Cities betting on incentives to fuel downtown comeback

By Andy Medici | July 10, 2024 | South Florida Business Journal

This spring, the Miami Downtown Development Authority expanded an incentive program to include small retail businesses and tech startups, pumping up a $500 per-job grant for businesses moving downtown to $2,000 per employee, along with providing $500 per 500 square feet of leased space. “We have seen massive growth since the pandemic, and the Miami DDA is looking to the future to focus on the city’s trajectory as a global business epicenter,” said Christina Crespi, the authority’s CEO and executive director, in a statement. “We are seeing occupancy rates for downtown office space increasing even as developers continue to add new supply. These incentives will build on that success.” Across the country, cities large and small are launching or expanding incentive programs as part of a broader bid to save downtown communities after the one-two punches of the Covid-19 pandemic and the onset of remote work. Even as some workers return to the office, hybrid work means many workers are no longer filling office spaces five days a week.

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