Escape from New York 10-3-25

While a specific list of companies moving out of New York City in 2025 is not available, a trend of significant asset management firms, such as AllianceBernstein, Elliott Management, and Citadel, leaving the city since 2020 is documented. This exodus is driven by high costs of living and declining quality of life, with firms moving to "Sun Belt" states like Florida and Texas, although the exact list for 2025 has not yet been compiled.  

Key Takeaways

·       High-Profile Examples: Investment firms like AllianceBernstein, Elliott Management, and Citadel are among the major companies that have moved out of New York. 

·       Reasons for Departure: The primary drivers are the high costs of living, particularly housing, and a perceived decline in the quality of life in New York. 

·       Popular Destinations: 

Firms are relocating to states with lower costs of living, especially in the "Sun Belt" region, with Florida and Texas being prominent choices. 

·       Context: This trend has been ongoing since at least the start of the COVID-19 pandemic in 2020, affecting firms managing substantial assets. 

·       Lack of 2025 Specifics: While the trend is well-documented, a compiled list for corporations specifically leaving New York City in 2025 is not yet available. 

Corporations and their offices leaving New York City in or around 2025 include Foot Locker and the New York Stock Exchange (NYSE). This continues a trend of companies relocating from NYC that has been ongoing for several years, with many financial services firms moving to lower-cost and business-friendly states like Florida and Texas. 

Corporate headquarters and offices relocating

·       Foot Locker: The footwear retailer is moving its corporate headquarters from New York to St. Petersburg, Florida, with the relocation expected to be completed in late 2025. The company cited a desire to cut high operating costs.

·       New York Stock Exchange (NYSE): While not leaving New York entirely, the Intercontinental Exchange (ICE), which owns the NYSE, announced in 2025 that it is establishing a new electronic equities exchange, "NYSE Texas," with a headquarters in Dallas. This new entity is intended to attract companies in Texas and other regions.

·       Wells Fargo: In early 2025, Wells Fargo plans to open a large campus in Irving, Texas. This move follows a broader trend among major financial institutions to expand operations in lower-cost areas outside of New York. 

Financial companies that have relocated previously

The recent announcements follow a pattern of financial services firms moving operations out of NYC over the past few years, with some citing the high cost of doing business and living in the city. Firms that have already relocated or established major new presences in other states include: 

·       Citadel: The hedge fund moved its headquarters from Chicago to Miami and has expanded its footprint in Florida.

·       Goldman Sachs: The investment bank has shifted some operations to Florida and Texas.

·       Elliott Management: This hedge fund relocated its headquarters to West Palm Beach, Florida.

·       ARK Investment Management: The investment firm moved from New York to St. Petersburg, Florida, in 2021. 

https://www.google.com/search?q=list+new+york+city+corporations+moving+out+of+new+york+city++2025

Norb Leahy, Dunwoody GA Tea Party Leader