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Trending this Week...
- DFW a magnet for corporate relocations and expansion in 2019.
- 437K SF industral development breaks ground in McKinney.
- Kiewit Engineering Group signs 171,266 SF lease in Houston's Energy Corridor.
DFW a Magnet for Corporate Relocations and Expansions in 2019
In last week’s newsletter, we reported that Charles Schwab is moving their headquarters from San Francisco to Westlake in the DFW area. This news was part of a larger trend, as the Dallas area was the beneficiary of a number of major corporate relocations or expansions in 2019. Here is a quick rundown on some of the major corporate relocations or expansions in DFW this year:
- Uber announced Deep Ellum in Dallas as the site for their HQ2, which will eventually hold roughly 3,000 employees.
- Charles Schwab announces corporate move to Westlake after merger with TD Ameritrade.
- McKesson, the nation’s largest pharmaceutical company, moved their headquarters from the San Francisco area to their existing campus in Irving.
- PGA of America decided to build their new headquarters in Frisco, solidifying the city as a major sports, entertainment, and corporate hub.
- Korean-based KT&G Corp., the 5th-largest Tobacco company in the world, decided to place their U.S. headquarters in Fort Worth.
- Mid-States Distributing Co., a huge farm store retailer, announced plans to move their headquarters from Minneapolis to Fort Worth.
These moves, along with a number of other corporate relocations and expansions, are a major indication of why Forbes ranked Dallas #2 on the list of cities with the business climate in the country. In particular, companies are attracted to the area because of a highly educated workforce, top colleges and universities, relative affordability, and a strong industrial and financial sector, among other reasons.
Latest Development News
This week, news on a pair of major Dallas developments were announced. In uptown Dallas, a 129K SF office building is now planned for a site close to the Crescent, while Core5, a 65-acre, 437K SF industrial development in McKinney recently broke ground on the first phase of development. Meanwhile, the city of Pflugerville outside of Austin is considering a more than 400-acre mixed-use development, with more about 113 acres of commercial and corporate space, and 70 acres of industrial space proposed.
Latest Leases Signed
In Houston’s Energy Corridor, Kiewit Engineering Group’s oil and gas division signed a 171,266 SF lease at Energy Center I, and is expected to move into the space in July 2020. Meanwhile, Hamsa, a modern Israeli eatery, will open on Morningside Drive in the city’s dense Rice Village neighborhood.
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