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Apple Inc. is expanding its footprint in Miami, Florida, and is aligning with other major tech companies, strengthening its commercial presence in the region.
Fortune, quoting sources familiar with the matter, reports that the tech giant is set to occupy a new 45,000 square feet, roughly 4,181 square meters, in a new building in Coral Gables, a prosperous suburb south of Miami.
Apple already operates a smaller office nearby, primarily focusing on Latin American operations and advertising, including selling advertising slots within the App Store.
Furthermore, the company is expected to open a substantial new retail store in Miami, part of the $4 billion WorldCenter development.
Since the advent of the pandemic, South Florida has become a focal point for the ultra-wealthy and their enterprises, with numerous firms either relocating to the area or expanding their existing operations.
For example, Amazon, too. It actively seeks around 50,000 square feet in Miami following founder Jeff Bezos’s relocation from Seattle to Florida.
Similarly, Microsoft recently leased a new office space in the city, situated in the same building slated to house the headquarters of Ken Griffin’s Citadel.
If reports are to be believed, Apple’s upcoming Miami space will be located at The Plaza Coral Gables, a development project financed by Agave Holdings, a Mexican family office supported by profits from the tequila industry. Raymond James has also established a presence in the building.
This surge in demand for office space has consequently led to a sharp rise in rental prices, with asking rates for commercial properties in Miami approaching $57 per square foot, according to insights from commercial real estate advisor Avison Young.
In recent years, many big tech companies have left California and moved to Texas or Florida. The most popular among them are Tesla, HP, and Oracle, all of whom have moved to Texas.
While political leaders in the US will claim all sorts of things about immigration and other issues, the fact of the matter is that it’s mostly about money. The cost of living in Californian cities has skyrocketed, especially when you look at commercial real estate.
The regulatory environment must be more robust, making it extremely tough for businesses. Moreover, talent in the tech industry doesn’t want to give up the possibility of working from home. It is looking for a better deal, and so are the companies that want to keep them happy.
Furthermore, tax incentives also play a massive role. Companies don’t pay state income tax, which means severe savings for businesses and employees. Add the business-friendly climate and affordable commercial real estate, and it’s no surprise that tech companies find places like Austin and Miami irresistible.
