office in downtown Miami and a technology hub in Orlando. Red 6 currently has about 40 employees, with plans to boost that number to 100 over the next two years.
New offices:
Atom Finance: In July, investment platform Atom Finance said it planned expand to Miami after raising $28 million in a Series B funding round led by the SoftBank Latin America Fund. New York-based Atom Finance said would use the funding to launch the office and build out its product, engineering, growth and business development teams.
D1 Capital: The New York City-based global investment firm signed a 10-year deal with The Related Group for a 25,000-square-foot office space at 2850 Tigertail Ave. in Coconut Grove.
eToro: The Israeli cryptocurrency investment and trading platform said it will establish an operations and innovation center in Miami and create 50 jobs in the area by the end of 2022.
ManhattanLife Insurance: The Houston-based insurance firm leased a 3,000-square-foot office at 701 Brickell Ave., an office tower in Miami's Brickell Financial District.
Microsoft: The software giant doubled down on downtown Miami after signing a lease for a 50,000-square-foot office at 830 Brickell, a Class A office tower under construction in Brickell. Microsoft's (Nasdaq: MSFT) Latin America team will be based at the Miami hub by mid-2023.
Moore Capital Management: The New York global investment management firm leased a 4,000-square-foot office at 701 Brickell Ave.
Nirvana Technology: Bill Harris, the former CEO of PayPal Holdings and Intuit, relocated to Miami this year to launch Nirvana Technology, a fintech headquartered in Wynwood. Harris said the startup will hire 50 employees by the end of the year.
OkCoin: The cryptocurrency trading platform, headquartered in San Francisco, opened an office in Brickell for its 10 Miami employees. In addition to hiring, OkCoin said it will launch a local internship program in an effort to support Miami's burgeoning tech sector.
PineBridge Investments: In August, the New York City-based global asset manager opened an office at 2400 E. Commercial Blvd in Fort Lauderdale. The location will be a base for 45 corporate employees.
Reveal Group: The intelligent automation software provider chose Fort Lauderdale for its second U.S. outpost. New York-based Reveal plans to hire up to 20 employees at the location over the next year.
Schonfeld Strategic Advisors: The New York City-based global hedge fund will base its second official headquarters in Wynwood, marking its first major expansion into Miami. Schonfeld's 18,441-square-foot-office at The Dorsey, a 12-story mixed use project, will eventually be home to 100 employees.
SeedInvest: The equity crowdfunding platform said it was growing its footprintto fund promising startups in the South Florida area. Ryan Feit, the New York-based company's co-founder and CEO, moved to Miami to lead the new location.
Silicon Valley Bank: The Santa Clara, California bank is the latest West Coast firm to enter the Miami market. Silicon Valley Bank announced it will move into the Four Seasons Hotel Office Tower space at 1441 Brickell Ave., joining Boston Private, a private banking and wealth management firm acquired by the bank earlier this year. SVB'S Miami office will serve as a location for its Global Gateway team, which supports companies and investors in Latin America.
Silofit: The startup will establish a U.S. headquarters in Miami after raising more than $10 million in a Series A financing round. Silofit, headquartered in Montreal, operates a network of private, on-demand gyms that can be rented by the hour using its app.
Spotify: The Sweden-based streaming giant (NYSE: SPOT) completed its new 20,000-square foot office at The Oasis in Wynwood. The location is home to Spotify's Latin American headquarters.
Uber: The nation's largest hailing company signed a lease for a 13,000-square-foot office at 3 MiamiCentral, a new Class A office tower located in a mixed-use development that includes the downtown Miami Brightline passenger rail station. Uber (NYSE: UBER), which currently has an office in Brickell, will relocate to 3 MiamiCentral in early 2022.