Public Storage is the latest company to leave California for Texas
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Public Storage is moving to Texas after more than 50 years in California.The company shared its plans to move its corporate headquarters from Glendale to Frisco, Texas, a suburb of Dallas, ahead of an earnings call this month.The largest self-storage brand in the U.S.
has been based in Southern California since its founding in 1972 in El Cajon.The company operates more than 3,500 self-storage facilities across 40 U.S.
states and has more than 5,000 employees.Company leadership framed the move as a logistical decision rather than a full-on California exodus.The move to Texas, part of a wider overhaul of the company, will help it benefit from the “depth of talent and innovation in that market,” according to a statement.
Business Despite a growing narrative that California is hostile to businesses, experts say the state still has unmatched advantages.Incoming Chief Executive H.Thomas Boyle, currently the company’s chief financial and investment officer, said during the fourth-quarter earnings call that the company has long operated in both Glendale and Dallas.
Corporate job openings often were posted across both offices, but most new roles over the last several years have been filled in the Texas location, Boyle said.“It’s about finding the right talent across the country and building the team going forward, and we look forward to strong leadership in both offices,” Boyle said.
Business U-Haul truck trends mark exodus from CaliforniaThe news comes shortly after Senate Bill 709 took effect at the start of the year.The bill was designed to place price caps on California’s self-storage industry but was scaled back to a transparency law requiring disclosures of rent hikes in rental agreements.
The California Self Storage Assn., of which Public Storage is a funder, heavily lobbied against the bill.Business Economists say a tax on California’s wealthiest residen...