The state of Florida has been attracting major investment and financial services firms since the start of the pandemic. Better weather and lower taxes than in New York have been the main draws. First came Palm Beach, where legendary investor Carl Icahn set up shop in 2020, but Miami has also entered the race, with firms like Blackstone expanding their operations there. According to the data and analytics firm Convergence Inc, assets under management by Miami-based financial firms rose from US$303,000 million in August 2021 to US$688,300 million in August of this year.

One of the latest announcements—and perhaps the most ambitious—is that of Citadel, a firm with approximately US$57 billion in assets under management that announced in July that it will move its headquarters from Chicago to Miami. Citadel’s plan—the firm recently signed a lease for six floors in a building under construction in Miami—is to build a tower over 300 meters tall, requiring an investment of about US$1,000 million on a plot of land it acquired on Brickell Ave., the city’s main financial thoroughfare.

The migration of financial firms to Florida has increased the demand for technology professionals in the state. It is also one of the driving forces behind rising real estate prices. The rental rate at the 830 Brickell building, where Citadel will initially be based, ranges from $125 to $150 per square foot, according to the real estate firm Jones Lang LaSalle—well above the average for corporate space in New York, which is $82 per square foot.