LOS ANGELES — CBRE Group, the country's largest commercial real estate services company, said Thursday that it has moved its headquarters from Los Angeles to Dallas.
The international business has more than 100,000 employees and is a Fortune 500 firm. It has a long history in California, but Dallas has been its de facto headquarters for nearly a decade as its largest operating center and the home to many senior executives, including Chief Executive Bob Sulentic.
Few workers will transfer from California to Texas, the company said, and the move will not result in layoffs.
"Designating Dallas as CBRE's global corporate headquarters formalizes how our company has been operating for the past eight years," Lew Horne, head of operations in the Southwest, said in a statement.
It has not been uncommon for large companies to move their headquarters out of California, as the state often proves more appealing to start-ups than big established firms. Each loss raises fears of less local hiring, spending, civic engagement and bragging rights.
Company headquarters departing "is the story of California," said economist Richard Green, director of the USC Lusk Center for Real Estate.
"We have been losing corporate headquarters for a long time, particularly here in Southern California," Green said. "But we have a history of creating really small companies and turning them into really large companies."
California attracts a large share of the country's venture capital, he said, and is one of the largest producers of start-up businesses in the country.
"So, long as we are really good at creating new businesses, our economic health will be fine," Green said.
Last year Parsons Corp., an engineering, construction and cybersecurity firm, announced a move from Pasadena to Washington, D.C., to be closer to key customers.