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  4. Richardson Executive Summary for Q4 of 2018

Richardson Executive Summary for Q4 of 2018

October 9, 2018

Relocations and Expansions:


This year will be remembered as the year that Richardson began to see significant absorption in large blocks of office space left in the wake of State Farm’s move from its temporary offices to its purpose-built campus at CityLine. Going into the 4th quarter, nearly 800,000 SF of office space had found new tenancy from companies like Genpact, Steward Health Care and Raytheon.

The surge was due in part to the refurbishment and “millennialization” of key properties such as Galatyn Commons (Spear Street Partners), the former MCI campus at 2400 N. Glenville (Q Investments) and 3300 E. Renner (a Peloton partnership). Even after renovation, these properties still were able to feature lease rates that were much more economical than some competing Dallas area markets.

As a result, the REDP is within striking distance of its top 2018 goal of facilitating the occupancy of 1 million square feet or more of office space.

Other highlights of 2018:

More co-working space:

Entrepreneur Tim Tieu has acquired and repurposed the 24,000 SF 1900 Jay Ell industrial building as an attractive and flexible co-working space. Tim’s operation is designed to maximize collaboration between members. If you stop by there, ask Tim to show you his incredible art gallery in the events room.

A second co-working addition will be operational by next year at 43,000 SF 2100 N. Greenville (Campbell Forum III), which was recently acquired by a group led by Mark Hamdan, previously an executive with Richardson-based HR Smart. Mark is bringing a couple of small tech companies with him along with STEM educational programs for adults and children.

With Communion Communion Neighborhood Cooperative at 514 Lockwood in operation, Richardson will soon have three co-working centers.

Greatest large employer density in northern suburbs:

For a city its size, Richardson has an amazing abundance of large employers, 13 in all. On a per-square-mile basis, that’s more than most other nearby cities.

City

1000+ Employers

City Area (Sq. Miles)

1000+ Employers per Sq. Mile

% More Emp. Per Sq. Mile

Richardson

13

28.65

0.45

0%

Plano

15

71.6

0.21

214%

Irving

9

67.68

0.13

346%

McKinney

4

62.9

0.06

750%

Allen

1

27.2

0.04

1125%

Frisco

1

62.4

0.02

2250%

Garland

0

57.1

0.00

NA

UT Dallas School of Engineering & Computer Science (E&CS) grows:

UTD already if one of the five most prolific CS schools in the US as measured by annual degrees conferred. However, it looks like that ranking will soon be moving up a notch or two: Freshman enrollment normally totals about 500, but UTD anticipates as many as 1,400 new E&CS students this fall.

UTD’s Senior Design program, in which teams of students solve real business challenges for local companies, is growing by leaps and bounds, and major employers, like Texas Instruments, State Farm, Walmart’s IT division, Raytheon and others are leasing space on campus to employ students part time and get first crack at the best and brightest.
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About Richardson EDP and The Telecom Corridor
Richardson, Texas is a vibrant and diversified business community, strategically located in one of the brightest economic regions in the world the Dallas/Fort Worth Metroplex. Whether your company seeks the latest technological breakthrough, provides the highest level of financial service or thrives upon the synergy of a great business and research university, Richardson is where excellence is the expectation.
Richardson Economic Development Partnership
411 Belle Grove Dr., Richardson, TX 75080
Phone: (972) 792-2800
Email: info@telecomcorridor.com
  • Living and Working In Richardson
    • Living and Working In Richardson
    • Arts and Culture
    • Climate
    • Cost of Living
    • Healthcare
    • Housing
    • Recreation and Entertainment
  • Entrepreneurship & Small Business
    • Entrepreneurship & Small Business
    • Entrepreneurial Resources
      • Richardson Small Business Resource Guide
      • Richardson EDP Services
      • Richardson Ecosystem for Entrepreneurs
      • Startup Resources
    • Local Purchasing Offices
  • Site Selection
    • Site Selection
    • Business Climate
    • Expansion/Relocation Assistance
    • Incentives
      • Local Incentives
      • State Incentives
    • Industry Clusters
      • Software
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      • HQ
      • Telecom
      • Semiconductor
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    • Real Estate Market Overview
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