“Rumors are that NYC’s Goldman Sachs is 1 of several financial firms looking for WPB office space”— Paul Ebeling
New York financiers migrated to West Palm Beach beginning last yr. Now that the VirusCasedemac has faded and the financiers are staying investor are setting up to supply offices to accommodate them.
With the likes of Goldman Sachs (NYSE:GS) and Steve Cohen’s Point72 Asset Management opening outposts in South Florida, the area has become hot market for commercial real estate. At the forefront is Manhattan developer Related Cos., which has been accelerating investments in West Palm Beach and now controls about 33% of its downtown office stock.
It’s a bet that the South Florida’s virus chaos boom is here to stay.
The region, with few virus rules, no state income tax and comparatively cheaper homes, last year saw thousands of people flock to enclaves such as West Palm Beach a city that for now has just slightly more downtown office space than NYC’s Empire State Building.
The VirusCasedemic has shown executives that they could do business anywhere. Developers are at the drawing board right now to develop more space to accommodate all of this growth.
We see West Palm as 1 of the fastest-growing commercial markets in the US.
Have a healthy day, Keep the Faith!