Written by Christine Perez, Senior Communications Specialist
Last fall, the Brookings Institution identified the Dallas region as one of the world’s 19 ‘Knowledge Capitals,’ citing its skilled workforce and efficiency in bringing commercial products to market. The global research organization described Dallas and the other knowledge capitals as “highly productive innovation centers.”
Robbie Baty, Senior Director in Cushman & Wakefield’s tenant representation group, says he’s not surprised by the findings. “There is diversified economy in Dallas, which attracts top talent,” he says. “This makes it easy for knowledge workers to find good jobs and enables companies to find highly qualified employees. There’s also an abundance of respected undergraduate and graduate programs, and the region has a very competitive and affordable cost of living.”
These factors have a direct correlation to the “staggering” amount of companies expanding and opening new offices in Dallas, Baty says. “Last year, two-thirds of my clients either grew their existing footprint in Dallas or opened a new office,” he says. “This is 50 percent higher than a typical year, and shows the overwhelming confidence companies have in Dallas.”
Jamba Juice, which relocated its headquarters to Frisco from Emeryville, California, was one of the clients Baty represented. Along with access to talent, the high-growth company was attracted to the region’s lower cost of operations (real estate, employee wages, etc.), competitive cost of living and quality of life, and DFW’s central location—which allows the company to more easily expand across the nation.
Economic incentives also came into play, Baty says: “The state of Texas and the city of Frisco showed why DFW is considered a top place to do business in the country.”
Note: See the full Brookings report, called ‘Redefining Global Cities.’