Richardson’s collaborative efforts involving the City, Chamber,
DART, educational institutions, allies and enthusiastic community friends and
boosters turned in another superlative performance in 2015. Some of the
highlights were:

• 26 expansions and relocations that will result in
  6,315 new/retained jobs and the occupancy of 1,374,933 square feet of
  commercial office and flex space (see list at end of article)

• Three of the 10 largest commercial real estate leases
  in the Dallas area for 2015 – RealPage, GEICO and Frontier
  Communications

• 58 new restaurant announcements

• Ranked as the top-performing Economic Development
  Organization for its size in the United States by Denver’s Atlas Advertising

In addition, Richardson’s 2015 office space net absorption (occupied vs.
de-occupied) was 646,000 square feet, ranking it 2^nd among DFW
suburban cities. In spite of that, Richardson has retained seven properties that offer large
(100,000-square-foot+) blocks of office space that bolster its chances for
another banner year in 2016.

Richardson also saw a boom in its flex (office/showroom) space
inventory, where net absorption of 462,000 square feet was higher than any year
since 1998. In that year, the telecom boom was nearing its peak, and fast-rising
office rental rates caused tenants to seek out lower cost flex space as an
alternative. According to the flex landlords we’ve spoken to, that same thinking
is the driver behind the 113 leases made on Richardson flex space in 2015.

The other major phenomenon in
the Richardson commercial market that continued in 2015 was the ownership
changes that have occurred. Within the past 24 months nearly 6.1 million square
feet of space in 43 major Richardson
office and flex properties has changed hands to 24 new owners. For the most
part, the new owners are not local but based in major cities across the U.S. as well as in Canada and Mexico.

One of the factors that makes
Richardson different from most other Dallas suburban community office markets
is its institutional-grade status. With that standing, Richardson has, for decades, been able to attract investment
capital from outside the state to develop or buy Richardson properties.

With big blocks of available
office space, a feeding frenzy in flex and the institutional appetite for
Richardson projects, 2016 figures to be another very good year for the Telecom
Corridor® area. 

2015 Richardson Expansions and Relocations

Source: Richardson Economic Development Partnership