[logybogy]

If Goldman Sachs moves a major division headquarters to South Florida, every major investment bank is probably going to follow suit. This would be huge for all of South Florida but mostly Palm Beach County which seems the preferred landing spot for NY finance right now with Miami second.

https://www.bloomberg.com/news/artic...-a-blow-to-nyc

Goldman Sachs Group Inc. is weighing plans for a new Florida hub to house one of its key divisions, in another potential blow to New York’s stature as the de facto home of the U.S. financial industry.

Executives have been scouting office locations in South Florida, speaking with local officials and exploring tax advantages as they consider creating a base there for its asset management arm, according to people with knowledge of the matter. The bank’s success in operating remotely during the pandemic has persuaded members of the leadership team that they can move more roles out of the New York area to save money.

[BBMW]

As I said in the similar thread in the NYC forum, this is very likely a negotiating strategy.

[J.Gatsby]

I’m curious why more firms are picking Palm Beach County over Miami. I can see why people might prefer to live there, but West Palm and Boca feel small to me. Do they really have the infrastructure in place to house a firm like Goldman? I’m not sure there’s enough Class A office space there and the airport doesn’t have the number of routes MIA has.

[markjames68]

Originally Posted by BBMW

As I said in the similar thread in the NYC forum, this is very likely a negotiating strategy.

Quite possibly, but also possible that enough is enough in NY. So either NYC coughs up a ton of incentives or they lose a lot of high income people. Lose-lose for New York.

[markjames68]

Originally Posted by J.Gatsby

I’m curious why more firms are picking Palm Beach County over Miami. I can see why people might prefer to live there, but West Palm and Boca feel small to me. Do they really have the infrastructure in place to house a firm like Goldman? I’m not sure there’s enough Class A office space there and the airport doesn’t have the number of routes MIA has.

GSAM has around 2000 people worldwide, and 700 of them globally are asset managers. So figure maybe 300-400 people moving from NY to Florida?

[J.Gatsby]

Originally Posted by markjames68

GSAM has around 2000 people worldwide, and 700 of them globally are asset managers. So figure maybe 300-400 people moving from NY to Florida?

If that’s all there are then it does seem pretty feasible for WPB. There’s still the issue of the airport as I know it’s pretty important to be able to fly around the world to see clients. Ft. Lauderdale’s airport might be big enough, I think Palm Beach is too small though.

[Marysa Butzke]

I hope they STAY in NY, and not move to FL. If they're smart they would look to TX, ATL or TN

[allenk893]

Originally Posted by J.Gatsby

I’m curious why more firms are picking Palm Beach County over Miami. I can see why people might prefer to live there, but West Palm and Boca feel small to me. Do they really have the infrastructure in place to house a firm like Goldman? I’m not sure there’s enough Class A office space there and the airport doesn’t have the number of routes MIA has.

When's the last time you were in West Palm? There's literally tons of class A space right next to the gorgeous marina and parks. It's prime real estate and ripe for business. City size is irrelevant right now with the pandemic looming and wfm alternatives. In addition, people here speak English and are much nicer than Miami. Which you can assume makes conducting business easier. And according to other articles, WPB is prime due to their management and client base already nearby in places like Palm Beach island. This was in the stars. The pandemic just accelerated it. As far as PBI goes, it has direct flights to most major cities in the country with the exception of the west coast. It recently just got LAX which you can catch a connecting flight to anywhere there now.

[allenk893]

Originally Posted by Marysa Butzke

I hope they STAY in NY, and not move to FL. If they're smart they would look to TX, ATL or TN

Why? This is the smartest thing they could do and and fantastic news. We need more business magnate, wall street types, and corporations here. A better thing couldn't have happened to our state.

[beach43ofus]

Originally Posted by J.Gatsby

I’m curious why more firms are picking Palm Beach County over Miami. I can see why people might prefer to live there, but West Palm and Boca feel small to me. Do they really have the infrastructure in place to house a firm like Goldman? I’m not sure there’s enough Class A office space there and the airport doesn’t have the number of routes MIA has.

There's plenty of land left to build corporate campuses, and they can always go vertical if need be.

Most of the top 1% fly private, not commercial, so they dont care about commercial routes.

NYC's infrastructure is crumbling, so would you rather rebuild theirs, or start out fresh with brand new infrastructure in low-tax Sunny warm Florida?

The passenger trains in SE Florida are much nicer than NYC's subways, and they are adding more stops, & expanding reach. Florida's University system is excellent. Florida Interstate system is good, and soon to be getting better with 2 new North-South connectors.

Florida is a more populated state than New York, so its not like Florida has no infrastructure.