Silver Airways expects to transition its headquarters to Hollywood during the first quarter of 2020. CEO Steve Rossum maintains that the City’s business-friendly policies strongly influenced their decision: "Hollywood is doing things to entice businesses to come to Hollywood."
Silver Airways will vacate its current 17,000 SF Fort Lauderdale location by June 2020 and relocate to a 29,438 SF space at 2850 Greene Street in Hollywood.
Founded in 2010 in Fort Lauderdale, the airline provides nonstop flights out of Fort Lauderdale-Hollywood International Airport across the state, Northeast, Southeast and Caribbean. Its most recent nonstop flight to Pensacola was added last year, and they want to continue expanding to meet demand. Hollywood will pay them to do so.
"Through training and job creation credits, we get cash incentives to grow our number of employees," said Rossum.
Larry W. Genet, CBRE senior vice president and one of the broker for the Fort Lauderdale office, agrees that Hollywood’s Mayor Josh Levy, Chief Development Office Shiv Newaldass, and Director of Communications, Marketing & Economic Development Raelin Storey are fostering an attractive environment for businesses. Hollywood is currently in the process of investing in infrastructure updates to prevent flooding, as well as renovating City-owned property.
"Little things like that have a huge impact on real estate," said Genet. "Companies need to know that they can get in and out with ease."
Terms of the recently-signed lease were not disclosed, but the Class A space direct asking rate in the Fort Lauderdale area averages $32.72/SF versus $31.26/SF in Hollywood, according to the 2019 Colliers third quarter market report.