It’s not easy for a large company to pick up its headquarters operations and move them elsewhere, whether that move is across town or to the other side of the planet. Yet corporate leaders continue making those decisions, with the results being big news when the company leaves one spot and arrives in the other.
CBRE’s recent analysis, “The Shifting Landscape of Headquarters Relocations: 2025 Update,” studied HQ relocation trends by year, reason, industry and geography.
Yearly Changes
While the pandemic drove corporate relocations in 2021 (reflecting the residential migration trend), major moves declined in 2022 and 2023. CBRE analysts said that factors contributing to the slowdown included higher capital costs and workplace consolidations.
Meanwhile, in 2024, business moves increased once again, reflecting “a shift in business strategy, as companies seek new environments that reflect their operational goals and workforce needs,” the analysis explained.
Industry Shifts
The analysis pointed out that manufacturing and technology firms are adopting new strategies to remain competitive in the areas of increasing their talent base, reducing their costs, and taking advantage of emerging marketing opportunities.
Technology companies are moving beyond the more traditional Silicon Valley and Seattle hubs into areas with lower costs and “supportive innovative ecosystems.” At the same time, “manufacturing relocations are driven by a desire for geographical diversification, supply chain optimization and strategic positioning in regions with competitive advantages,” CBRE analysts said.
Reasons for Relocations
In addition to the above-mentioned advantages, the moves are motivated by a friendly business climate (tax incentives, lower taxes, and access to key markets) and improved consumer access.
“Corporations now view headquarters’ locations as strategic assets, allowing for adaptability and faster reaction to market changes,” the analysis said, adding that businesses are also looking for real estate options that can support a hybrid workplace.
Geographical Transfers
Many corporations left California, heading to other states including Arizona, Colorado, Tennessee and Texas. The analysis explained that these moves underscore “deeper economic and strategic considerations that are driving business decisions.”
Additionally, emerging metro areas “are competing to attract corporate headquarters through targeted strategies.” These areas are offering tax incentives, infrastructure improvements and workforce development programs.
Top Markets Gaining HQs (2018-2024)
Top Markets Losing HQs (2018-2024)
- San Francisco/Bay Area: 156
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