Apple Inc. is boosting its presence in the Miami area, following other big tech companies in setting up outposts or expanding 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, according to people familiar with the matter, who asked not to be identified because the projects are private.
Apple declined to comment.
The company already has a smaller office nearby, which focuses primarily on Latin America and advertising business, including selling advertising space in the App Store. The company is also expected to open a large new retail store at the $4 billion Worldcenter complex in Miami.
South Florida has been a magnet for the ultra-wealthy and their companies since the pandemic upended the U.S. economy, with companies moving directly to the area or expanding their presence. Amazon.com Inc. is looking for about 50,000 square feet in Miami after founder Jeff Bezos moved to Florida from Seattle. Microsoft Corp. also leased a new office in the city, in the same building that will serve as headquarters for Ken Griffin’s Citadel.
Apple’s new space in Miami will be at the Plaza Coral Gables, a project financed by Agave Holdings, a Mexican family office fueled by tequila money. Raymond James also opened a store in the building.
The growing demand for office space has led to a sharp increase in rents. Asking rates for commercial properties in Miami are now close to $57 per square foot, according to commercial real estate consultant Avison Young.