Florida’s commercial real estate market is booming, and major construction projects are changing the landscape. Hedge fund Citadel recently filed plans for a luxury 54-story corporate building in Miami. The move follows Citadel founder Ken Griffin’s move of the company from Chicago to Miami two years ago. Construction on the planned 1.7 million-square-foot skyscraper, expected to cost more than $1 billion, is set to begin next year and is part of a broader trend of companies flocking to Florida even as rising sea levels threaten some areas.
In Miami, Citadel will join a number of major companies already rooted in the city, including big-name cruise lines. Royal Caribbean began construction on its $300 million Miami headquarters in 2019, while Carnival has put its $66 million Doral headquarters up for sale but plans to stay in the area with a smaller footprint.
Miami’s tech scene is also growing, helped by the thriving crypto sector, a tech-friendly mayor and a workforce inclined towards remote jobs. While the hype has cooled somewhat since the pandemic, the city still boasts a strong tech presence. Microsoft opened its Latin America headquarters near Citadel’s future location in 2021, Apple opened a new office in Coral Gables earlier this year and Amazon is also eyeing a lease in the area.
Further north in Boca Raton, CP Group and partners acquired the iconic wooded campus that was once home to IBM for $179 million. The site, known for its role in the development of early smartphones and personal computers, was 90 percent leased last fall.
Outside of Miami and Boca Raton, Florida’s commercial real estate market continues to flourish. In Lakeland, Publix is expanding its headquarters with a $65 million investment announced in 2019. Meanwhile, Spirit Airlines opened a new headquarters in Dania Beach near Fort Lauderdale in April and has committed $250 million to the project.
Tampa also has some notable properties: Truist Place, the former SunTrust Financial Centre, was once named one of the ten most expensive buildings in the US by Architectural Digest.
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