Realtor.com, a major player in the real estate industry and part of Rupert Murdoch’s News Corp, has decided to relocate its headquarters from Santa Clara, California, to Austin, Texas.
This move marks the latest shift in a growing trend of companies leaving California in favor of the Lone Star State.
Texas Attracts Big Names with Business-Friendly Environment
This decision comes on the heels of several high-profile companies making the same transition.
SpaceX, Chevron, and Oracle are just a few of the major players that have made the move from California to Texas in recent years.
Texas has been actively promoting itself as a business-friendly state, offering low taxes and minimal regulations.
The state has also introduced new business courts to handle corporate disputes, a feature that many companies have found appealing, particularly those used to Delaware’s corporate environment.
Realtor.com’s CEO Speaks Out on Texas’ Appeal
Realtor.com’s CEO, Damian Eales, shared that the decision to move the headquarters to Texas was driven by several factors, including the state’s growing housing market, lower cost of living, and an expanding talent pool.
“There is no better place for us to call home,” Eales said, emphasizing the opportunities Texas offers for both growth and recruitment.
He added that the company is committed to expanding its presence in the state by hiring local talent and attracting new recruits in the coming years.
News Corp CEO Celebrates the Move
Robert Thomson, CEO of News Corp, also expressed his enthusiasm about the relocation.
“We are proud to be housed in a state which understands the crucial role played by business in providing opportunities for personal growth, professional success, and community achievement,” Thomson stated.
He framed the move as an investment in what he described as “The American Dream.”
Texas Governor Cheers the Relocation
Texas Governor Greg Abbott joined in celebrating the announcement, praising the state’s “unmatched business environment.”
He welcomed Realtor.com’s decision to move to Austin, highlighting it as an example of the state’s appeal to companies looking for a more favorable business climate.
A New Home in Austin’s Expanding Office Market
The company has leased office space at 901 E. Sixth Street in Austin, where former employees from the Santa Clara office are now working remotely.
Austin has seen a boom in new office spaces in recent years, resulting in an excess of available properties.
As of the end of last year, the city’s office vacancy rate was nearly 30%, according to Cushman & Wakefield, which further supports the city’s growth as a business hub.
The California Exodus Continues
Elon Musk, in particular, cited the abundance of housing and lower taxes as key reasons for moving Tesla’s offices from California to Texas.
Chevron also pointed to California’s increasing environmental and business regulations as factors that led to their relocation.
California’s strict fuel-quality regulations, aimed at reducing emissions and protecting the environment, have made it more expensive for companies like Chevron to operate in the state, driving them to seek more business-friendly environments elsewhere.
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