[beach43ofus]

Originally Posted by markjames68

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.

New York has already lost lots of high income people. I saw an estimate that said Florida has taken $2B/year in tax revenues away from New York. Those are high income people paying that $2B to Florida, not the botom 80%.

NY has lost more than 1/2 its Fortune 500 Corp HQ's. Most of what they have left is financial, and now that's leaving.

[J.Gatsby]

Originally Posted by allenk893

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.

It’s probably been about 4 years since I’ve been there. I recall there being a charming downtown there, but not much in the way of huge office towers you see in places like Miami. Maybe PBI will do, or perhaps they’re planning on using Ft.Lauderdale’s airport.

That’s a good point about going where the wealth is and I totally appreciate it. The amount of wealth from Island to Key Biscayne is really staggering when you add it all up.

[J.Gatsby]

Originally Posted by beach43ofus

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

I wonder if they do intend on building their own campuses. That would probably make the most sense long-term.

Originally Posted by beach43ofus

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

I don’t think most of the top 1% fly private, and many Goldmanites aren’t in the top 1%. You really need to be a UHNWI to fly private.

Overall, Florida does make sense over NY, I’m just questioning the logistics of WPB. To be clear, I think Florida is great. I work in finance and have zero interest in ever living in NY.

I was reading JP Morgan had also considered moving, but opted against it due in part to education in Florida which I thought was interesting. Perhaps they don’t think there’s the same kind of talent pool.

[ConnecticutSir]

I wish Central Florida could get a few of these northern billionaires and/or big companies that are moving to Florida. It seems they're all just moving to South Florida.

[logybogy]

Palm Beach is popular because you have to think about the people interested to moving to Florida in finance. It's the older finance professionals approaching retirement who are mainly concerned about taxes and want to enjoy the places they vacation year round.

If you are a finance guy, making 7 or 8 figures a year in his mid 50's to 60's++ retirement age, Palm Beach is much more your scene than Miami.

With that said, most of the jobs will be probably be back off and admin jobs probably under $100k or low six figures in salary so Goldman can cut costs. The big money front office jobs (7 figures+) will be much more limited in Florida than New York.

[cjairo191]

Originally Posted by ObedientSir

I wish Central Florida could get a few of these northern billionaires and/or big companies that are moving to Florida. It seems they're all just moving to South Florida.

Thank Goodness. We dont need any Trumps in Central Florida.

[ConnecticutSir]

Originally Posted by cjairo191

Thank Goodness. We dont need any Trumps in Central Florida.

Christ almighty! Does everything need to be political?

[boy3365]

Meanwhile, Big Tech is moving in....

https://www.nytimes.com/2020/10/13/n...ice-space.html

October 13, 2020

Apple, which set up its first office in New York a decade ago, is expanding to another building in Manhattan. And Google and Amazon are stitching together corporate campuses in the city more quickly than anywhere else in the world. Amazon paid roughly $1 billion in March for the iconic Lord & Taylor building on Fifth Avenue.

“We know that talent attracts talent, and we believe that the creative energy of cities like New York will continue to attract diverse professionals from around the world,” said Ardine Williams, Amazon’s vice president of work force development.

Executives at the companies said their investments even during one of the city’s darkest periods reflect their belief that the features that set New York apart — its diversity, culture, regional transportation network and numerous colleges and universities — will keep luring people after the pandemic.

"Small tech" is investing in the city as well. It looks like it may balance out.

It makes sense for the financial services companies to have some operations here. I mean, this is where the bigwigs come to protect the big money they made somewhere else.

[markjames68]

Originally Posted by boy3365

Meanwhile, Big Tech is moving in....

https://www.nytimes.com/2020/10/13/n...ice-space.html

October 13, 2020


"Small tech" is investing in the city as well. It looks like it may balance out.

It makes sense for the financial services companies to have some operations here. I mean, this is where the bigwigs come to protect the big money they made somewhere else.

That Instagram shared space office looks so inviting - not. Reminds me of old pictures of the garment district in NY from 100 years ago.



I wonder how many of those leases were in play pre-COVID and Amazon et al used the need for remote work as an excuse to lower rents?

[boy3365]

Originally Posted by markjames68

That Instagram shared space office looks so inviting - not. Reminds me of old pictures of the garment district in NY from 100 years ago.



I wonder how many of those leases were in play pre-COVID and Amazon et al used the need for remote work as an excuse to lower rents?

I don't know about that, but it looks like they've been accelerating their hiring in the past few months.