Crossing the Date Line going eastward, clocks are turned back a full 24 hours, and vice versa in the opposite direction. UTC+4) zones west of UTC and east of the Date Line are specified by the number of hours behind UTC (e.g. Time zones east of UTC and west of the International Date Line are specified by the number of hours ahead of UTC (e.g. It comes from the nautical system in which each time zone was assigned a letter. The "Z" is for "zero", and "Zulu" is the two-way radio pronunciation of "Z".
UTC is also sometimes called Z or Zulu time. UTC used to be called GMT (Greenwich Mean Time), after the Royal Observatory located in the Greenwich area of London. But when you start to look at where we’re located, with Miami being within three hours of 30 different countries that we’re in a great time zone, which is still the financial time zone everybody adheres to and even the quality of our athletic teams, with the Panthers and the Heat, it all just creates a lot of fun.This is a list of countries, regions, and territories grouped by time zone.Īlthough many time zones have descriptive names used by people in them, they are least ambiguously identified by their relationship to UTC (Universal Time, Co-ordinated). “And yes, we have low taxes, and sun and sand have always been fun. “We look at all these progressive companies coming down here in addition to private equity firms and other financially related firms, and we’re seeing a real convergence here in South Florida,” said Fay. To sum up, Fay said that when you add up all the advantages the South Florida region provides today, it’s hard to feel anything but optimistic about the area’s potential for further growth. We’re seeing groups from Chicago, New York, even the West Coast and California relocating here, and when they see the quality of life, the sunshine 12 months a year, in addition to the benefits I just mentioned, it sells itself.”įay added a word of appreciation for Miami Mayor Francis Suarez, who he said has been “phenomenal” in pushing an agenda of success for the region. Then there’s the pro-business environment we have here, from both a local and also a statewide perspective. “Florida having no state income tax is an incredible incentive.
“The thing that really resonates with me, and what I’m seeing from folks coming in, is the tax benefits,” said Crotty. Reiss delved deeper into the reasons for Miami’s current prosperity, asking how the area’s global appeal has provided the market with a competitive edge. These developers are bringing a lot of new insight and ideas into thoughtful development.” “When developers come in from a global standpoint, which we’re seeing, they have a different view than groups that have been down here already. “We’re seeing this across the South Florida market,” said Fay. I think opportunities will continue to be seen on the development side.”Ĭrotty noted that he’s seeing abundant capital flowing into the region for residential and mixed-use development, and Fay expanded on this by describing the area’s strong demand for new land use and construction. There’s just such a lack of supply of those opportunities on the market, and the demand continues to be really strong. “We’re seeing values really hold there, if not rise. “Multifamily and industrial continue to be incredibly strong,” said Crotty. “We have some of the newest office buildings being built right now, which proves the strength of our market.”Ĭrotty discussed the status of asset classes in South Florida. “Office around the country is experiencing issues, but Miami and South Florida’s continued rent growth and minimal vacancies really prove the area’s strength,” he said.
“We have a great migration of people and great companies still coming in, along with a lot of new and renewed capital coming here from all over the globe.”įay noted that South Florida’s current strength transcended asset class. SEE ALSO: Innovation & Incentives Boost Manhattan Commercial Real Estate
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