When CBRE announced in 2020 it was moving its global headquarters from Los Angeles to Dallas, it merely formalized how the company had been operating for the previous eight years. CBRE has a long history in California, but Dallas had been its de facto HQ for a while. The North Texas city was its largest operating center and home to many senior executives, including CEO Bob Sulentic.
CBRE’s HQ move to Dallas was also part of the rising tide of corporate relocations to the Lone Star State. Texas now leads the nation in the number of Fortune 500 firms headquartered there, with as many as 53 such companies calling the state home. Sixty-two companies relocated their HQs to Texas in 2021, and many came from California (25, to be exact). The biggest California defection in terms of media coverage was Tesla, but CBRE’s move the prior year also gained considerable coverage, at least in the real estate world.
CBRE vowed in 2021 to create about 1,000 new North Texas jobs and invest up to $42 million into its Dallas HQ and a new operations center in nearby Richardson. At the time, money was flowing into commercial real estate, and Texas officials were quick to pat themselves on the back. Governor Greg Abbot said CBRE’s decision to invest more heavily in Texas proved his state’s status as “the national model for economic prosperity.” Other officials pointed to the Dallas-Fort Worth region’s explosive commercial real estate market, which had more commercial deals than any
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