Public Storage is the latest company to leave California for Texas

Core Viewpoint - Public Storage is relocating its headquarters from Glendale, California, to Frisco, Texas, after over 50 years in California, reflecting a trend of corporate exits from the state [2][3]. Company Overview - Public Storage is the largest self-storage brand in the U.S., operating more than 3,500 facilities across 40 states and employing over 5,000 people [3]. - The company was founded in 1972 in El Cajon, California, and has maintained its headquarters in Southern California since then [3]. Reasons for Relocation - The leadership framed the move as a logistical decision aimed at leveraging the talent and innovation available in Texas, rather than a complete exodus from California [4]. - Incoming Chief Executive H. Thomas Boyle indicated that the company has historically operated in both Glendale and Dallas, with a trend of filling new roles in Texas over recent years [4][5]. Legislative Context - The relocation follows the implementation of Senate Bill 709, which aimed to impose price caps on California's self-storage industry but was modified to a transparency law regarding rent hikes [5]. - The California Self Storage Association, which Public Storage funds, actively lobbied against this bill [5]. Industry Trends - California has been experiencing a net loss of companies since 2014, with many relocating to Texas, although experts view these departures as adjustments rather than signs of economic decline [6]. - Other notable companies, such as John Paul Mitchell Systems and Chevron, have also moved their headquarters to Texas, indicating a broader trend among businesses seeking favorable conditions [7][8].