The region was recently ranked as the No. 4 highest-ranking headquarters metro behind New York, Chicago and Houston.
“The Dallas office market has really started coming into its own with an abundance of quality office space and high-skilled workers,” Robert Kramp, CBRE’s director of research and analysis, told the Dallas Business Journal.
“That puts Texas and Dallas on every major site selector’s radar,” he added. “There’s also a variety of product not just in the urban core, but also with high parking ratios in other primary office centers in the suburbs.”
Since 2010, North Texas has added 651,000 new jobs with 79 consecutive months of jobs gains by year-end 2016, according to CBRE research. In that time, North Texas companies absorbed 23.4 million square feet of office space and developers built 12.9 million square feet of new buildings.
And it’s not just Toyota North American moving to the region. There has also been a number of big relocations and expansions, such as Garland-based manufacturer Interceramic’s expansion in Austin Ranch, San Francisco-based McKesson Corp.’s plans to create 1,000 new jobs and the headquarters relocation to downtown Dallas by Jacobs Engineering Group Inc. (NYSE: JEC).
There are a few reasons why corporate America likes North Texas, Kramp said, including relatively affordable housing, a talented workforce, Texas economic incentives and connectivity to other parts of the country.
“Texas has already been extremely pro-business,” Kramp said. “With tax abatements or some sort of skills development or workforce incentives, companies continue to expand and relocation here and incentives are part of that. I also don’t see this sun setting anytime soon.”
North Texas has second-highest job growth in the United States behind New York, adding 112,800 jobs year-over-year in December, with a growth rate of 3.3 percent, according to CBRE. That has become alluring, particularly among Millennial workers.
Millennial-age residents account for more than 1.67 million people in North Texas, which is roughly one-fourth of the population.
With Dallas-Fort Worth being a relatively easy place to live — with relatively affordable housing, a mild climate and rising wages — Kramp said he expects the region to remain a hotbed of corporate expansion and relocation.
Presented by the Dallas Business Journal – March 10, 2017