Coral Gables will be the new home of a large office space for tech giant, Apple Inc. This move is the most recent in a slew of moves to the area by large tech companies, and signals a commitment by the iPhone makers to expand their footprint in the area. Apple and others have been drawn to Miami and surrounding regions by its vibrant culture and strategic business location.
Apple’s new office will occupy approximately 45,000 square feet within The Plaza Coral Gables, a freshly erected mixed-use complex that boasts of blending modern workspaces with retail and residential units. This initiative places Apple among the ranks of other tech giants that have recognized the strategic advantages of setting roots in the Miami area, according to a report by Bloomberg.
The choice of The Plaza Coral Gables is particularly noteworthy. Situated in the heart of Coral Gables, often referred to as “The City Beautiful,” this complex offers Apple the upper floors of its north tower, ensuring that the tech giant’s new regional hub will not only benefit from the latest in office design but also from the prestige and visibility associated with this landmark development.
Despite the complex’s asking rates for commercial space being considerably higher than the average for the Coral Gables area—over 30% more, as per a report by Cushman & Wakefield cited by Bisnow—the cost is still more attractive compared to the premiums demanded in Miami’s high-end Brickell neighborhood.
But this isn’t Apple’s only foray into the Miami business space. The company is on track to open a flagship retail space of approximately 19,000 square feet within Miami Worldcenter. Moving toward the retail space is a sign that Apple has a strategic future vision within Miami, not just for corporate space, but also for engaging with both retail and consumer goods.
While tech companies setting up shop in Miami is not a new trend, it has begun to accelerate in recent years. This is often attributed to the pandemic and shift in various workplace dynamics, making Miami an attractive choice. The area has seen moves from PayPal co-founder Peter Thiel, Citadel chief Kenneth Griffin, and even Amazon founder Jeff Bezos. Bezos specifically has attained residential property in Miami’s exclusive Biscayne Bay area.
Other notable tech giants making their mark in Miami include Amazon, with plans to lease around 50,000 square feet of office space, and Microsoft, which has secured space in the upcoming 830 Brickell high-rise. This influx of tech companies, including Kaseya and Ultimate Kronos Group, further underscores Miami’s rising profile as a tech and business hub.
Despite some challenges, including the high-profile collapse of cryptocurrency exchange FTX and the withdrawal of coworking firm WeWork from a major lease, the Miami commercial office market remains robust. With a vacancy rate below 10 percent, the city stands out against a backdrop of rising vacancies in office spaces nationwide.
This investment by Apple into the city of Miami shows more than a simple validation of the city as a tech hub. It is a signal of the industry’s confidence that this region will be a key player in both the future of technology and business. Apple’s expansion could also contribute to the local economy in a significant way, creating jobs and solidifying Miami’s status as a burgeoning tech hub.
