Public Storage is the latest company to leave California for Texas
Public Storage is moving to Texas after more than 50 years in California.
The company announced plans to move its headquarters from Glendale to the Dallas suburb of Frisco, Texas, ahead of its earnings release this month. The largest self-storage brand in the United States has been based in Southern California since its founding in 1972 in El Cajon. The company operates more than 3,500 self-storage facilities in 40 U.S. states and has more than 5,000 employees.
Company management presented the move as a logistical decision rather than a complete exodus to California. The move to Texas, part of a broader overhaul of the company, will help it benefit from “the depth of talent and innovation in this market,” according to a report. statement.
New CEO H. Thomas Boyle, currently the company’s chief financial and investment officer, said during the company’s fourth-quarter earnings conference call that the company has a long history of operating in Glendale and Dallas. Corporate job openings have often been posted in both offices, but most new positions in recent years have been filled in Texas, Boyle said.
“It’s about finding the right talent across the country and building the team for the future, and we hope to see strong leadership in both offices,” Boyle said.
The news comes shortly after Senate Bill 709 came into force at the beginning of the year. The bill aimed to cap prices in California’s self-storage industry, but was reduced to a transparency law requiring disclosure of rent increases in lease agreements. The California Self Storage Assn., of which Public Storage is a backer, lobbied hard against the bill.
California has lost more businesses than it has gained since 2014, many to Texas. However, experts and economists told the Times that the company departures represent adjustments to California’s system. A $4.1 trillion economyrather than signs of systemic decline.
Last year, hair care company John Paul Mitchell Systems moved from Southern California to Wilmer, Texas, and green energy company GAF moved from San Jose to Georgetown, Texas.
In 2024, Chevron announced plans to move its headquarters from San Ramon to Houston after years of clashing with Sacramento politicians over climate and energy policies.
That year, Elon Musk moved SpaceX and Three years earlier, Tesla moved its headquarters from Palo Alto to Austin, Texas.
In 2019, financial services company Charles Schwab moved from San Francisco, where it was founded, to Westlake, Texas.
Other billionaires, including Oracle founder Larry Ellison and Palantir founder Peter Thiel, have begun distancing themselves from California as a labor-backed coalition gathers signatures in hopes of imposing a one-time 5% tax on the total wealth of the state’s billionaires on the November ballot.
