Richardson has sizable inventory of ready-to-go chunks of office space
June 13, 2016
2016 has not yet yielded the type of blockbuster relocation project that has regularly landed in Richardson over the past several years, but the Telecom Corridor® continues to plug along, mindful that it has desirable, ready-to-go and large chunks of office space available when the right user shows up.
That inventory includes over 600,000 SF in a three-building complex at Galatyn Park along with the 400,000-square-foot former MCI campus at 2400 N. Glenville. Both properties have been or soon will be upgraded to offer some unique and worker-friendly amenities. All total, Richardson has nine office properties that offer more than 100,000 SF of contiguous office space.
At the same time, Richardson’s overstock of flex space continues to revert to its historic 8-10% vacancy rate with rents and sales comps on a distinct rise. For calendar year 2015, Richardson’s net absorption in flex space, 462,000 SF, was the most since 1998! According to Co-Star, 113 leases contributed to that surprising turnaround. Richardson flex vacancy rates, which had soared to around 35% in 2009, currently stand at only 12.7%.
Some of the more notable completed expansions and relocations this spring were:
- e2v, a defense/semiconductor company that the REDP recruited from California, has successfully completed its “soft landing” phase in the STARTech building and has signed a lease for a more permanent Richardson residence at 1301 East Collins. e2v is the US subsidiary of the venerable Chelmsford, England company, originally known as “English Electric Valve”, which back in the 1930s developed the radar that helped win the Battle of Britain.
- The REDP was successful in securing the relocation of the corporate HQ and operations of Aprima Medical Software, a 320-employee technology company from Carrollton. Founded in the early 1990s, under the name Millbrook Medical Software, Aprima has grown over the years to now support 2,000 physician practices in 47 US states, Puerto Rico and Guam. With its 2011 acquisition of DFW-based Healthcare Strategies, Aprima is now able to add a revenue cycle management (RCM) offering its clinical software products. By the end of summer, Aprima will occupy 55,000 SF in the three-story office building at 1010 Arapaho, which was recently acquired by Momentum Realty, a locally-based property owner. The east Arapaho area, in which the building is located, is the target of the RCC’s #1 2016 Economic Division goal, which is to enhance economic vitality in the area. This project gives that effort a major jump start.
- Fast-growing auto repair rollup Service King has taken down another 38,000 SF at 2600 N. Central Expy. as its HQ workforce expands to accommodate the additional collision repair shops it has acquired. The space was subleased by Safety-Kleen.
2016 Expansions and Relocations
|#||Date||Company||Business||Type||From||Occ.||Address||Square Feet||Type Space||Jobs ||Web Address |
|1 ||1/20/16||Mobilous||Tool for faster, cheaper app development||Relocation||Delhi, India||Lease||1201 International Pkwy||1,000||Flex||5||www.mobilous.com|
|2 ||2/11/16||Service King||Corporate HQ for collision repair holding company||Expansion||Richardson||Sublease||2600 NCX||38,000||Office||200||www.serviceking.com|
|3||3/5/16||e2v||Development of high-reliability semiconductors||Relocation||Richardson||Lease||1301 E Collins||6,000||Office||20||www.e2v.com|
|4||3/20/16||Global Optics||Fiber and cable installation||Expansion||San Antonio||Lease||800 Security Row||10,000||Flex||40 ||http://www.globalopticsus.com|
|5||3/21/16||Paragon Services, Inc.||General contractor||Relocation||Carrollton||Lease||1820 N. Greenville||13,166||Flex||40||N/A|
|6||4/10/16||Pedeatrix Medical Group of Texas||Medical practice||Expansion||Richardson||Lease||3001 E. PGBT||13,000||Office||35||http://dallas.pediatrics.com|
|7||4/25/16||Aprima Medical Software||Software for physicians offices||Relocation ||Carrollton||Lease||1010 E. Arapaho||55,000||Office||280||http://www.aprima.com|
| || || || || || || || || || || || |
| ||Totals|| || || || || || ||136,166|| ||620|| |