The state of Florida has been attracting large investment and financial services firms since the start of the pandemic. Better weather and lower taxes than in New York have been the main attractions. First it was Palm Beach, where legendary investor Carl Icahn set up shop in 2020, but Miami entered the race as well, where firms such as Blackstone have been expanding their operations.. According to data and analytics firm Convergence Inc.., assets under management by Miami-based financial firms jumped from $303 billion in August 2021 to $688.3 billion in August this year.

One of the latest, and perhaps the most ambitious, announcements is that of Citadel, a firm with some US$57 billion in assets under management, which announced in July that it will relocate its headquarters from Chicago to Miami. The plan of Citadel, which recently closed a deal to lease six floors in a building under construction in Miami, is to build a tower more than 300 meters high and which will require an investment of some US$1 billion on a site it acquired on Brickell Avenue, the city's main financial artery.

The migration of financial firms to Florida has increased the demand for technology professionals in the state.. It is also one of the forces behind rising property prices. Lease rates at the 830 Brickell building where Citadel will initially set up shop are between $125 and $150 per square foot, according to real estate firm Jones Lang LaSalle, clearly above the average for corporate space in New York, at $82 per square foot.