The residents of Miami have rather entrepreneurial spirits. The region is filled with small businesses, many of which have less than ten employees. Interestingly, economic growth trends show that there is a solid correlation between the presence of small firms in a particular region and subsequent economic growth in that area. There is also data-supported evidence that urbanization leads to prosperity. This information indicates that Miami’s current market conditions provide the right recipe for economic success.
Miami isn’t just teeming with small businesses though. Recently, Miami has been able to attract venture capital funding for high-tech startups. Apparently, more and more entrepreneurs are looking to urban centers for opportunities. Luckily, Miami is gaining national attention, with many entrepreneurs recognizing that the city has a great deal of promise because of its diversity and proximity to Latin America.
Given how well Silicon Valley’s economy is doing because of the many thriving tech companies that are located there, if high-tech startups begin popping up around Miami, they may drastically impact the Miami and Miami Beach real estate markets. In Silicon Valley, tech companies are scooping up commercial space left and right, and new office buildings are appearing regularly. There is little doubt that if Miami continues to see a surge of capital for these startups, the city’s commercial real estate sector will benefit. In addition, the sale of Miami condos and South Beach condos is likely to increase because entrepreneurs have to live somewhere!
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