Apple to Expand Presence in Miami [Report]

Apple is set to expand its presence in the Miami, Florida area, following the lead of other big tech companies, reports Bloomberg.

According to a source, Apple will occupy a 45,000 sq ft (4,181 sq m) space in a new building in Coral Gables.

Apple's new Miami space will be at The Plaza Coral Gables, a project bankrolled by Agave Holdings, a Mexican family office powered by tequila money. Raymond James has also set up shop in the building. The increased demand for office space has led to sharp increase in rents. Asking rates on commercial properties in Miami are now close to $57 a square foot, according to commercial real estate adviser Avison Young.




Apple already has a smaller office in the area, which has focused on Latin America, as well as handling some advertising business like selling App Store ad slots. In addition to the new office space, the company is also expected to open a new retail store at the $4 billion Worldcenter development in Miami.

Check out the The Plaza Coral Gables in the video below...