State Farm Insurance is expanding in North Texas, signing two large office leases, and, real estate sources say, making plans for more growth. Within the past month, the Illinois-based insurance and financial services firm has signed a long-term lease for a 400,000-square-foot facility in Irving and a short-term lease for 291,000 square feet in Richardson. Both offices will help State Farm expand its customer service operations. State Farm’s decision to move into nearly 700,000 square feet in North Texas makes it the largest office lease deal thus far this year, said Steve Triolet, research manager with Jones Lang LaSalle’s Dallas office. State Farm’s Irving lease is in Regent Commons at 3950 and 4000 Regent Blvd. in Irving. “Dallas-Fort Worth is really benefiting from real estate relocations and consolidations, like State Farm,” Triolet said. “The Las Colinas market has seen its own activity, including large absorption gains with State Farm’s lease deal, as well as Nationstar Mortgage Holdings’ lease for 187,429 square feet at 4000 Horizon Way in Irving this summer. That recent activity, as well as the availability of office space in Las Colinas, makes it a favorable market for tenants”, Triolet said. In Las Colinas, 202,861 square feet were absorbed out of 28.6 million available square feet this year, according to third quarter data from Jones Lang LaSalle. There’s a 21.4 percent vacancy rate in the submarket, with an average lease rate of $20.66 per square foot, according to the data. 

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