The Houston space already holds the title because the nation’s third largest metro hub for Fortune 500 headquarters, behind New York Metropolis and Chicago. Now, Houston can tout one other HQ accolade: It’s in a fourth-place tie with Phoenix for probably the most company headquarters relocations from 2018 to 2024.
Throughout that interval, the Houston and Phoenix areas every attracted 31 company headquarters, based on new analysis from industrial actual property companies firm CBRE. CBRE’s record encompasses public bulletins from corporations throughout numerous sizes and industries about relocating their company headquarters throughout the U.S.
Of the markets included in CBRE’s research, Dallas ranked first for company relocations (100) from 2018 to 2024. It’s adopted by Austin (81), Nashville (35), Houston and Phoenix (31 every), and Denver (23).
In accordance with CBRE, causes cited by corporations for shifting their headquarters embrace:
- Entry to decrease taxes
- Availability of tax incentives
- Proximity to key markets
- Potential to help hybrid work
“Firms now view headquarters areas as strategic belongings, permitting for adaptability and quicker response to market modifications,” stated CBRE.
Among the many high-profile corporations that moved their headquarters to the Houston space from 2018 to 2024 are:
- Chevron
- ExxonMobil
- Hewlett-Packard Enterprise
- Murphy Oil
Many corporations which have shifted their headquarters to the Houston space, akin to Chevron, are within the power sector.
“Chevron’s determination to relocate its headquarters underscores the compelling benefits that place Houston because the prime vacation spot for main power corporations at the moment and for the long run,” Steve Kean, president and CEO of the Higher Houston Partnership, stated in 2024. “With deep roots in our area, Chevron is a key participant in establishing Houston as a worldwide power chief. This transfer will additional improve these efforts.”
In accordance with CBRE, California (significantly the San Francisco Bay and Los Angeles areas) misplaced probably the most company HQs in 2024, with 17 corporations saying relocations — 12 of them to Texas. Additionally final yr, Texas gained practically half of all state-to-state relocations.
In March, Website Choice journal awarded Texas its 2024 Governor’s Cup, leading to 13 consecutive wins for the state with probably the most company relocations and expansions.
CBRE defined that the development of company HQ relocations displays the will of corporations to hunt new environments to help their objectives and workforce wants.
“In the end, corporations are in search of to determine themselves in areas with potential for long-term success and profitability,” CBRE stated.
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This story initially appeared on our sister web site, InnovationMap.
