Apple Inc. is enhancing its footprint in the Miami region, joining other major technology firms in establishing new offices or expanding in South Florida. According to sources familiar with the matter, who requested anonymity due to the confidentiality of the plans, Apple is leasing 45,000 square feet (4,181 square meters) in a newly constructed building located in Coral Gables, an affluent suburb situated just south of Miami.
The company maintains a smaller office nearby, primarily concentrating on Latin American operations and advertising endeavors, such as the sale of advertising slots within the App Store. Additionally, it is anticipated that the company will inaugurate a sizable new retail store within the $4 billion Worldcenter development in Miami.
Since the pandemic disrupted the US economy, South Florida has emerged as a magnet for the ultra-wealthy and their enterprises, with companies either relocating to the region entirely or expanding their presence.
Apple’s forthcoming space in Miami will be situated at The Plaza Coral Gables, a development financed by Agave Holdings, a Mexican family office funded by tequila revenues. Additionally, Raymond James has established a presence in the same building.
According to commercial real estate adviser Avison Young, the rates of commercial properties in Miami are close to $57 per square foot.
