Richardson, TX - Office Market Overview
The Richardson real estate market includes the Canyon Creek, Mark Twain, and Sherill Park office submarkets. While Richardson is home to only 109,000 residents, the city is also part of the much larger Dallas metro area, home to a population of over 4.7 million people. The office market in Richardson is strong and robust due to the city being one of the most affluent suburbs of Dallas.
As of mid-2017, the Greater Dallas office market encompasses over 17 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Richardson, TX, is largely driven by the insurance and telecommunications industries.
Richardson, TX - Office Inventory Description
Nicknamed the 'Telecom Corridor', Richardson is home to a dense concentration of telecommunications businesses that maintain consistent demand for white-collar office space. Nearly two-thirds of Richardson office space is Class A or A+, while Class B office product adds another 10.8 million square feet of office space to the marketplace.
The Highland Terrace office submarket in Richardson is one of the many areas in the city that sees growing demand for office space. Located along State Route 75, north of Centennial Boulevard, this part of Richardson is home to investment-grade office buildings such as 100 North Central, the Comerica Bank Building on South Central Expressway, and the Two Story Atrium Office Building at 111 West Spring Valley Road.
Richardson, TX Commercial Inventory Breakdown
Total: 16.063.965 SF
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
- 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
Richardson, TX - Green Office Space
As a suburb of Dallas, Richardson has helped to rank the region 17th for energy-efficient office buildings. The 2017 National Green Building Adoption Index surveyed office buildings larger than 50,000 square feet in the top 30 office markets and discovered that over the last 12 years the average percentage of green office space in the U.S. has increased by about 33%. The survey included office buildings considered to be green, and those with LEED certifications or EPA Energy Star ratings.
Green office space in Richardson accounts for almost 2 million square feet of the total inventory. An excellent example of a LEED-certified office building in Richardson is the Lakeside Tower. Located in the Campbell commercial real estate submarket of the city, this building was constructed in 1985 and offers over 200,000 square feet of office space with a LEED Green certification.
The number of energy-efficient buildings in the Richardson and Dallas areas is sure to grow over the coming years. In fact, a recent report by the North Texas Chapter of the U.S. Green Building Council determined that green office construction is a major driver of the area's economy.
Richardson, TX's Top Office-Using Sectors
The Richardson office market sees consistent demand from top office-using sectors like healthcare, insurance, telecommunications, along with large corporate office users.
- Healthcare – Blue Cross Blue Shield of Texas and United Healthcare are among the largest creators of white-collar office employment in Richardson.
- Telecommunications – AT&T, Raytheon, and Fujitsu Network Communications are just three of the companies in Richardson's Telecom Corridor.
- Insurance – GEICO and State Farm Insurance are among the companies in this top office-using segment that have consistent demand for white-collar office space.
- Corporate Office – RealPage, MetroPCS, Lennox International, id Software, and VCE are among the many large users of Class A office space in Richardson, Texas.
- Total Population111,055
- Male Population(49.2 %) 54,644
- Female Population(50.8 %) 56,411
- Median Age37.00
- 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
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