Texas Is Winning the Corporate Relocation Race
While other markets debate whether the headquarters migration trend has legs, Dallas-Fort Worth just logged its 100th relocation since 2018 and keeps adding more.
In partnership with
Good morning. Dallas-Fort Worth just crossed 100 corporate headquarters relocations since 2018 — and according to CBRE's latest data, the companies still leaving California and New York show no signs of running out.
Why has grocery-anchored retail outlasted every "retail is dead" headline? This week on the No Cap Podcast, we're sitting down with Ross Cooper — President & CIO of Kimco Realty (NYSE: KIM) — to talk about one of the most resilient asset classes in commercial real estate: grocery-anchored open-air retail.
Market Snapshot
|
||
|
||
|
||
|
||
|
||
|
MARKET TRENDS
The Corporate Migration Map Has Hardened — and Texas Is at the Top
While other markets debate whether the headquarters migration trend has legs, Dallas-Fort Worth just logged its 100th relocation since 2018 and keeps adding more.
By the numbers: According to CBRE's study of 725 public headquarters announcements, DFW has attracted more corporate relocations than any U.S. metro since 2018 — over 100 total — adding 11 more interstate or international moves in 2025 alone from Los Angeles, the Bay Area, New York and Chicago. Seven additional 2025 announcements were intrametro upgrades — companies already in Texas trading up to better space.
California is doing Texas's recruiting: CBRE's data shows San Francisco, San Jose and Los Angeles as the primary donor markets nationally. High taxes, regulatory burden and cost pressures are pushing companies out — and the outbound flows from coastal California map almost directly onto inbound gains in DFW and Austin. Texas barely has to make the pitch anymore.
The Sun Belt is catching up: Miami attracted six U.S. relocations and two international moves. Charlotte and Nashville are steady contributors. None are moving at DFW's pace — and Texas benefits further from Austin, Houston and San Antonio absorbing what doesn't land in the Metroplex.
➥ THE TAKEAWAY
Why it matters: A hundred headquarters in seven years doesn't happen by accident. Dallas won on taxes, won on cost of living, and won on available land — and now it's winning on talent, because the talent followed the companies. That's the flywheel California and New York still haven't figured out how to stop.
TOGETHER WITH PERCENT
94% of Institutional Investors Are in Private Credit.
A 2025 Nuveen survey found 94% of institutional investors now allocate to private credit. Pension funds, sovereign wealth funds, endowments — it's about as close to unanimous as institutional finance gets. What they know: T. Rowe Price research shows a 10% private credit allocation has historically cut portfolio volatility and improved risk-adjusted returns. $592.8 billion deployed globally in 2024, up 78% from the year before. Accredited investors on Percent get direct access to private credit, starting at $500: · 16.72% current weighted average coupon rate · Terms as short as 3 months · Full borrower financials before you invest $1.82B funded. 0.58% lifetime charge-off rate. 97.33% of all principal returned or currently performing. New investors can receive up to $500 on their first investment.
Alternative investments are speculative. Past performance not indicative of future results. Terms apply.
*This is a paid advertisement. Please see the full disclosure at the bottom of the newsletter.
Around Texas
➥ Multifamily construction starts in Austin suburbs have fallen to a 10-year low, with starts down roughly 66% from peak levels, signaling a sharp pullback after years of overbuilding.
➥ Southwest Dallas is seeing some of the region’s largest appraisal increases, with certain properties jumping 20%+ year-over-year, driving higher tax burdens for owners.
➥ Austin’s speculative industrial pipeline is gaining traction again, with developers restarting projects after a slowdown tied to rising rates and construction costs.
Follow the Money
| RETAILDALLAS Crow Holdings acquired a 77K SF shopping center that’s 94.7% leased near Love Field, signaling continued demand for stabilized infill retail. |
| OFFICEDALLAS A proposed $300M office tower in Uptown Dallas underscores renewed confidence in high-end office development despite broader market challenges. |
| OFFICETEXAS A local investor acquired North Texas office towers after tracking the complex for years, reflecting selective buying as pricing resets create opportunity. |
| INDUSTRIALTEXAS CanTex sold a majority stake in a 20-property industrial portfolio, highlighting sustained investor appetite for DFW logistics assets. |
| MULTIFAMILYDALLAS Knightvest Capital is doubling down on Uptown Dallas with its Ardan acquisition, reinforcing long-term belief in the submarket’s growth. |
| MULTIFAMILYHOUSTON Portman is planning a $54M, 172-unit apartment project in Houston’s Washington Corridor, adding new supply in a high-demand urban neighborhood. |
📈 CHART OF THE WEEK
-
📬 Newsletters: Stay ahead of the market with our national CRE Daily newsletter — or get hyper-local insights from CRE Daily New York.
-
🎙️Podcast: No Cap by CRE Daily delivers an unfiltered look at the biggest trends—and the money game behind them.
-
🗓️ CRE Events Calendar: The largest searchable calendar of commercial real estate events—filter by city or sector.
-
📊 Market Reports: A centralized hub for brokerage research and market intelligence, all in one place.
-
📈 Fear & Greed Index: A fully interactive sentiment tracker on the pulse of CRE built in partnership with John Burns Research & Consulting.
You currently have 0 referrals, only 1 away from receiving Multifamily Stress Test Model.
What did you think of today's newsletter? |
