"As exciting as the move is, it's an emotional decision for me. Seattle, you will always have a piece of my heart," the billionaire said in an Instagram post on Thursday.

The post included a video of Bezos in Amazon's first office in Seattle, where he founded the e-commerce company out of his garage in 1994 and grew it into one of the biggest retailers in the world.

Private space company Blue Origin's operations are increasingly shifting to Cape Canaveral, Bezos added.

Amazon's rapid growth transformed Seattle's South Lake Union district, replacing warehouses and parking lots with offices towers, highly paid tech workers and expensive eateries. The growth contributed to an economic boom and rising rents.