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Apple Inc (NASDAQ:AAPL) continues consolidating its presence in Miami, following in the footsteps of other Big Tech companies’ South Florida expansion.
The iPhone maker invested in a 45,000 square feet (4,181 square meters) space in a new building in Coral Gables, a wealthy suburb just south of Miami.
It already has a smaller office in the vicinity, focusing primarily on Latin America and the advertising business, including selling ad slots in the App Store.
The firm will likely launch a significant new retail store in Miami’s $4 billion Worldcenter development, Bloomberg reports.
Also Read: Apple Wants to Strengthen Presence in China, In Talks With Baidu Over AI Collaboration
Since the pandemic, South Florida has continued to attract the ultra-wealthy and their companies, with firms either moving to the area outright or expanding their footprints.
Amazon.com Inc (NASDAQ:AMZN) seeks 50,000 square feet in Miami after founder Jeff Bezos moved to Florida from Seattle.
Microsoft Corp (NASDAQ:MSFT) has also leased a new office in the city, in the same building that will serve as headquarters for Ken Griffin’s Citadel.
Prior reports indicated Griffin’s bullishness on Miami’s prospects, citing its potential to overtake New York City as the world’s financial capital. He looks to make Miami “Wall Street South.”
Apple’s new Miami space will be at The Plaza Coral Gables, bankrolled by Agave Holdings, a Mexican family office funded by tequila. Raymond James has also set up shop in the building.
The higher demand for office space triggered higher rents. According to Avison Young, a commercial real estate adviser, asking rates on commercial properties in Miami climbed to $57 a square foot.
Apple stock has gained 5% in the last 12 months. Investors can gain exposure to the stock via Vanguard Information Tech ETF (NYSE:VGT) and SPDR Select Sector Fund – Technology (NYSE:XLK).
Price Action: AAPL shares traded higher by 0.41% at $170.36 premarket on the last check Wednesday.
Also Read: Apple’s Winning Strategy – Analyst Highlights How Pricing and Services Fuel Market Growth
Apple Cupertino headquarters photo via Shutterstock
