A major company founded in California is joining the growing list of businesses relocating their headquarters out of the state — this time heading to Texas.
Public Storage, the self-storage real estate investment trust founded in 1972 in San Diego County, announced in February that it will move its corporate headquarters from Glendale, California, to Frisco, Texas. The company operates more than 3,000 storage facilities across 43 states and is one of the largest players in its industry.
The relocation comes alongside a leadership transition and the launch of a strategic overhaul branded as “PS4.0.” In the same announcement, Public Storage named Joe Russell as the successor to CEO Tom Boyle, effective April 1.
“In addition, Public Storage will relocate its corporate headquarters to North Dallas (Frisco), Texas, benefiting from the depth of talent and innovation in that market, while maintaining a long-term presence in Glendale, California,” the company stated in its press release.
It added that the move, combined with the leadership transition, positions the company to execute its new strategy and “deliver sustained growth and long-term shareholder value.”
The company did not provide specific reasons for shifting its headquarters out of California. However, the move places Public Storage among a series of high-profile firms that have relocated or significantly reduced their presence in the state in recent years.
In 2019, McKesson Corp. moved its headquarters from San Francisco to Texas, followed by Charles Schwab’s relocation to the Dallas area. In 2020, Oracle, Tesla, and Hewlett Packard Enterprise all departed California for Texas. More recently, Chevron and Realtor.com announced moves to Texas, while fast-food chain In-N-Out opted to shift operations to Tennessee.
Many companies that have left California have cited a combination of high taxes, regulatory burdens, elevated cost of living, and broader business climate concerns as motivating factors. Texas, by contrast, has promoted its lower tax structure and business-friendly policies as competitive advantages.
California Gov. Gavin Newsom has pushed back on narratives suggesting a large-scale corporate exodus, emphasizing the state’s economic size and continued innovation leadership. California remains home to some of the world’s largest technology and entertainment firms and maintains one of the largest economies globally.
