Two of America’s most influential dealmakers are doubling down on South Florida, pitching the region as a home base for finance, technology, and corporate talent. Real estate developer Stephen Ross and hedge fund leader Ken Griffin are working to pull firms from traditional hubs to Miami and its neighboring cities, arguing the region offers tax advantages, new office projects, and a growing talent pool.
Their effort comes as many companies reassess office footprints since 2020. Florida’s lack of a state income tax, direct flight access, and expanding cultural amenities add to the pitch. Yet housing costs, insurance prices, and climate risk raise hard questions for long-term growth.
“Stephen Ross, the real estate developer, and Ken Griffin, the billionaire financier, are trying to attract businesses to their new base, South Florida.”
Big Money Bets on Miami and Palm Beach
Ross, chairman of Related Companies and owner of the Miami Dolphins, has poured resources into South Florida’s office and mixed-use districts. His firm has shaped downtown West Palm Beach with new office towers and public spaces that cater to finance and tech tenants. The approach pairs high-end workspace with walkable retail and dining.
Griffin moved Citadel and Citadel Securities’ headquarters to Miami in 2022, signaling a long-term commitment to the region’s growth. He has backed plans for a new office campus in the Brickell area, while taking interim space to house teams as hiring continues. The shift by a marquee firm has helped validate Miami as a serious center for capital and talent.
Together, Ross and Griffin are trying to scale a new corporate cluster. Their investments and public advocacy suggest they see South Florida as a durable magnet for top firms and the workers they seek to recruit.
Why Companies Are Looking South
Executives point to a set of practical advantages that have drawn firms to Florida since the pandemic. The biggest are lower taxes and a friendlier regulatory climate. Miami International Airport and Fort Lauderdale-Hollywood International Airport provide direct flights to major U.S. and Latin American cities, which is valuable for cross-border finance and trade.
- Florida imposes no state personal income tax.
- New office towers and residential projects continue to open in urban cores.
- Universities and migration from other states are expanding the talent base.
Quality-of-life arguments also matter. Warmer weather, new schools, and growing arts scenes support recruitment. For some firms, consolidating teams in a single city with easier commutes and clear tax policy is a draw.
Headwinds: Housing, Insurance, and Climate Risk
The push south faces real limits. Rents for apartments and single-family homes have jumped in recent years, squeezing middle-income workers. Commercial and residential insurance costs have climbed, adding to operating expenses and complicating budgets.
Climate risk remains central. Rising seas and stronger storms force companies and developers to plan for resilient buildings and infrastructure. That requires higher upfront costs and ongoing maintenance. Cities across Miami-Dade and Palm Beach counties are investing in drainage, elevation, and flood control, but the work will take time.
Ross’s and Griffin’s bids will depend on whether the region can add housing, keep roads and transit moving, and manage risk in a clear, long-term way.
Competing With Traditional Hubs
New York, Chicago, and San Francisco still hold deep pools of talent and clients. But hybrid work has loosened the link between an office and a city block. Brokerage reports show Miami and West Palm Beach office vacancies remain tighter than many U.S. peers, with steady interest from finance and tech tenants.
South Florida offers a different cost structure. Even with high asking rents in premium towers, overall tax treatment can make total costs competitive for certain firms. For teams with Latin America exposure, Miami’s location can reduce travel time and support regional growth plans.
What to Watch Next
The next phase will hinge on delivery of new office and residential projects, as well as policies that expand housing supply. Announced towers in Brickell and West Palm Beach aim to bring high-spec floors, large floor plates, and amenities for recruiting. Leasing in these buildings will test whether demand keeps pace with supply.
Public investment will also matter. Flood mitigation, transit links, and school capacity are key to long-term competitiveness. If South Florida holds its job growth and manages living costs, the region could sustain a broader corporate base.
For now, the message from Ross and Griffin is clear: South Florida is open for business. Their money and influence have set the tone. The next few years will show whether enough companies follow to turn momentum into a lasting corporate center.
