Apple Targets New Miami Office Space Following Amazon, Microsoft

Apple Inc. is expanding its presence in Miami, joining other major tech firms in establishing or growing their operations in South Florida.

Apple has secured 45,000 square feet (4,181 square meters) in a new building located in Coral Gables, an affluent suburb south of Miami. This information comes from sources familiar with the matter who preferred to remain anonymous due to the confidentiality of the plans.

The company already maintains a smaller office in the area, primarily focused on Latin America and the advertising sector, including the sale of advertising space within the App Store. Additionally, Apple is set to open a large retail store at the $4 billion Worldcenter development in Miami. The appeal of South Florida to high-net-worth individuals and businesses has increased significantly since the onset of the pandemic, with companies either relocating or expanding their operations in the region.

Amazon.com Inc. is also seeking approximately 50,000 square feet of space in Miami following Jeff Bezos’ move to Florida from Seattle. Meanwhile, Microsoft Corp. has recently leased new office space in Miami, within the same building that will serve as the headquarters for Ken Griffin’s Citadel. Apple’s upcoming Miami location will be situated at The Plaza Coral Gables, a project funded by Agave Holdings, a Mexican family office with investments in the tequila industry. Raymond James has also established a presence in this building.

The rising demand for office space has led to a significant uptick in rental prices. Currently, commercial property asking rates in Miami are nearing $57 per square foot, as reported by commercial real estate advisor Avison Young.

Source: Bloomberg.com