When a business owner wants to relocate, the task can seem daunting. However, by exploring some key considerations, you can prioritize the move and find a location that works well for your present company and your future growth.
One such location — Irving, Texas — is in the Dallas-Fort Worth Metroplex. Irving has more than 8,500 businesses already operating in the region.
“You need a value-driven proposition,” says Carter Holston, general manager of Real Estate NEC Corporation of America. “You have to have a good location. You have to have a great office space. You have to have access to your employees and pay the right amount of tax, both school and other. All that goes into the mix when you make the decision.”
Smart Business spoke with Holston about what employers need to consider for relocation and why the Greater Irving-Las Colinas area fits that bill.
If you’re thinking of relocating to a new city, what needs to be considered? How does that relate to the Irving area?
There are three components any company needs to weigh:
• How you access the workforce, the accessibility within the region, and how you move about via the roadways and mass transit.
• The business-friendly environment.
Irving is in the center of the Dallas-Fort Worth Metroplex, so access to an available work force is not a problem. The area also is adjacent to a major airport — the Dallas/Fort Worth International Airport.
The Irving area has accessibility from the standpoint of mass transit, which is a game changer in business today. The new work force prefers living, working and playing in the same area.
Then there’s the business-friendly environment, one of the most important factors. Companies need to be in cities that believe in business, that understand the revenue derived from taxes and what it means to have citizens employed.
What’s the current state of Irving’s commercial real estate market?
Commercial real estate in Irving is firming up. Generally Texas and specifically Irving represent good market value to corporations considering relocating.
Irving has more than 30 million square feet of commercial office space and is the third-largest submarket in the Dallas-Fort Worth Metroplex. Typically, there is about a 20 percent vacancy rate, which has been as high as 25 percent, so Irving is a value-driven market. Most companies seem to be taken aback at the leasing rates in Dallas compared to other regions.
Irving also has a new light rail system running through the central urban center, which should positively affect commercial real estate.
What else makes the North Texas region so attractive?
Texas and Dallas, in particular, are ‘can do’ regions. There’s no geographic reason for Dallas to exist, no great river system or other natural resources. In spite of its lack of natural resources, the people who settled here on the prairie a long time ago made it work, and that theme and attitude have carried through the years. Even when the oil business was in decline, Dallas found a way to diversify and sought other industries to attract such as banking and insurance, real estate and huge service industry providers.
This ‘can do’ attitude holds true for the area’s longevity and its future, which is based on finding a way to get things done.
How can an employer find tax breaks and incentives when moving into a new area?
You should be represented well and ask your representative what types of incentives have been granted previously. However, don’t let incentives be the only factor that you consider when relocating your company.
The Greater Irving-Las Colinas area is certainly very affordable with available space and incentives. It’s clearly a value driven proposition for business owners in a business-friendly environment.
Holston oversees all domestic commercial real estate functions at Real Estate NEC Corporation of America and is responsible for more than 1 million square feet of leased and owned facilities. He also serves as a consultant to the Irving Economic Development Partnership at the Greater Irving-Las Colinas Chamber of Commerce.
Carter Holston is general manager of Real Estate at NEC Corporation of America. Reach him at (214) 262-2190 or firstname.lastname@example.org.
Insights Economic Development is brought to you by the Greater Irving-Las Colinas Chamber of Commerce