Tim Cook at Apple's headquarters in Cupertino. California.Image: Apple
Apple is expanding its footprint in Miami, Florida, joining other major tech companies that are increasing their commercial presence in the region.
Fortune reports, citing sources familiar with the matter, that the tech giant will occupy 45,000 square feet, or about 4,181 square meters, of the new building in Coral Gables, a prosperous suburb south of Miami.
Apple already operates a small office nearby, focusing primarily on its Latin American operations and advertising, including selling ad space within the App Store.
Additionally, the company is expected to open a sizable new retail store at Miami's $4 billion World Center development.
Since the onset of the pandemic, South Florida has become a hub for the ultra-wealthy and their businesses, with many companies relocating to the region or expanding existing operations.
For example, Amazon is the same. is actively searching for about 50,000 square feet of land in Miami after founder Jeff Bezos relocated from Seattle to Florida.
Similarly, Microsoft recently leased new office space in the city, in the same building that will house Ken Griffin's Citadel headquarters.
Apple's upcoming Miami space, if reports are to be believed, will be located in The Plaza Coral Gables, a development funded by Agave Holdings, a Mexican family office backed by profits from the tequila industry. It turns out. Raymond James has also established a presence in this building.
This surge in demand for office space has led to sharp increases in rental prices, with asking prices for commercial real estate in Miami approaching $57 per square foot, according to insights from commercial real estate advisor Avison Young. .
In recent years, we've seen many big tech companies leave California and relocate to Texas and Florida, the most popular of which are Tesla, HP, and Oracle, all of whom are based in Texas. We are moving to.
For all the claims America's political leaders make about immigration and other issues, the truth is that most of the issues are about money. The cost of living in California cities is rising, especially when looking at commercial real estate.
The regulatory environment is too strict, making it very difficult for companies. Moreover, talent in the technology industry does not want to give up the possibility of working from home. Businesses want better deals, and businesses want to keep them happy.
Additionally, tax incentives also play a big role. Businesses pay no state income taxes, resulting in significant savings for both businesses and employees. Add in a business-friendly climate and affordable commercial real estate, and it's no wonder tech companies find places like Austin and Miami attractive.
(Information provided by agency)
