A billion-dollar investment advisory company announced Monday that it is leaving Seattle and moving its headquarters to Phoenix due to the ongoing unrest.
“The unrest that has taken place in the city of Seattle … there is really is not a downtown business community today,” Smead Capital Management President and CEO Cole Smead told local news.
Although taxes in Seattle are lower, Smead said Phoenix offers his employees a lower cost of living and a better quality of life in the city’s historic Camelback Corridor.
“My colleagues can pick the socio-economic rung of life that they want… live their lives, build their households, and have a family if they’d like,” Smead said.
Smead also believes the future of business in Washington’s largest city is very volatile as a result of the unchecked protests and riots.
“We’re hearing rumors of 40-story buildings that will be only 20% occupied by October,” Smead said. “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.”
As of the end of May, the investment firm managed roughly $1.58 billion.