1 00:00:05.340 --> 00:00:07.410 Johny Fernandez: While the Miami tech movement continues to 2 00:00:07.410 --> 00:00:10.950 explode in South Florida, business owners say they've had 3 00:00:10.950 --> 00:00:15.390 no time to slow down. billergenie CEO Tom Aronica 4 00:00:15.480 --> 00:00:19.560 started his Miami based business back in 2018. What exactly does 5 00:00:19.560 --> 00:00:21.780 your company do? And how does it work? 6 00:00:21.810 --> 00:00:25.620 Tom Aronica: We help businesses get paid faster. And we do that 7 00:00:25.620 --> 00:00:29.190 by automating a lot of the busy work in invoicing and accounts 8 00:00:29.190 --> 00:00:30.600 receivable cycles. 9 00:00:30.660 --> 00:00:32.640 Johny Fernandez: The New York native says when he started the 10 00:00:32.640 --> 00:00:34.680 business, there was a bit of a struggle. 11 00:00:35.040 --> 00:00:37.890 Tom Aronica: What I found to be so interesting, especially over 12 00:00:37.890 --> 00:00:41.040 the course of the last couple years is that, you know, people 13 00:00:41.040 --> 00:00:44.580 didn't really think of Miami as a tech hub. In fact, you know, 14 00:00:44.580 --> 00:00:47.220 we started going out raising money was almost a notch against 15 00:00:47.220 --> 00:00:50.160 our belt, right? Everybody from the venture community is almost 16 00:00:50.160 --> 00:00:52.680 thinking, these guys are gonna take our money and and go to the 17 00:00:52.680 --> 00:00:53.250 beach. 18 00:00:53.430 --> 00:00:56.190 Johny Fernandez: But now that all eyes are on Miami, it's been 19 00:00:56.190 --> 00:00:57.030 a game changer. 20 00:00:57.240 --> 00:00:59.730 Tom Aronica: People are now recognizing that Miami is sort 21 00:00:59.730 --> 00:01:03.510 of the next tech hub. And it's the next area in the country 22 00:01:03.510 --> 00:01:06.660 that is really going to, you know, kind of bring the tech 23 00:01:06.660 --> 00:01:07.680 community together. 24 00:01:08.310 --> 00:01:10.680 Johny Fernandez: Miami is now becoming a hub and a magnet for 25 00:01:10.680 --> 00:01:13.740 businesses and workers that want to save money. For example, 26 00:01:13.740 --> 00:01:15.780 according to the downtown Development Authority here in 27 00:01:15.780 --> 00:01:19.140 Miami, the average cost per square foot for office space is 28 00:01:19.140 --> 00:01:22.350 about $46 compared to San Francisco, which is about 29 00:01:22.350 --> 00:01:27.570 $64.12. Erin Sykes is the chief economist with NestSeekers 30 00:01:27.570 --> 00:01:31.140 International. She says the tech movement and the changes in work 31 00:01:31.140 --> 00:01:34.800 culture due to the pandemic have created a unique real estate 32 00:01:34.800 --> 00:01:38.610 explosion. She describes it as an event that happens once in a 33 00:01:38.610 --> 00:01:39.270 lifetime. 34 00:01:39.360 --> 00:01:41.520 Erin Sykes: At first it was just individuals coming down and 35 00:01:41.520 --> 00:01:45.240 maybe they're coming down for six months or 12 months, and 36 00:01:45.240 --> 00:01:48.390 renting but now everybody has started to purchase off of those 37 00:01:48.390 --> 00:01:52.350 rentals and really grow roots in Florida. And because of that the 38 00:01:52.350 --> 00:01:56.010 businesses have started to migrate down. We have those 39 00:01:56.010 --> 00:01:58.650 opportunities to have full engagement and full employment. 40 00:01:58.710 --> 00:02:01.290 Johny Fernandez: What patterns specifically within the last 41 00:02:01.290 --> 00:02:05.100 probably six months have you seen arising with your clients 42 00:02:05.100 --> 00:02:07.950 here in South Florida any certain patterns, any trends 43 00:02:07.950 --> 00:02:10.470 that you've also seen from different certain states? 44 00:02:10.540 --> 00:02:13.390 Erin Sykes: Absolutely. We've seen a lot of migration into 45 00:02:13.390 --> 00:02:19.030 Florida from New York, from Chicago from Los Angeles. And we 46 00:02:19.030 --> 00:02:25.060 continue to see people trading into larger formats spaces Miami 47 00:02:25.060 --> 00:02:29.050 had actually been very well positioned for a large influx of 48 00:02:29.050 --> 00:02:32.260 people, especially here in Brickell, because there are so 49 00:02:32.260 --> 00:02:35.980 many brand new high rises and basically move-in ready 50 00:02:36.010 --> 00:02:38.530 opportunities for people that are coming from those other 51 00:02:38.530 --> 00:02:42.130 cities. And I do think that because they were ahead of the 52 00:02:42.160 --> 00:02:45.880 game on infrastructure improvements that really puts 53 00:02:45.910 --> 00:02:47.650 Miami in a strong position. 54 00:02:48.250 --> 00:02:50.140 Johny Fernandez: According to a report by NestSeekers 55 00:02:50.140 --> 00:02:54.520 International. It says in 2020, the Miami market saw a sales 56 00:02:54.520 --> 00:02:59.380 increase of 120% in single family luxury homes. In Palm 57 00:02:59.380 --> 00:03:03.160 Beach, the report indicates that single family home sales were up 58 00:03:03.160 --> 00:03:07.900 by 33%. Miami's mayor says his city is transforming and he's 59 00:03:07.900 --> 00:03:10.000 focused on things like transportation. 60 00:03:10.000 --> 00:03:12.280 Mayor Suarez: I think that in changing a city, Miami is no 61 00:03:12.280 --> 00:03:15.580 different is kind of going to a 15 minute walkable city model, 62 00:03:15.790 --> 00:03:19.030 where you have neighborhoods within the city, that where 63 00:03:19.030 --> 00:03:22.000 people can work, where they can live, and where they can play 64 00:03:22.240 --> 00:03:25.120 all within a 15 minute walking radius. So that's also happening 65 00:03:25.120 --> 00:03:27.820 in our city. And the third thing I would say is, we're looking at 66 00:03:27.820 --> 00:03:30.700 Transportation Technology. So I'm meeting with Elon Musk, 67 00:03:30.970 --> 00:03:34.480 about tunnels and Boring, his Boring company to see if there 68 00:03:34.480 --> 00:03:37.360 are inexpensive, efficient ways to bore tunnels so that people 69 00:03:37.360 --> 00:03:40.060 can get from one part of the city to the other. I just had a 70 00:03:40.060 --> 00:03:44.710 conversation with the former, a Google executive who's talking 71 00:03:44.710 --> 00:03:48.580 about flying cars. So we are on the cusp of transportation 72 00:03:48.580 --> 00:03:51.370 technology to make sure that to the extent that there are 73 00:03:51.370 --> 00:03:53.440 technologies out there that make it more efficient for people to 74 00:03:53.440 --> 00:03:55.870 get from point A to point B, we want to be on the vanguard of 75 00:03:55.870 --> 00:03:56.170 that. 76 00:03:56.450 --> 00:03:58.430 Johny Fernandez: Sykes says there's an adjustment that will 77 00:03:58.430 --> 00:04:00.000 need to be made if you move to Florida. 78 00:04:00.000 --> 00:04:04.380 Erin Sykes: I think there will be a level of adaptation. And I 79 00:04:04.380 --> 00:04:07.890 think that goes hand in hand with the work from home culture 80 00:04:07.890 --> 00:04:12.300 that we have seen evolve over the last year. Work From Home 81 00:04:12.300 --> 00:04:18.570 does not mean slack off. It means that you really have to 82 00:04:18.720 --> 00:04:22.860 actually enhance your self motivation. And those people 83 00:04:22.860 --> 00:04:27.360 that can really self motivate and balance work from home or 84 00:04:27.360 --> 00:04:31.950 the part time in Florida part time in another city lifestyle 85 00:04:31.950 --> 00:04:36.390 and really connect the dots, they will really accelerate. 86 00:04:36.480 --> 00:04:38.640 Johny Fernandez: Her prediction for the Florida market is 87 00:04:38.640 --> 00:04:41.630 simple. People will keep moving here, but like Aronica, they 88 00:04:41.630 --> 00:04:42.640 won't leave their home state so fast. 89 00:04:42.640 --> 00:04:45.302 Erin Sykes: I don't think that people are going to completely 90 00:04:45.374 --> 00:04:49.890 leave Manhattan. I think that's a misnomer. But what I think is 91 00:04:49.962 --> 00:04:54.119 happening is they're going to use Florida as their primary 92 00:04:54.191 --> 00:04:58.492 residence because of the many many advantages in Florida and 93 00:04:58.564 --> 00:05:03.008 then keep a pied-à-terre in New York so that they can continue 94 00:05:03.080 --> 00:05:07.453 meetings and business in the city where things are, you know, 95 00:05:07.525 --> 00:05:11.969 so strong and so fertile for the business community, that will 96 00:05:12.041 --> 00:05:16.557 come back. But we also will see a lifestyle change and a better 97 00:05:16.629 --> 00:05:20.070 balance within their full time homes in Florida. 98 00:05:20.090 --> 00:05:22.610 Tom Aronica: As you're coming into the community, reach out to 99 00:05:22.610 --> 00:05:25.640 other, you know, tech entrepreneurs in the area. We're 100 00:05:25.640 --> 00:05:29.150 all sort of, you know, it's a small city so everybody knows 101 00:05:29.150 --> 00:05:31.940 everybody and I think that, you know, what I found is 102 00:05:31.940 --> 00:05:35.720 everybody's really willing to sort of help and guide and 103 00:05:35.720 --> 00:05:38.450 collaborate so it's a it's a no-who kind of city. 104 00:05:39.260 --> 00:05:41.870 Johny Fernandez: In Miami. I'm Johnny Fernandez with deBanked 105 00:05:41.900 --> 00:05:42.500 News.