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 Date||Previous 5-Year Annual Average |
|Number of Expansions/Relocation Projects ||25||32|
|SF Office/Flex Occupancy||2,507,484||1,100,627|
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|
|#||Company||Business||Type||From ||Address||Square Feet||Type Space||Jobs|
|1||American SW Insurance Managers||Property & casualty insurance company||Relocation||Richardson ||2600 NCX ||35,000 ||Office ||125 |
|2||Genpact LLC (Phase II)||IT and business process outsourcing services||Relocation||Chicago||3101 E. PGBT #100||30,000 ||Office ||330|
|3 ||America Contractors Insurance Group ||Insurance policies for the construction industry||Relocation ||Dallas ||2600 NCX ||40,000 ||Office ||130 |
|4||AeroTek ||Technical staffing ||Relocation||Richardson ||2600 NCX ||12,000 ||Office||40 |
|5||State Farm ||Property & casualty insurance company ||Expansion||Bloomington, IL ||Galatyn A & B ||311,000 ||Office ||1,200 |
|6||TradeStation Technologies||Stock trading software platform ||Relocation||Richardson||2600 NCX ||18,300 ||Office ||60 |
|7||Iphotonix||Communications software and hardware||Relocation||Richardson ||2600 NCX ||8,464||Office ||30|
|8 ||Bland Garvey ||CPA firm ||Relocation ||Richardson ||2600 NCX ||15,000 ||Office ||35 |
|9 ||Safeguard Properties ||Property management of foreclosed homes ||Relocation||Valley View, OH ||2400 Lakeside ||22,000 ||Office ||150 |
|10||Samsung ||Mobile communications products ||Expansion ||Richardson||2301 N. Greenville||10,607||Office ||40 |
|11 ||IQor||Financial asset recovery||Relocation||New York ||1122 Alma ||40,000 ||Office ||700 |
|12||123eWireless||Design & mfg wireless component hardware ||Relocation ||Rancho Santo Margarita, CA||1680 N. Glenville||16,250 ||Flex ||60 |
|13||Prodea||Home digital entertainment platform ||Relocation||Plano ||2435 NCX #500 ||13,000||Office ||70 |
|14||Tom Thumb Regional HQ||Administrative office ||Relocation||Carrollton ||930 E. Campbell Rd. ||16,000 ||Office ||40 |
|15||Texas Capital Bank ||Bank back office operations ||Expansion ||Richardson ||2350 Lakeside ||50,000 ||Office ||200|
|16||Infinity Pharmacy Solutions ||Pharmacy providers to healthcare facilities ||Start-Up ||N/A||3313 Essex #100 ||8,900 ||Flex ||30 |
|17 ||Metaswitch ||Software switches for telecom market ||Relocation ||Richardson ||3313 Essex #200 ||8,400 ||Flex ||30 |
|18||Equita Financial||Life insurance products ||Richardson ||Dallas ||1651 N. Collins ||25,000 ||Office ||80 |
|19 ||Extend Health ||Medicare supplemental insurance ||Expansion||Richardson ||250 E. Arapaho ||116,842 ||Office ||600 |
|20||Electronic Transaction Consultants (ETC) ||Software & hardware for toll road management ||Renewal ||Richardson ||1705 N. Plano Rd. ||45,000 ||Flex ||300 |
|21||United Healthcare ||Medicare supplemental by connections unit ||Expansion ||Florida ||2220 Campbell Creek ||77,181 ||Flex ||600 |
|22||CircuitCo Electronics ||Printed circuit boards ||Expansion ||Richardson ||1380 Presidential ||13,005 ||Flex ||35 |
|23||Eligibility Consultants ||Healthcare management services ||Relocation||Richardson ||1111 Digital ||13,000 ||Flex ||40 |
|24||State 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 ||Office||200 |
| || || || || || || || || |
|Totals|| || || || || ||2,507,484|| ||12,125|
Source: Richardson Economic Development Partnership