Hertz Headquarters Arrives in Southwest Florida
Hertz Moving to Bring 700 Jobs to SWFL
Hertz Corporation recently announced their decision to relocate their headquarters to the corner of Williams Road and US 41 in Estero, Florida. They are in the process of finding a temporary home in Lee or Collier County, while their new facility is being built. Construction of the new Hertz headquarters is expected to be complete in early 2015.
Hertz headquarters reports the median salary of the estimated 700 jobs being added to our local economy to be $85,000, an impressive number here in Southwest Florida. Some of the 700 jobs will be filled by current Hertz employees moving from New Jersey, Oklahoma, and possibly from Dublin, Ireland. Despite the fact that all 700 jobs will not be available to our residents, the fact remains that both relocating Hertz employees and new Hertz employees will be spending their money here in Southwest Florida. The new Hertz headquarters will also bring new construction jobs as they build their new facility through early 2015.
So what does that mean for the southwest Florida real estate market? Current Hertz employees at Hertz headquarters in New Jersey will have until the end the summer of 2013 to decide whether or not they will move to southwest Florida with Hertz. Richard Broome, Hertz’s Executive Vice President of Corporate Affairs and Communications, reports Hertz should know who wants to move to southwest Florida by Labor Day 2013. By end of June, Hertz employees will be taking three day trips to southwest Florida in order to meet with a Realtor, see southwest Florida homes, and familiarize themselves with our area.
Hertz seems to have plans of expansion as well, after reports on June 11, 2013 that they had purchased a U.K. accident management firm, giving them access to a market valued at $1.5 billion. In April 2013, they also acquired 20% of China Auto Rental Holdings Inc. in Beijing to increase their presence there. Reuters also reports that the value of Hertz stock could go up as much as 70% in the next two years, after gains of nearly 50% in this year alone.