Today, the Business Development Board of Palm Beach County, Florida is causing a stir in the bustling streets of New York City. The urban landscape is adorned with 3 billboards bearing an enticing phrase, “Wall Street South,” capturing the attention of the hurried crowds.
Palm Beach has long been a favored destination for financial firms with roots in New York with a recent surge of interest leading to the moniker “Wall Street South” being affixed to Palm Beach County.
These advertisements, strategically positioned at 43rd Rotunda, Times Square Tower, and the iconic I Love NY Board, feature the message alongside an inviting beach scene. The imagery is accompanied by a call to action, urging businesses to establish offices in Palm Beach.
Driving these endeavors is the Business Development Board, Palm Beach County’s economic development organization, solidifying the region’s identity as the southern counterpart of Wall Street. Since 2019, the BDB assisted 100 firms in opening offices in Palm Beach County.
Noteworthy statistics about “Wall Street South” include its impressive roster of 19,757 financial companies that employ 269,451 individuals, contributing to a total gross regional product of $39.9 billion. The area boasts a residence count of 57 billionaires and 70,000 millionaires.
The pipeline reveals plans for the construction of two million square feet of Class “A” office space. Palm Beach County’s urban centers, including Palm Beach Gardens, Boca Raton, and West Palm Beach, are witnessing the construction of offices, including the 270,000-square-foot One Flagler. Currently 75%-leased, its tenants include GTCR, Diameter Capital Partners, and Siris Capital.
Enterprises embracing the concept of “Wall Street South” by establishing offices there are Virtu Financial, BlackRock, Citadel, Elliott Management, and Goldman Sachs.
Kelly Smallridge, President/CEO of Palm Beach County’s Business Development Board highlighted that this marketing push is an ongoing initiative in New York. Earlier in April, the BDB formed a team named “One Palm Beach“, consisting of educational leaders journeying to Hudson Yards to meet executives with interest in Palm Beach’s educational offerings for their children. They’ll visit again in 2024.
Smallridge shared that 20 companies are in discussions about relocating, utilizing resources like expedited permitting, property searches, and connections to private/public educational institutions. The BDB’s marketing endeavors are marked by their audacity and purpose. With Palm Beach County assuming the identity, “Wall Street South,” there’s no better place to proclaim this message than within the heart of Wall Street itself.
