State Farm is not shy when it comes to leasing office space in Dallas. In fact, they are on a tear. Although their official HQ in Bloomington, Illinois is supposedly not planning to move here, State Farm has amassed just over 2 million square feet of leased office space in the Metroplex in recent months. The majority of this space is in Richardson where they signed a 1.5 million square foot (SF) lease in a to-be-built mixed-use development. This is the largest office lease recorded in Dallas history, and who can blame them. It’s located adjacent to the DART Rail Bush Turnpike Station and very near the intersection of US 75 and President George Bush Turnpike.
If this weren’t enough, State Farm has also leased 400,000 SF in Irving and 291,000 SF in Richardson in 2012.
What does this really mean for Dallas area real estate? It’s not surprising that State Farm sees the value in the Dallas area! Dallas has a historical reputation for being a business hub and the future looks good too. The business economy in Dallas is projected to thrive, even soar! Dallas real estate just may be the hot pick for corporations in the coming years, and we should welcome them. The more companies, developments and industries that take root in Dallas, the more economic activity for all!
Welcome to Dallas, State Farm!
By the way, if you know of any companies needing 1.5 million SF or even just 15,000, please send them my way.