Apple is taking 45,000 square feet (4,181 square meters) in a new building in Coral Gables, a wealthy suburb just south of Miami, according to people familiar with the matter, who asked not to be identified because the plans are private. 

Apple declined to comment.

The company already has a smaller office in the vicinity, which has focused mostly on Latin America as well as the advertising business, including selling ad slots in the App Store. The firm is also expected to open a large new retail store location at the $4 billion Worldcenter development in Miami.

South Florida has been a magnet for the ultra-wealthy and their companies since the pandemic upended the U.S. economy, with firms either outright moving to the area or expanding their footprints. Amazon.com Inc. is looking for roughly 50,000 square feet in Miami, after founder Jeff Bezos moved to Florida from Seattle. Microsoft Corp. has also leased a new office in the city, in the same building that will serve as headquarters for Ken Griffin’s Citadel.

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.