By Joe Lovinger | Bloomberg
Realtor.com is joining the ranks of companies leaving California for Texas.
The real estate listings website, operated by News Corp. subsidiary Move Inc., is relocating its headquarters to Austin from Santa Clara, California. Realtor.com will now be based at 901 E. Sixth St. in the Texas capital, a building where it’s been a tenant since 2019.
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A string of businesses have moved from the coasts to Texas in recent years as the state has courted companies with its low taxes and limited regulation. Elon Musk moved automaker Tesla Inc. and social-media platform X to the Austin area, while Chevron Corp. and Charles Schwab Corp. decamped for Houston and Westlake, respectively.
Texas also has created new business courts to tackle corporate disputes, a move that has drawn attention from executives including Bill Ackman and Mark Zuckerberg.
Damian Eales, chief executive officer of Realtor.com, said Texas’s growing talent pool, low cost of living and expansion of the housing stock were part of its appeal.
The company has about 60,000 square feet (5,570 square meter) of space in its Austin building, a cross-laminated timber project on the city’s trendy east side. Realtor.com has left its Santa Clara office, and that location’s employees now work remotely.
Austin has developed millions of square feet of new offices in recent years, causing a glut of empty space. The metro area’s vacancy rate was nearly 30% at the end of the year, according to data from Cushman & Wakefield.
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