Commercial Real Estate Richardson, TX - 182 Commercial Properties

Richardson, TX Economic Overview

Richardson is a vibrant and diversified business community, strategically located near the Dallas/Fort Worth Metroplex and home to the University of Texas. The city has a population of just over 108,000 and is at the heart of a significant employment center, the Telecom Corridor area. Richardson has been recognized for its economic stability and strong fiscal management. More than 5,000 business have operations within the city’s 28 square miles, making the Richardson commercial real estate market highly sought after. The city also has a state-wide reputation as a great place to play, with numerous art and cultural festivals throughout the year.

Despite declining economic performance in other parts of the country, Richardson experienced substantial improvements in its economic environment from 2005 to 2009. The city’s total assessed property value rose from $8.3 billion in 2005 to $9.5 billion in 2008. The city has performed considerably well in corporate recruitment and retention. It now hosts the largest Dallas/Fort Worth Metroplex office campus development since 1987, the Blue Cross Blue Shield development, a 15-story regional headquarters where 3,100 employees work. Other corporate relocations to Richardson include Bank of America, Yahoo, and Fujitsu Transaction Solutions. The city has diversified its business base of telecom companies with financial service firms like State Farm Insurance and GEICO. Richardson has maintained an AAA rating from S&P’s for the past seven years, placing it among the top 5.8% of rated statewide communities.

Richardson, TX Commercial Real Estate Market

A surge in mixed-use development, suburban infill, and transit-oriented development has hit the city’s eastern side in recent years. Over half of the 56 existing shopping centers and buildings have been remodeled or redeveloped over the past 10 years. Eight new centers have been built, including the Prosper Centre, CityLine Market, and other transit-oriented developments.

Downtown Richardson is currently undergoing a long-awaited rezoning initiative through its Main Street/Central Expressway Corridor, which will include incorporation of additions to the Downtown Richardson office market. This is Richardson’s original downtown and the major access route to the community, business area and neighborhoods.

The Telecom Corridor office market has historically had a significant presence of communications companies and suppliers. It the past few years, however, its business community had evolved to incorporate innovative new technologies. Its key clusters are communications, computer gaming, cleantech, cloud computing, and semiconductor.

CityLine is a recently new development in Richardson, winning the 2017 Regional Economic Development Excellence Award for the project, and has been called a “game changer" for the city and its development. CityLine offers easy access to DART, plentiful parking, and a brand new office scene. The appeal has already attracted major corporations, with 12,800 on-site employees, including State Farm Insurance’s new campus. The development has 2.5 million square feet of leased office space with 1.8 million square feet coming soon. Up to 3 million square feet of office space can be developed at CityLine.

Richardson, TX Office Sales Volume

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Richardson, TX Office Transactions

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Richardson, TX Commercial Inventory Breakdown

Office Spaces

Total: 16,063,965 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

50k to 100k SF: 3,241,670 SF / 20.18% of total office
100k to 500k SF: 10,442,235 SF / 65% of total office
500k to 1M SF: 1,329,510 SF / 8.28% of total office
> 1M SF: 1,050,550 SF / 6.54% of total office

By class:

Class A: 4,806,449 SF / 29.92% of total office
Class B: 8,702,105 SF / 54.17% of total office
Class C: 1,723,411 SF / 10.73% of total office

Industrial

Total: 7,351,522 SF

Data provided by Yardi Matrix, properties over 50k SF

By square footage range:

50k to 100k SF: 189,965 SF / 2.58% of total industrial
100k to 500k SF: 4,674,235 SF / 63.58% of total industrial
500k to 1M SF: 1,374,760 SF / 18.7% of total industrial
> 1M SF: 1,112,562 SF / 15.13% of total industrial

By class:

Class A: 3,671,700 SF / 49.94% of total industrial
Class B: 3,679,822 SF / 50.06% of total industrial

Employment in Richardson, TX

Richardson is the second largest employment center in the Dallas / Fort Worth metro area. The largest employers in the area include insurance and financial services firms like State Farm Insurance, telecommunications firms like AT&T, and the education sector, including the University of Texas at Dallas. The Dallas/Fort Worth employment level has stabilized below the national average at roughly 3.7%.

According to the Bureau of Labor Statistics, the following sectors employ the most people in the Dallas/Fort Worth region:

Trade, transport and utilities – currently employs 760,800, growing at 3.3%/year;
Professional and business services – currently employs 597,300, growing at 4.0%/year;
Education and health services – currently employs 441,000, growing at 2.8%/year.

Education in Richardson, TX

Richardson is home to the University of Texas at Dallas, sometimes referred to as UT Dallas or UTD, a public research university with 133 degree programs that demonstrate academic excellence. It’s also home to Richland College, which boasts an enrollment of nearly 14,000 students. The city is served by the Richardson Independent School District (RISD) and the Plano Independent School District (PISD) for the portion of the city located in Collin County.

Commuting Time in Richardson, TX

Richardson’s transportation network is a key advantage of the city. The drive between Dallas and Richardson is easy, convenient, and takes 20 minutes or less. The city has access to:

three major freeways;
four DART light rail commuter stations;
city-wide service with DART public buses;
and non-stop freeway access to DFW International airport.

Richardson Demographics

Population

Total Population111,055
Male Population(49.2 %) 54,644
Female Population(50.8 %) 56,411
Median Age37.00

Income/Financial

Average Household Income$98,947
Median Household Income$76,719
Median Income Under 25$25,991
Median Income 25-44$86,654
Median Income 45-64$97,505
Median Income Over 65$51,747

Residential Rents in Richardson, TX

Richardson provides a reasonable choice to rent apartment spaces in the area. The average rent for an apartment is $1,236/month, an 8% increase compared to the previous year. The most affordable neighborhoods in Richardson are Crowley Park, where the average rent goes for $1,187/month, Sherrill Park, where renters pay $1,187/month on average, and Berkner Park, where the average rent goes for $1,209/month. The most expensive are Richardson Heights, University of Texas, and Campbell at $1,214/month.

Richardson, TX Average Rental Price, August 2019

$ 1,319/mo
Studio: $ 1,017
1 Bedroom: $ 1,180
2 Bedrooms: $ 1,443

Richardson, TX Rent Trends

News

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COMMERCIALCafé is your first and only stop when it comes to commercial real estate leasings in Richardson, TX. Search through our extensive selection of commercial properties for lease with current space availability in the area ranging between 3680 square feet and 205820 square feet. Discover the right property from our 182 listings by using our advanced search function, which includes search by property type, space availability, management company, lease rates, and more.

Commercial Real Estate in Richardson, TX - 182 Properties Available

Richardson, TX Economic Overview

Richardson, TX Commercial Real Estate Market

Richardson, TX Office Sales Volume

Richardson, TX Office Transactions

Richardson, TX Commercial Inventory Breakdown

Office Spaces

Total: 16,063,965 SF

By square footage range:

By class:

Industrial

Total: 7,351,522 SF

By square footage range:

By class:

Employment in Richardson, TX

Education in Richardson, TX

Commuting Time in Richardson, TX

Richardson Demographics

Population

Income/Financial

Residential Rents in Richardson, TX

Richardson, TX Average Rental Price, August 2019

Richardson, TX Rent Trends

News

Looking to Relocate Your Business? Phoenix is Your Best Bet

If You Build It, They Will Come – Apartment Construction at a 20-Year High

Cities near Richardson, TX

Neighborhoods

Cities near Richardson, TX