apple Inc. is increasing its presence in the Miami area, following other Big Tech companies in establishing or expanding outposts in South Florida.
Apple is occupying 45,000 square feet (4,181 square meters) in a new building in Coral Gables, an affluent suburb just south of Miami, said the people, who requested anonymity because the plans are private. .
Apple declined to comment.
The company already has a small office nearby and is primarily focused on Latin America and its advertising business, including selling ad space on the App Store. The company also plans to open a major new retail store in Miami's $4 billion World Center development.
Since the pandemic upended the U.S. economy, South Florida has become a magnet for the ultra-wealthy and their businesses, with companies relocating to the region entirely or expanding their footprint. Amazon.com Inc. is looking for about 50,000 square feet of land in Miami after founder Jeff Bezos moved to Florida from Seattle. microsoft The Corp. also leased new offices in the same building in the city that serves as the headquarters for Ken Griffin's Citadel.
Apple's new Miami space will be located at The Plaza Coral Gables, a project funded by Agave Holdings, a Mexican family office powered by tequila money. Raymond James also has a shop in this building.
Rents are rising rapidly due to the increased demand for office space. Asking prices for commercial real estate in Miami are currently close to $57 per square foot, according to commercial real estate advisor Avison Young.