The Dallas-Fort Worth (DFW) metroplex has steadily been a hub of corporate relocations. Even post-pandemic, as more businesses began to reopen and allow employees to return, more of the U.S. workforce continues to relocate to DFW. At the same time, the healthcare industry continues to be on the rise in DFW, partly due to the increasing population here. Of course, where there is job growth, there is a need for real estate. There is a need for both industrial spaces for healthcare offices and residential homes for healthcare workers relocating to DFW.
Why DFW Is Favored For Business Relocations
There are many reasons why DFW is favored among corporations for relocation. Simply put, DFW has it all. And it doesn’t appear to be changing anytime soon. Despite economic changes, DFW continues to thrive in all the areas that matter. We offer corporations a place of stability in which they can build their business and workforce stronger.
The COVID-19 pandemic only accelerated the interest in DFW from large corporations seeking to grow and expand their business. Approximately 21 major headquarters relocated to DFW in 2021, including two Fortune 500 companies. A Dallas Business Journal article goes back to the last 11 years when 176 major headquarters moved to DFW and created more than one million new jobs!
Financial Opportunities
One of the most important reasons for businesses and corporations relocating to DFW is the bottom line. Texas’s combined corporate tax rate is 21%, which is among the lowest in the United States. Lower tax rates increase corporate profits on average from 5% to 7%.
Another way corporations save big by relocating to DFW is the significant savings on corporate rent. The asking rent in DFW is nearly half of what companies would pay in several major cities in the United States. Cities like Chicago, Los Angeles, and New York City are losing many of the major corporate offices to DFW because the rent savings are significant. California alone has lost over 50 headquarters to other locations across the country, with half of them relocating to Texas since January 2021. And since 2018, over 100 California corporate headquarters have relocated to Texas. That’s five times more than the closest competitor, Tennessee, which received over 20 relocations from California. Furthermore, California lost several of its Fortune 500 companies to DFW, who relocated due to the considerable cost savings and political changes that caused many big businesses in California to leave.
Commercial Real Estate And Office Space Availability
DFW has abundant office space and commercial real estate choices for companies relocating or expanding. We aren’t just talking about skyrises and office buildings. Many large corporations are planning and building mixed-use developments with everything their employees could want. Retail shops and restaurants, walking trails, transportation systems, and apartments for employees to live close to work to minimize their commute.
Healthcare campuses are joining this trend, as well. In June of 2021, CHRISTUS Health broke ground on its brand new headquarters in Irving, Texas. With its anticipated opening in 2023, 2,200 CHRISTUS Health associates will be within walking distance of more than 20 restaurants, hotels, the Toyota Music Factory, and various housing options. The 4.2-acre property will include a 15-story high building and a 10-story high parking garage. Nearby walking trails and outdoor space for exercise will encourage the health and wellness mission that the health campus incorporates into its mission.
Location Is Key
As if the financial benefits of relocating to DFW aren’t enough, businesses are thriving on the logistics benefits that DFW offers. DFW is close to major airports and conveniently located near the center of the United States. This allows for shorter flights for business travelers, saving time and money. The location is also ideal for eCommerce facilities for faster shipping anywhere in the continental U.S.
Affordable Housing
Businesses want to retain their experienced employees and attract a quality new workforce when relocating. Affordable housing in DFW is one more bonus for companies to meet this goal. While our economy is booming, single-family home sales continue to climb. Despite the supply chain shortages and sales values on the rise, DFW is still considered one of the most affordable housing markets in the nation. Relocating employees can find homes within the budget of various income levels.
The median cost of a house in Texas is $195,000, an average of $36,000 lower than the national average. Going back to our California friends, they will greatly appreciate the less burdensome cost of housing if they relocate to Texas. In California, the median price of a house is a whopping $552,800!
Contact us today if you need assistance relocating to DFW or acquiring office space for your medical practice.
