Palm Beach housekeepers are making $150,000 a year
An aerial shot of West Palm Beach, where billions of dollars in new real estate and thousands of new residents have arrived in the wake of Florida 's ongoing population boom.Twenty-eight years too early is how developer Stephen Ross describes his firm’s arrival in West Palm Beach, the Florida city he’s now helping transform with a trio of new office towers, ultra-luxury condos, and soon, a university. West Palm Beach Mayor Keith A. James and leading real estate developer Stephen M.
Well-heeled newcomers pushed Palm Beach County to the top of the pile in the national reshuffling of affluence. Between 2020 and 2021 new residents to the county brought $7.03 billion in new taxable income — more than any other place in the U.S., according to the Economic Innovation Group. In 2022 households moving into Palm Beach County had an average adjusted gross income ofThese new arrivals are not just buying gated enclaves for leisurely weekends on the water.
“There’s early COVID tenants, there’s mid-COVID tenants, and there’s today’s tenants,” said Ned Grace, co-founder of NDT Development. An aerial shot of Palm Beach and its top luxury resort The Breakers. The new-found vibrancy of West Palm Beach is an extension of Palm Beach’s decades of prestige and exclusivity.The roster of Nora’s tenants so far might give Northeast transplants a sense of home.
Amid a national crisis of empty office towers, office rents in West Palm are climbing, as demand for Class A workspace is still rolling in. Related razed a movie multiplex last year and has plans to build two new office towers –with a combined 1 million square feet — in its place. It’s not just commercial property that’s been altered by so much in-migration. West Palm Beach’s residential market has been remade too.
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