Public Storage Relocates HQ from California to Texas

The new corporate headquarters for Public Storage will be in a 119,000-square-foot office at Hall Park in Frisco, Texas. The company cited the Dallas area's deep talent pool and reputation for innovation as key drivers for the move. However, the company will not be fully leaving its roots, stating it will maintain a "long-term presence" in Glendale, California, and is even moving into a new office space there. This relocation is part of a broader strategic shift for the S&P 500 company, dubbed "PS4.0," which coincides with a leadership transition. Tom Boyle is set to take over as CEO on April 1, 2026, as the company enters what it calls its fourth era of leadership since its founding in 1972. The "PS4.0" strategy includes the launch of "PS Next," a digital-first operating platform. This initiative will use advanced data science and AI to enhance customer experience and improve revenue management. The company's focus is on accelerating growth through technology and more effective capital allocation in acquisitions and development. Public Storage's move is part of a larger trend of corporate relocations from California to Texas. In recent years, major companies like Chevron, Tesla, and Oracle have also moved their headquarters to the Lone Star State. This exodus is often attributed to Texas's business-friendly climate, including its lack of a corporate income tax. The Dallas-Fort Worth area, in particular, has become a major hub for these relocations. Between 2018 and 2024, the region attracted more corporate headquarters than any other metro area in the U.S. This trend has contributed to Texas ranking as the top state for population growth, while California has seen a net loss of companies.