2013 already exceeds previous 5-Year average of Richardson jobs and occupancy

08/15/2013

It’s only August, but if one just stopped at the accompanying list of year-to-date new/retained jobs and square feet of non-retail commercial occupancy, 2013 would rank as far and away the best year in the history of Richardson’s economy. Of course, the State Farm campus, with five cranes now in place, pushed 2013’s numbers to all-time highs; but even without them, 2013-to-date would be ranked as a fantastically productive year.

 

More specifically, here’s how the numbers tell the story:
 

2013 to DatePrevious 5-Year Annual Average 
Number of Expansions/Relocation Projects 2532
Jobs Added/Retained12,1253,940
SF Office/Flex Occupancy2,507,4841,100,627
Source: Richardson Economic Development Partnership
 
 

In addition to State Farm, Extend Health (medicare supplemental insurance), United Healthcare (medicare supplement insurance) and IQor (asset recovery) are financial service companies that have found Richardson to be a superb vantage point from which to attract a wide variety of technical and business expertise. Between the former two companies, Richardson will soon have a contingent of over 2,000 workers specializing in supplemental health plans and creating a circle of excellence in that fast-growing financial services niche. From a real estate perspective, it is interesting that the landlord’s ability to provide 6:1000 up to 8:1000 parking was a crucial factor in making all of these transactions viable.

 

The attractiveness of Richardson to financial service companies has been key to diversifying the local economy and insulating Richardson against the type of economic downturn that occurred in 2001. That trend began in 2003 with the addition of 3,000 jobs by Countrywide Financial (now Bank of America) and was emphatically reinforced with State Farm’s decision late last year to bring nearly 7,000 jobs to Richardson.

 

At the same time, the technology sector, including telecom, is alive and well. Samsung’s leasing activity is indicative of its growth and that of the wireless telecom sector, seconded by the decision of California wireless component maker 123eWireless to lease space here. Iphotinix and Prodea  have some exciting new communications technologies to offer.

 

What’s going on in Richardson today is an unprecedented synergy between the creators and the users of technologies – and it’s at that intersection where innovation and growth are most likely to occur. Throw a strong and growing university like UT Dallas into the mix and it creates a very sustainable momentum.  
 
 
Here is a complete list of all Richardson non-retail commercial expansions and relocations to date in 2013.
 
 
2013 Richardson Expansions, Relocations, Start-Ups
#CompanyBusinessTypeFrom AddressSquare FeetType SpaceJobs
1American SW Insurance ManagersProperty & casualty insurance companyRelocationRichardson 2600 NCX 35,000 Office 125 
2Genpact LLC (Phase II)IT and business process outsourcing servicesRelocationChicago3101 E. PGBT #10030,000 Office 330
America Contractors Insurance Group Insurance policies for the construction industryRelocation Dallas 2600 NCX 40,000 Office 130 
4AeroTek Technical staffing RelocationRichardson 2600 NCX 12,000 Office40 
5State Farm Property & casualty insurance company ExpansionBloomington, IL Galatyn A & B 311,000 Office 1,200 
6TradeStation TechnologiesStock trading software platform RelocationRichardson2600 NCX 18,300 Office 60 
7IphotonixCommunications software and hardwareRelocationRichardson 2600 NCX 8,464Office 30
Bland Garvey CPA firm Relocation Richardson 2600 NCX 15,000 Office 35 
Safeguard Properties Property management of foreclosed homes RelocationValley View, OH 2400 Lakeside 22,000 Office 150 
10Samsung Mobile communications products Expansion Richardson2301 N. Greenville10,607Office 40 
11 IQorFinancial asset recoveryRelocationNew York 1122 Alma 40,000 Office 700 
12123eWirelessDesign & mfg wireless component hardware Relocation Rancho Santo Margarita, CA1680 N. Glenville16,250 Flex 60 
13ProdeaHome digital entertainment platform RelocationPlano 2435 NCX #500 13,000Office 70 
14Tom Thumb Regional HQAdministrative office   RelocationCarrollton 930 E. Campbell Rd. 16,000 Office 40 
15Texas Capital Bank Bank back office operations Expansion Richardson 2350 Lakeside  50,000 Office 200
16Infinity Pharmacy Solutions Pharmacy providers to healthcare facilities Start-Up N/A3313 Essex #100 8,900 Flex 30 
17 Metaswitch Software switches for telecom market Relocation Richardson 3313 Essex #200 8,400 Flex 30 
18Equita FinancialLife insurance products Richardson Dallas 1651 N. Collins 25,000 Office 80 
19 Extend Health Medicare supplemental insurance ExpansionRichardson 250 E. Arapaho 116,842 Office 600 
20Electronic Transaction Consultants (ETC) Software & hardware for toll road management Renewal Richardson 1705 N. Plano Rd. 45,000 Flex 300 
21United Healthcare Medicare supplemental by connections unit Expansion Florida 2220 Campbell Creek 77,181 Flex 600 
22CircuitCo Electronics Printed circuit boards Expansion Richardson 1380 Presidential 13,005 Flex 35 
23Eligibility Consultants Healthcare management services RelocationRichardson 1111 Digital 13,000 Flex 40 
24State Farm Auto and homeowner insurance Expansion Bloomington, IL Bush & Plano Rd. 1,520,000 Office 7,000 
25 Liberty Mutual Property & casualty insurance Relocation Richardson 2400 Lakeside 42,534 Office200 
         
Totals     2,507,484 12,125
Source: Richardson Economic Development Partnership
 
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