Why Businesses Love Calling North Texas Home
Large cities have always been favored sites for business relocation. The most recognizable companies in the world have chosen to put down roots in New York, Los Angeles, London, San Francisco, Dubai, Vancouver, and other locales around the world that share a few defining traits—a large population, successful economy, and global recognition.
Among these powerhouse cities, the Dallas/Fort Worth metroplex is a relative newcomer. However, the north Texas metroplex is increasingly attractive to enterprises, big and small, looking for a change of scenery. The metroplex is a sort of Goldilocks Zone for relocation and new growth, offering a number of important incentives to prospective corporate residents.
Dreams Are Getting Better All the Time
The Dallas/Fort Worth metroplex was home to a population of 6,426,214 people in 2010, when the U.S. Census Bureau last conducted a count. The Bureau’s 2018 estimate puts the current population at 7,399,662. DFW is the fourth largest metropolitan area in the entire United States, and home to six of the ten fastest-growing counties in the state of Texas. North Texas’s Regional Transportation Council keeps a close eye on region’s rapid growth, and has plans in place to ensure that transportation infrastructure grows with the population. Additionally, the Council concerns itself with efforts to keep North Texas green—ensuring an increase in the number of cars on the road won’t mean an increase in pollution. The Council’s Mobility 2045 plan promotes the use of public transportation, carpooling, ride share programs, and other alternative transportation methods to make the daily commute as painless as possible.
Don’t Fence Me In
The Dallas/Fort Worth metroplex is home to impressive skyscrapers and cutting-edge developments, but situated next to urban centers are large tracts of still-undeveloped land. Companies looking for a new location have the freedom to build a customized space or buy an existing property with nearby land for a possibility of future, need-specific expansion. There are currently over 1,000 individual tracts of commercial and industrial land for sale in Dallas County alone. But so close to booming city centers, companies don’t have to wait for the community to grow around them— a sizeable workforce, desirable amenities, and great residential options for current and future employees are already in place.
We’re In the Money
One of the largest attractors to North Texas is simple cost. The City of Dallas had a Cost of Living Index score of 95.2 in 2016; with a national average at 100, Dallas fell several points below the norm. 2016’s Consumer Price Index, published by the US Bureau of Labor and Statistics, also placed the Dallas/Fort Worth metroplex almost 20 points below the national average. A lower cost of living can encourage employees to move with their relocating company and often attracts young professionals who want a city life without the big-city costs and are looking for growth opportunities in their careers. North Texas is also very enthusiastic in pursuing new business and development opportunities; the Texas Enterprise Fund awards grant money to companies trying to decide between a facility site in Texas or a site in another state. The state also offers competitive tax incentive and loan programs to encourage businesses to consider Texas in their decision-making processes.
Among the numerous companies making the move to DFW in 2018 are Nutribiotech USA, Facebook, and Pei Wei Asian Diner; Toyota North America, JP Morgan Chase, and Liberty Mutual Insurance made moves and expansions into the area last year. As companies continue to evaluate their current locations and expansion needs, the DFW metroplex radiates something like a siren call: it is here, and it is ready.
As founding Principal of the Lee & Associates DFW office in December 2005, Nathan Denton has over 17 years real estate experience specializing in tenant representation, project leasing, building sales and investment properties.
To read more about Nathan visit our website.
Lee & Associates transaction coordinator Tori Wilson contributed to this post.
