In this study, we deal with the recent phenomenon of headquarters (HQ) relocations and shed light on which factors make multinational corporations (MNCs) relocate their HQs to Austria or from Austria to another country. We draw on a hand-collected dataset of 65 HQ relocations between 2000 and 2017. We find that while HQs in general and divisional HQs in particular have become more mobile over time, Austria still remains an important hub for HQs, as it seems to benefit from more inbound than outbound relocations. The most important location for inbound and outbound relocations of HQs is Germany, but the CEE region matters as well. The relocating firms highlight especially value creation motives, such as higher proximity to important markets and better access to highly qualified employees. Cost reduction motives such as less expensive labor or lower tax expenses play only a secondary role. Based on those findings, we discuss important managerial and policy-maker implications.