The current cultural and civil unrest pushed out an investment advisory company from Seattle to move its headquarters to Phoenix’s Camelback Corridor. Smead Capital Management’s President and CEO Cole Smead told KTAR News 92.3 FM that despite Seattle having lower taxes, the quality of life is said to be better in Phoenix.
He told the news outlet, “The unrest that has taken place in the city of Seattle, there really is not a downtown business community today.” Smead also cited that candidate recruitment is harder and that the cost of living there is higher with a low quality compared to that of Phoenix. Smead also said, “We’re hearing rumors of 40-story buildings that will be only 20-percent occupied by October.”
However, his biggest concern is the business community, and when it is coming back. In the interview, he stated, “My biggest concern for Seattle was what the business community is going to come back to, and what kind of businesses are going to come back for customers. My colleagues can pick the socioeconomic rung of life that they want, live their lives, build their households, and have a family if they’d like. Where we’re coming from just wasn’t like that.” It has been reported that as of May 31, the firm managed approximately $1.58 billion. Smead said that his company’s employees are working on their relocation to Phoenix.
This could have quite an impact on taxes and revenue for the city considering it was such a big business.
It remains unclear if any other businesses will leave Seattle at this time.
