Palm Beach is busier than ever, with no signs of slowing down.
The wealthy enclave and agricultural hub has seen a major influx of business in recent years, with private equity and wealth management firms, tech companies and biotech corporations relocating to Palm Beach County. No one knows the area’s changing landscape better than Roland Valdivieso, Banesco USA Senior Vice President and Market Executive for Palm Beach County. TRD spoke with the lifelong resident to learn what’s on the horizon for Palm Beach businesses and how his team is perfectly positioned to help companies of all sizes make the most of the thriving market.
The Palm Beach build-up
When we last spoke with Valdivieso in 2024, Palm Beach was in the middle of a major migration of companies from the Northeast financial sector and high-net-worth workers. Today, that trend continues, with Palm Beach marking a major move away from its former identity as a seasonal community.
“The island of Palm Beach, Wellington, and some very wealthy enclaves would experience a seasonal uptick between late November and April, and then you’d have a noticeable lull in traffic over the summer and the fall,” explains Valdivieso. “Now you’re seeing more of a steady stream throughout the year.”
Banesco USA’s Palm Beach office, which opened in 2023, has grown alongside the market, making it uniquely qualified to serve local businesses. Lifelong resident Valdivieso has put together a team of bankers with local experience that sets their office apart from newcomers who moved in following the Palm Beach boom.
“The expanding universe has been nothing but good for us, and we’re taking advantage of that,” says Valdivieso. “My team members are all seasoned Palm Beach County bankers, and we’re here for the businesses that have been here and are continuing to grow as well. We know the market. We’re familiar with who the players are here, and we’re poised for growth.”
Growing in all sectors
Valdivieso says that the downtown area is continuing to be developed, with a new Cleveland Clinic hospital and a new Vanderbilt University West Palm campus in the works.
Related Ross is also building two towers, 10 and 15 CityPlace, which will join the One Flagler in the developer’s growing downtown portfolio. One Flagler saw 32,000 square feet of move-ins in the first quarter of 2026 and has 80,000 square-feet of pre-leased space still waiting to be occupied.
“Palm Beach is an anomaly to the office markets around the country,” says Valdivieso. “The net migration has led to a competitive office market that has higher occupancy and higher rental rates.”
In total, the area has 1.83 million square feet of office space under construction, including Boca Raton East’s two-building, 221,000-square-foot development, The Aletto. Urban markets are also seeing good performance in multifamily developments.
It’s not just the urban cores that are thriving. Valdivieso notes that residential areas throughout the county are feeling the uplift as well.
“The northern end of the county, from a residential standpoint, has been very hot,” Valdivieso says. “There’s a lot of water up there, and many of the people moving into town want that lifestyle.”
The area hasn’t traditionally had as much commercial development, but that’s changing as people look to set up offices near their homes. Valdivieso also sees the potential for further economic tailwinds to maximize Palm Beach County’s growth. “We’re busy and bullish on the future of Palm Beach County,” he says.
The personalized business banking advantage
As Banesco USA celebrates its 20th anniversary, the community bank is expanding its offerings, including growing its newly acquired Small Business Administration (SBA) lending business.
“It’s another arrow in the quiver for us,” says Valdivieso. “This is a really entrepreneurial market. And those clients are a good fit for us, because we provide a tailored customer service experience that not all banks do.”
Banesco’s personal touch, ability to deliver commercial banking with a private banking model and skill at crafting solutions for businesses allow it to stand out in a landscape of larger money center banks.
As a Palm Beach County native himself, Benjamin Macfarland III, CEO, SROA Capital, appreciates the Banesco team’s local knowledge and ability to customize financing to fit his companies’ needs.
“At SROA Capital, alongside our operating platform Storage Rentals of America, our growth has translated into the need for more local niche financing options,” says Macfarland. “We’ve had success working with Banesco when we have less than 15% of uncalled capital available as we wind down the investment period on our funds to establish more efficient cost effective subscription lines. Their team has shown a strong understanding of our business and has been a trusted partner as we continue to grow.”
Valdivieso is not only optimistic on Palm Beach, but on Banesco as well, which is continuing to expand across Florida and invest in the communities it serves.
“When we spoke in 2024, we were probably a $4 billion bank,” says Valdivieso. “We’re a $5 billion plus bank now and the next time we talk, we’ll probably be a $7 or $8 billion bank.”
Contact Roland Valdivieso today at rvaldivieso@banescousa.com.
To learn more about Banesco USA’s services and products, please visit banescousa.com.