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Expansion & Relocation Activity Off to Fast Start
Business relocation and expansion activity to date in 2008 has been relatively small in the number of projects but very significant in terms of jobs and economic impact on the community. Major employers like Credit Solutions and Fujitsu Transaction Solutions led the way, bringing over 1,000 jobs to the city. As a result, by early May the Richardson office market has tightened to 15% vacancy in office space but only 7% vacancy in Class A office. The only available existing Richardson office building with over 100,000 SF of space (it has 200,563 SF) is the Transwestern building at 2350 Lakeside Blvd. It’s a different story in flex inventory with a 24% vacancy rate representing nearly 2.4 million square feet of space.
Notable projects from the first part of 2008 include:
Credit Solutions: The 4-year-old credit counseling and repair company (www.creditsolutions.com)
announced its 700-employee relocation from Addison to 2370 Performance Drive in Galatyn Park. Credit Solutions’ initial occupancy will be 80,000 SF. In view of its rapid growth, the company may in time occupy the entire 7-story, 282,000 SF building.
Fujitsu Transaction Solutions: http://www.fujitsu.com/us/services/retailing/ FTS is a 350-employee arm of Japan’s Fujitsu Ltd. relocating from Frisco to Richardson. They will occupy space at the campus of the corporate affiliate, Fujitsu Network Communications, on Telecom Parkway in NE Richardson. This location will be the headquarters for FTS, which provides point-of-sale hardware/software systems for the retail industry.
Fortress Iron: This growing Richardson company which makes ornamental iron fences and railing relocated to 40,000 SF at 1800 Jay Ell Drive. For a first-hand look at Fortress Iron’s products, go to www.fortressiron.com.
Axiom Manufacturing: Axiom (www.axman.com) is a custom circuit board assembler that relocated from Garland.
Ciena Corporation: www.ciena.com The legendary Maryland-based, fiber network communications specialists opened a branch office in Richardson. Ciena works in concert with other communications equipment suppliers in providing supply solutions to major network operators.
As of May 1, 2008, there were 10 relocations and expansions which will result in 1,950 new and retained jobs for Richardson, leasing or occupying 284,807square feet.
| COMPANY |
BUSINESS |
TYPE |
EMP |
SQUARE FEET |
TYPE SPACE |
BROKER |
| Ambrado |
Electronic component for HD cameras |
Start-Up |
10 |
6,500 |
Office |
Mike Wyatt, Cushman & Wakefield |
| Axiom Manufacturing |
Builds custom circuit boards |
Relo |
20 |
14,730 |
Flex |
N/A |
| Fujitsu Transaction Solutions |
HQ for point-of-sale retail equipment company |
Relo |
350 |
90,000 |
Flex |
N/A |
| Lucidity Consulting Group |
Business consulting grp |
Expan |
25 |
9,000 |
Office |
N/A |
| Credit Solutions |
Credit counseling for consumers |
Relo |
1,400* |
90,000 |
Office |
Kevin Finch |
| Fortress Iron |
Custom Iron fencing and gates |
Expan |
40 |
40,000 |
Flex |
Scott Asbury |
| Ciena Corporation |
Telecom optical networks |
Relo |
20 |
7,026 |
Office |
Matt Didyk, Transwestern |
| Homeland Healthcare Insurance |
Healthcare insurance 3rd party adminstrator |
Expan |
25 |
7,000 |
Office |
Matt Didyk, Transwestern |
| OraMetrix |
High-tech orthodontics |
Expan |
40 |
14,751 |
Flex |
N/A |
| Almega IT Services dba PC House Call |
Residential IT services |
Relo |
20 |
5,800 |
Office |
Elton Harwell / Henry S. Miller and Bill Harvey |
| L |
TOTALS |
L |
1,950 |
284,807 |
L |
L |
| * - 700 to move, to add another 700 |
L |
L |
L |
L |
L |
L |
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