Palm Beach County, Florida is officially "Wall Street South", recently welcoming dozens of financial industry giants that plan to create thousands of jobs, according to the Business Development Board of Palm Beach County (BDB).
With Goldman Sachs as the newest arrival to the Palm Beaches, other companies new to the County include:
- NewDay USA will open a second headquarters, creating 600 new jobs in a 50,000 sq. ft. office will be in downtown West Palm Beach, FL.
- Virtu Financial is relocating its New York City headquarters to Palm Beach Gardens, FL. The move will employ about 50 people with average salaries of $165,000. “We aren’t going back,” said CEO Doug Cifu, who is also co-owner of the Florida Panthers NHL team, in a WPTV interview.
- Elliott Management, a $41 billion fund manager, is relocating its corporate headquarters from Manhattan, NY to the Palm Beaches.
- Colony Capital is relocating its global headquarters from California to the City of Boca Raton, FL.
- Point72 Asset Management, headquartered in Stamford, CT and led by New York Mets owner Steve Cohen, will open an office with about 45 employees.
- Wealthspire Advisors, an investment advisory firm with $13 billion in assets under management and headquartered in New York, selected Boca Raton, FL to open an office.
Home to more than 2,400 financial service firms with average salaries of nearly $80,000, this sector employs about 33,000 people just within the County and receives most relocations from New York, California, Massachusetts, Illinois, Connecticut and New Jersey.
“Executives of companies relocating to Palm Beach County are signing 8-to-10-year leases. It’s not a temporary trend and right now, we’re working with an additional 50 companies that plan to make a move,” said Kelly Smallridge, President and CEO of the Business Development Board of Palm Beach County. “Executives are purchasing homes, enrolling their children in school and becoming involved in the community.”
The Business Development Board estimates about 100 financial firms have flocked to the Palm Beaches over the past few years.
There are no signs of slowing down
- A 2021 Unacast study ranked Palm Beach County as the #1 county for both people and income growth in the state of Florida.
- Palm Beach County welcomed 11,000 people during 2020 with a new net income gain flow of $3.4 billion — far exceeding the gains of any other county in the U.S. studied by Unacast.
- 41% of moves to the Palm Beaches were from the New York City area.
- The National Association of Realtors® ranked Palm Beach County in the top 10 areas in America for the busiest commercial real estate market.
- The World Property Journal ranked West Palm Beach in the top 10 performing commercial real estate markets in the Nation.
Palm Beach County will experience continued growth with available land, shovel-ready properties, class “A” office space and pro-business government leaders. “We help executives with real estate searches, access to public and private school for their children, expedited permitting, tours of any of our 39 cities and towns that they’re interested in, introductions to elected officials, and many services, all complimentary to these firms,” stated Smallridge. The Business Development Board of Palm Beach County will continue to roll out the red carpet as more firms head South seeking a warmer climate, both lifestyle and business.