Apple Inc. is expanding its presence in the Miami area, following other major technology companies opening locations or expanding in South Florida.
Apple is acquiring 45,000 square feet (4,181 square meters) in a new building in Coral Gables, an affluent suburb south of Miami, according to people familiar with the matter, who asked not to be identified because the plans are private.
Apple declined to comment.
The company already has a small office nearby that focuses primarily on Latin America as well as advertising business, including selling ad space on the App Store. The firm is also expected to open a large new retail store at the $4 billion Worldcenter complex in Miami.
South Florida has become a magnet for the ultra-wealthy and their companies since the pandemic upended the U.S. economy, with firms either moving directly to the region or expanding their presence. Amazon.com Inc. is seeking about 50,000 square feet in Miami after its founder Jeff Bezos moved to Florida from Seattle. Microsoft has also leased a new office in the city, in the same building that will serve as the headquarters of Ken Griffin’s Citadel.
Apple’s new Miami space will be in The Plaza Coral Gables, a project financed by Agave Holdings, a Mexican family office powered by tequila money. Raymond James also opened a store in the building.
Increased demand for office space has led to a sharp rise in rents. Asking rates for commercial real estate in Miami are now approaching $57 per square foot, according to commercial real estate consultant Avison Young.