Some refer to the mass movement of businesses to Florida as the tech-xodus, but we just refer to their decisions to relocate to the Sunshine State as smart.
Especially over the past two years, large companies and big businesses in the technology, financial, and investment industries are flocking to Florida and showing huge growth! Community Capital Holdings specializes in underwriting and funding real estate investment properties and projects, including construction projects and securing commercial spaces for those already located in Florida or those businesses looking to move to a new state.
Companies such as Goldman Sachs, JetBlue Airways, Subway, Amazon, Citadel, and Blackstone are only a few of the many businesses and well-known brands that have either relocated to or expanded in the Sunshine State. If you want to grow your company or reap the many benefits of relocation, look no further than Florida.
This quick blog highlights 4 reasons why big businesses do so well after moving south.
1. Florida is More Tax-Friendly to Businesses than Other States
Florida is very pro-business, and its strong economy is the envy of every state. Businesses love settling down in Florida as compared to other states because it offers tax credits, refunds, and other incentives to promote growth and business development. If you’re looking to invest in Florida real estate or expand to Florida and own an S corporation, LLC, partnership, or sole proprietorship, you’re in luck – you don’t have to pay a state income tax in Florida.
Yes, that’s right. The only businesses that pay a state income tax in the Sunshine State are C corporations. The standard corporate tax in Florida is 5.5% for taxable income which is much lower than in other states, especially California and New York. Florida also offers several exemptions and incentives that significantly lower a C-Corp’s taxable income.
For small, medium, and large businesses alike, Florida is a smart, tax-friendly option for relocation and expansion!
2. Some Florida Communities Offer Incentives to Growing Companies
Florida offers bottom-line advantages for various types of businesses. Even better, certain cities and several communities offer incredible incentives too!
Orlando is a huge proponent of growth, which is evident by the amount of businesses incentives they offer such as:
- Minority / Women Entrepreneur Business Assistance Program
- Transportation Impact Fee Waiver
- Small Business Facade, Site Improvement, and Adaptive Reuse Program
- Green building Incentive Program
Miami wants companies and individual business owners to know that there are several incentives at play to strengthen economic growth in the area such as:
- Property Improvement Grant Program
- Miami DDA Incentive Fund– available for New-to-Market Businesses or expanding businesses that will hire 10 employees within a 3 year period
Joining other large Florida cities, West Palm Beach offers the Building Improvement Grant Program for property owners, landlords, and new businesses who make significant, permanent modifications to existing buildings. Raising the property value is a huge asset to communities across the state, so they’re willing to give incentives to business owners looking to fix and flip.
Community Capital Holdings is well-versed in various real estate investment incentives across the state, so don’t hesitate to contact us if you don’t see an obvious benefit in your desired Florida location. We’re here to help guide you and ensure your next real estate investment is in the right location and check all the boxes to achieve real success.
3. Cheaper Office Space Per Square Foot than in Other Business Hubs
The math doesn’t lie on this one. Popular states for businesses such as New York and California cost far more per square foot for commercial spaces than the equivalent here in Florida.
- Florida – Clearly less expensive than other states leading in business, Florida’s average rate per square foot is $33.78-$18.38 per square foot.
- New York – The average asking rate for office space is $80 per square foot, and a Class A building is a little under $90 per square foot
- California – Between Class A and Class C spaces, the average cost is $55.92-$23.50 per square foot
4. Higher Quality of Life Amidst Pandemic and Work-From-Home
With remote work becoming a staple in the business world amid the pandemic, more and more families and forward-thinking business leaders are relocating to Florida on a daily basis. The year-round activities, desirable climate, miles of coastline, growing economy, and plenty of outdoor activities and sporting events are a destination for millions and draw residents from all over the country.
Companies also recognize that Florida is booming as they make moves to relocate their businesses. During the COVID-19 pandemic, Florida was able to re-open for business far ahead of other known business hubs. These business-friendly regulations helped the Florida economy bounce back after taking big hits in 2020. Florida’s response to the shutdowns is reassuring when relocating your company to the Sunshine State.
Businesses of all sizes are booming in Florida. From tax-friendly laws and business incentives to affordable office spaces and high quality of life, the Sunshine State has so much to offer for people looking to relocate.
It’s smart to move your business to Florida. Community Capital Holdings is an experienced team of hard money lenders that will help you find your perfect office space, storefront, warehouse, or other commercial space.
Expand your business by partnering with expert hard money lenders at [email protected]
