Richardson wins big in 2015

02/24/2016

Richardson’s collaborative efforts involving the City, Chamber, DART, educational institutions, allies and enthusiastic community friends and boosters turned in another superlative performance in 2015. Some of the highlights were:

 

  • 26 expansions and relocations that will result in 6,315 new/retained jobs and the occupancy of 1,374,933 square feet of commercial office and flex space (see list at end of article)

 

  • Three of the 10 largest commercial real estate leases in the Dallas area for 2015 – RealPage, GEICO and Frontier Communications

 

  • 58 new restaurant announcements

 

  • Ranked as the top-performing Economic Development Organization for its size in the United States by Denver’s Atlas Advertising

 

In addition, Richardson’s 2015 office space net absorption (occupied vs. de-occupied) was 646,000 square feet, ranking it 2nd among DFW suburban cities. In spite of that, Richardson has retained seven properties that offer large (100,000-square-foot+) blocks of office space that bolster its chances for another banner year in 2016.

 

Richardson also saw a boom in its flex (office/showroom) space inventory, where net absorption of 462,000 square feet was higher than any year since 1998. In that year, the telecom boom was nearing its peak, and fast-rising office rental rates caused tenants to seek out lower cost flex space as an alternative. According to the flex landlords we’ve spoken to, that same thinking is the driver behind the 113 leases made on Richardson flex space in 2015.

 

The other major phenomenon in the Richardson commercial market that continued in 2015 was the ownership changes that have occurred. Within the past 24 months nearly 6.1 million square feet of space in 43 major Richardson office and flex properties has changed hands to 24 new owners. For the most part, the new owners are not local but based in major cities across the U.S. as well as in Canada and Mexico.

 

One of the factors that makes Richardson different from most other Dallas suburban community office markets is its institutional-grade status. With that standing, Richardson has, for decades, been able to attract investment capital from outside the state to develop or buy Richardson properties.

 

With big blocks of available office space, a feeding frenzy in flex and the institutional appetite for Richardson projects, 2016 figures to be another very good year for the Telecom Corridor® area. 


2015 Richardson Expansions and Relocations

# DateCompanyBusinessTypeFrom OccupancyAddressSquare Feet Type Space Jobs Broker 
1 1/3/15Service KingHQ for auto repair businessRelocationRichardsonLease2600 NCX #40027,000Office 80Brandon Wood,
Corp. Realty Adv.
2 1/8/15iWire365B2B communications consultingRelocationPlanoLease700 N Glenville #70012,000Flex30Nicholas Payne
PS Business Parks
31/15/15Nexa TechnologiesCustomizable online stock trading systemRelocationPlanoLease801 E Campbell #4005,842Office 20Deborah Borum
Beltway Comm.
41/30/15TNT DentalInternet and web services for dental professionalsRelocationPlanoBuy500 Lockwood10,928Office45None
52/5/15Texas InstrumentsSemiconductor chipsRelocationPlanoOwn300 W Renner100,000Office400None
62/5/15Hitachi TelecomHQ for telecom arm of HitachiRenewalRichardsonLease2280 Campbell Creek33,014Flex100Susan Arledge
Cresa
2/6/15AvnetDistribute tech parts & equipmentRelocationRichardsonLease2101 E PGBT36,000Office40John Aldrich
Aldrich Group
82/6/15Amerisource-BergenContact center for Fortune 50 pharma companyRelocationFriscoLease1225 Alma38,000 Office250Chris Doggett
Fobare
2/10/15TD AmeritradeData center for stock trading firmRelocationCarrolltonBuy1811 Renner73,320Data center15Anthony Bolner
Stream
103/26/15Vertex GroupHQ for utility company BPORelocationRichardsonLease501 W PGBT #35020,000Office250Chris Doggett
Fobare
114/1/15Gold Financial ServicesMortgage bankerRelocationSan AntonioLease885 E Collins12,000Flex40Tanghongs/Lewis
Lee
124/17/15Kathrein GroupUS HQ for wireless telecom businessRelocationMedford, ORLease2400 Lakeside8,026Office25Mark Jordan
Sooner Mgmt.
135/1/15Silicone Specialties, IncMaterials for highway & commercial constructionNew branchDallas (HQ) Lease610 S Sherman #1186,397Flex15Ryan Wolcott
Stream
145/12/15Frontier CommunicationsPhone and cable TV operatorRelocationAllenLease2221 Lakeside192,340Office800Rick Hughes
Cushman & Wakefield
155/15/15EcovaBusiness cost saving solutionsRelocationDallasLease1130 E Arapaho20,429Office70Dean Collins
Cushman & Wakefield
166/4/15RealPage, Inc.Software for real estate mgmtRelocationCarrolltonLease2201 Lakeside400,000Office2,000Tim Terrell
Stream
177/2/15GEICOAuto insuranceRelocationFarmer's BranchLease2280 N Greenville232,000Office1,700Tom Lynn & Nick Lee
NAI Robert Lynn
187/3/15GXT, Ltd.Telecom engineering & consultingExpansionRichardsonLease1130 E Arapaho8,252Office30Kent Smith
NAI Robert Lynn
197/7/15Adolfson & PetersonCommercial GCExpansionRichardsonLease1600 N Collins19,000Office45None
20 7/23/15Adva OpticalOptical networksRenewal RichardsonLease2301 N Greenville Ave25,000Office75
Baron Aldrine
CBRE
217/29/15AssociaResidential association mgmtExpansionRichardsonLease1225 Alma10,000Office60Rick Currey
Fobare
228/6/15RealPage, Inc.Software for real estate mgmtRelocationCarrolltonLease2221 Lakeside25,000Office100Tim Terrell
Stream
2310/12/15Yankon LightingLED lighting lamps & fixturesNew branchChinaLease1365 N Glenville15,000Flex5Josh Barnes
Holt Lunsford
2410/13/15AppfolioSaaS for property mgmt and law officesExpansionRichardsonLease1701 N Plano Rd #60024,479Flex45 Randy Cooper
DTZ
2512/5/15Blue CalypsoMobile shopper engagement solutionsRelocationDallasLease101 W Renner3,906Office15Fletcher Cordell
Transwestern
2612/8/15Crum & ForsterCommercial insuranceRelocationCarrolltonLease2400 Lakeside17,000Office60Laura Maczka
JP Realty
            
 Totals      1,374,933 6,315 
Source: Richardson Economic Development Partnership

connect with us