Coming Soon to Dallas-Fort Worth: 8 Million Square Feet of Office Buildings
"Big corporate office projects for the likes of Toyota, State Farm Insurance and Liberty Mutual Insurance have made North Texas one of the fastest-growing construction markets in the country," according to an article by Steve Brown.
In fact, reports Brown, "[m]ore than 8 million square feet of office buildings — the equivalent of a half dozen large downtown skyscrapers — are being built in the Dallas-Fort Worth area."
The new construction reflects a change in business culture and labor means: instead of using "off-the-shelf" office space in existing buildings, the companies are creating a long-term capital investment, according to local experts quoted in the article.
The race to attract and retain young talent, according to Brown, is racking up exorbitant sums. For instance Toyota is paying $350 million for a 100-acre office park in West Plano, and Liberty Mutual is paying $325 million for a complex located a few blocks away.