The Houston space already holds the title because the nation’s third greatest 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, in response to new analysis from business actual property companies firm CBRE. CBRE’s checklist encompasses public bulletins from firms throughout numerous sizes and industries about relocating their company headquarters throughout the U.S.
Of the markets included in CBRE’s examine, 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).
Based on CBRE, causes cited by firms for shifting their headquarters embrace:
- Entry to decrease taxes
- Availability of tax incentives
- Proximity to key markets
- Skill to assist hybrid work
“Firms now view headquarters places as strategic belongings, permitting for adaptability and sooner response to market modifications,” stated CBRE.
Among the many high-profile firms that moved their headquarters to the Houston space from 2018 to 2024 are:
- Chevron
- ExxonMobil
- Hewlett-Packard Enterprise
- Murphy Oil
Many firms which have shifted their headquarters to the Houston space, resembling Chevron, are within the power sector.
“Chevron’s choice to relocate its headquarters underscores the compelling benefits that place Houston because the prime vacation spot for main power firms right now and for the long run,” Steve Kean, president and CEO of the Better Houston Partnership, stated in 2024. “With deep roots in our area, Chevron is a key participant in establishing Houston as a world power chief. This transfer will additional improve these efforts.”
Based on CBRE, California (notably the San Francisco Bay and Los Angeles areas) misplaced probably the most company HQs in 2024, with 17 firms asserting 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 need of firms to hunt new environments to assist their objectives and workforce wants.
“In the end, firms are searching for to determine themselves in places with potential for long-term success and profitability,” CBRE stated.
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This story initially appeared on our sister web site, InnovationMap.
