Apple Inc. is expanding its presence within the Miami area, following other Big Tech corporations in establishing outposts or expanding in South Florida.
Apple is purchasing 45,000 square feet (4,181 square meters) in a brand new constructing in Coral Gables, an affluent suburb south of Miami, in keeping with people conversant in the matter who spoke on condition of anonymity since the plans are private.
Apple declined to comment.
The company already has a smaller office nearby that focuses totally on Latin America in addition to its promoting business, including selling ad space within the App Store. The company can also be expected to open a significant recent retail store within the $4 billion Worldcenter project in Miami.
South Florida has been a magnet for the super-rich and their corporations for the reason that pandemic upended the U.S. economy. Companies have either moved on to the region or expanded their presence. Amazon.com Inc. is in search of about 50,000 square feet in Miami after founder Jeff Bezos moved from Seattle to Florida. Microsoft Corp. has also leased a brand new office in the town, in the identical constructing that may function headquarters for Ken Griffin’s Citadel.
Apple’s recent Miami space will probably be in Plaza Coral Gables, a project financed by Agave Holdings, a Mexican family office run with Tequila money. Raymond James also took up residence within the constructing.
The increased demand for office space has led to a pointy increase in rents. According to business real estate consultant Avison Young, asking prices for business real estate in Miami at the moment are nearly $57 per square foot.
