Over the past two years, there has been a lot of excitement in South Florida's real estate industry about the region becoming a new hub for the technology sector. Many big firms have moved to Miami, which is why a lot of people called Miami “The Silicon Valley of the South.†Companies such as Microsoft, Apple, and Amazon are among the leading technology companies headquartered in Miami. Data shows us otherwise. With regards to tech leasing, it has been on the decline since 2021, and by some metrics, have failed to surpass pre-pandemic levels, according to data and brokers. After a drop in leasing in 2020, likely explained by the pandemic lockdown, deals went back up the following year. This year shows a spike in activity, but it’s because of a single big lease by one tech firm. A big software company took 101,000 square feet of office space! This deal is considered abnormal for South Florida’s office market and gives hope that many other companies will follow. It is unlikely that another tech company or any other company will lease such a large space in the near future. However, do you think Miami can still become a new "Silicon Valley" in a few years? I think it can and I think this data disregards small tech companies which have only "work from home" employees and do not lease office space
