The first thing you might blurt out is "Collin County," and that no doubt seems logical. But Dallas Business Journal actually has a series called "Relocation Station," and their argument is for both Collin County and some other areas you might not expect -- i.e. downtown Dallas, which on surface feels like it's already pretty well-occupied.
In this article, an argument is made for Uptown and Oak Lawn, including:
"These areas are what I refer to as the juggernauts. They’re the bigger office markets that already have some large corporate headquarters and regional facilities. They also have retail, restaurants and it’s where you can find a lot of the talent," said Dr. Eric Anthony Johnson, chief of economic development and neighborhood services for the City of Dallas.
Uptown also has 200 restaurants, more than 160 retail shopping locations, 130-plus gyms, dog parks, and 58 acres of green space. There are also 103 core apartment complexes in Uptown, including 91 luxury Uptown apartment complexes. On that second link right there, you can find 2,291 floor plans and 1,678, as well as some rental options that start under $1,000/month.
We also know that, despite the spike in COVID cases and fears about the winter and people going to more inside events, companies are in the process of relocating literally right now. Telecommunications equipment provider DZS moved to Texas during the pandemic (California to Plano for about 30 people, with designs on 80-85 people eventually). Their experience wasn't easy, but was achieved:
"We had to move an entire lab from California to Texas. This was significantly delayed for a range of reasons, from the necessary technologist unable to travel for a considerable period of time, to having them be socially distanced during the turn-up. Layer onto this the delays related to necessary power and wiring, air conditioning, etc. and it is easy to see how critical time was lost," Burke said. "We also were in a position where we planned to hire for a number of new positions at our new location, but could not physically meet with the candidates nor easily onboard them with traditional hands-on training methods. We ramped up quickly on using video conferencing technology and revised our training processes to the new normal."
What does this mean for you as a renter or home buyer?
It's a helpful trend to keep an eye on because it helps you see what areas might be getting "hot." When there's a lot of employees in a given area, that's going to impact what restaurants go there, what housing options go there, et al. It's a giant ecosystem, as you've seen areas of Collin County evolve over even the past decade. In fact, based on USPS change of address data, Frisco is one of the places people seem to be relocating to permanently. That's not surprising in the least, but it will have impacts on Frisco in myriad ways including bars, restaurants, rental prices, future home prices, and more.
There are some other relocation areas we've worked on to consider in the grand scheme of everything:
- How many people might be in DFW by 2029?
- Are Baby Boomers who sell planning to re-purchase, or rent?
- Who might be relocating soon to DFW?
Keep an eye on these trends of where work is headed, because it will impact some of the decisions you need to make and help you "skate to where the puck is." Check this blog or holler at us; we look at these trends and see commercial development as it gets funded, so we can help you understand what areas are really valuable right now.