Richardson Executive Summary for Q4 of 2018

Relocations and Expansions:

This year will be remembered as the year that Richardson began to see significant absorption in large blocks of office space left in the wake of State Farm’s move from its temporary offices to its purpose-built campus at CityLine. Going into the 4^th quarter, nearly 800,000 SF of office space had found new tenancy from companies like Genpact, Steward Health Care and Raytheon.

The surge was due in part to the refurbishment and “millennialization” of key properties such as Galatyn Commons (Spear Street Partners), the former MCI campus at 2400 N. Glenville (Q Investments) and 3300 E. Renner (a Peloton partnership). Even after renovation, these properties still were able to feature lease rates that were much more economical than some competing Dallas area markets.

As a result, the REDP is within striking distance of its top 2018 goal of facilitating the occupancy of 1 million square feet or more of office space.

Other highlights of 2018:

More co-working space:

Entrepreneur Tim Tieu has acquired and repurposed the 24,000 SF 1900 Jay Ell industrial building as an attractive and flexible co-working space. Tim’s operation is designed to maximize collaboration between members. If you stop by there, ask Tim to show you his incredible art gallery in the events room.

A second co-working addition will be operational by next year at 43,000 SF 2100 N. Greenville (Campbell Forum III), which was recently acquired by a group led by Mark Hamdan, previously an executive with Richardson-based HR Smart. Mark is bringing a couple of small tech companies with him along with STEM educational programs for adults and children.

With Communion Communion Neighborhood Cooperative at 514 Lockwood in operation, Richardson will soon have three co-working centers.

Greatest large employer density in northern suburbs:

For a city its size, Richardson has an amazing abundance of large employers, 13 in all. On a per-square-mile basis, that’s more than most other nearby cities.

UT Dallas School of Engineering & Computer Science (E&CS) grows:

UTD already if one of the five most prolific CS schools in the US as measured by annual degrees conferred. However, it looks like that ranking will soon be moving up a notch or two: Freshman enrollment normally totals about 500, but UTD anticipates as many as 1,400 new E&CS students this fall.