In no particular order:
1. Can I serve my customrers from that location.
2. Regulatory climate and rule of law
3. Infrastrucutre - can I house my business and move people, supplies and commodities and product.
4. Is it a place that my employees will want to live and can afford to live.
5. Can I get the expertise needed for my business [direct hires, contractor, consultant and technical support.
Maybe I am cynical but based of my experience I would say
1. Does the new CEO live there or want to live there
2. Does the new CEO’s wife want to live there
Two major reorg/buyouts/senior management changes in two different companies in the last 15 years and those two items drove the decision as to where the headquarters were each time. Cost/crime/infrastructure was immaterial.