Florida has largely been regarded as a retirement state, but it appears that is changing fast.
The state has long drawn in aging Americans and those who prefer warmer weather, sprawling golf courses and a slower pace, but a recent drop in average age has business leaders eyeing West Palm Beach as the next big thing. Amid the sun-soaked beaches and palm trees, industry leaders are moving in thanks to the area’s tax incentives, economy and favorable lifestyle.
Visium CEO John Rajchert, who moved his business from Orlando, is among those who believe in the future of West Palm Beach.
“I believe that this place will win because it provides a dynamic growth environment, great lifestyle, obviously a great tax structure, and what’s important is growth,” he told Fox News Digital. “This is a multi-year strategy.”
“We’ve got a bunch of employees here who are delighted to be here simply because of the lifestyle and the connectedness that West Palm Beach provides. Willingness to move is very, very, very good. So what we’re finding is that we have a national talent pool that’s prepared to move here,” he added. “What has happened, and what I’ve noticed since I’ve been traveling here regularly over the last few years, is this big transformation from a lifestyle destination to a career destination.”
Related Ross Executive Vice President Jordan Rathlev also spoke with the outlet, promoting South Florida as an excellent place for businesses looking to make the area their home.
“I think if you were starting a job or starting a business, having certainty is always top of mind. And the certainty to do business, to get things done, there’s no better place to do that than South Florida. And we believe West Palm Beach and Palm Beach County are really at the epicenter of that,” he said.
While other areas have put the squeeze on businesses, South Florida is creating the perfect environment to thrive.
“Names like Goldman Sachs, BlackRock, Vanderbilt University and tech-health firm Visium have all expanded their presence in West Palm Beach, and business has been nonstop for people like Rathlev, who help these companies find their ideal real estate,” Fox News reported.
“Florida said, hey, we’re open for business. We saw a huge number of the financial service firms that are already based in the Northeast and other parts of the country have a small footprint, and as the pandemic shifted to, where do people want to live, where do businesses want to grow, they all started to recognize that South Florida is really a great place to do business. And we’ve truly benefited from that from all sectors of the economy,” Rathlev explained.
“I think there’s no question when a company relocates here … the number one thing that they think about is, how do we attract and retain talent? That becomes the number one emphasis for anything that we’re trying to do,” he continued. “We’ve seen the average age drop from 45 to less than 39 in West Palm Beach within a five-or six-year period.”
But every expansion, no matter how highly anticipated, comes with growing pains.
“There’s no question that as a city grows, you’re going to be faced with challenges, I think, primarily on the infrastructure side. And I think some of the biggest criticisms of some of the cities that maybe grew a little too fast or weren’t thinking about infrastructure are traffic and housing affordability,” Rathlev noted. “Housing affordability always comes into the conversation because you need people of all income bands, all job descriptions to be able to afford a house and live in the community where they’re working … And I think for us to grow as a region, again, having the optionality for price points in the housing market and being thoughtful of how we think about mobility and traffic will be key to the growth of this region.”
Editor’s note: This post has been updated. A previous version of this story quoted Fox News as naming Citadel as a company that “expanded their presence in West Palm Beach.” A review of their office locations indicates that they are established in Miami, not West Palm Beach. We regret the error.
Writers and editors can be contacted at [email protected] with feedback, tips, or corrections.
Sierra Marlee is a millennial whose hunger for the truth in a world of fake news has led her to write. Marlee also contributes to BizPac Review.
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