South Florida could benefit from the pandemic, as companies look to take advantage of tax benefits, weather, and more affordable housing costs.
In late February — before Covid-19 became a pandemic — Spotify inked a lease for 20,000 square feet to house its South Florida headquarters in Miami’s Wynwood neighborhood.
The music streaming service’s deal for all of the office space and large courtyard at the mixed-use development Oasis at Wynwood on North Miami Avenue was another sign of momentum for TAMI (technology, advertising, media, and information) companies taking office space in South Florida.
But then coronavirus hit, prompting nearly half of the American workforce to set up shop in their homes and leading Twitter and Facebook to announce work-from-home policies that could lead to a potential void in the office markets in New York City and Silicon Valley.
South Florida, however, could benefit from the pandemic.
As residential brokers in the area report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms.
Read the complete article by Katherine Kallergis