Thu, Nov 18, 2021 1:26 PM
By Bethany Blankley | The Center Square contributor, The Center Square
(The Center Square) – Another company is expanding operations in Texas, this time CBRE, Inc., the world’s largest commercial real estate services and investment firm – in the Dallas-Fort Worth area.
It’s expanding operations at its Dallas headquarters and building a new operations center in Richardson with the help of two Texas Enterprise Fund grants as an incentive, totaling of $6.75 million.
As part of the deal, CBRE says it plans to create 460 new jobs and invest more than $29 million in capital at its Dallas headquarters over the next 13 years. It also plans to create 550 new jobs and invest more than $13 million in capital at a new operations center in Richardson.
CBRE, a Fortune 500 and S&P 500 company, is the world’s largest commercial real estate services and investment firm, based on 2020 revenue. Its more than 100,000 employees serve clients in more than 100 countries.
"CBRE is not a stranger to North Texas and its decision to sprout deeper roots in Dallas proves what many know about the thriving commercial real estate market here,” state Sen. Royce West said in a statement. "Even in the midst of a pandemic, Dallas reported the most commercial real estate deals in the U.S. in 2020. Texas knows what it takes to attract businesses and looking forward into 2022, the markets agree with CBRE that Dallas is a great place to do business."
Mayor Eric Johnson said CBRE's growth in the Dallas area “demonstrates once again that our city is a cutting-edge economic powerhouse. And this deal proves that we are committed to building for an even brighter future. We are thrilled to partner with CBRE, the state, and our local educational institutions to foster our city's burgeoning culture of innovation and to prepare our workforce for the jobs of tomorrow."
"As the heart of the Telecom Corridor(R) area and home to the Richardson IQ(R), we are proud CBRE has made the strategic choice to locate its operations center in this innovative ecosystem,” Richardson Mayor Paul Voelker said.
Over 45 years ago, CBRE says it became “the preeminent provider of end-to-end real estate services in the Dallas-Fort Worth region,” according to its website. CBRE’s position in the market allows it to provide clients with “unrivaled local market knowledge.”
Its services include facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
"Exceptional companies like CBRE are attracted to Texas because of our dynamic workforce and unrivaled business climate," Gov. Greg Abbott said.
"Once again Texas is proving to be the most attractive state in the country due to limited regulations, low taxes, quality education, prepared workforce, and strong economy,” state Sen. Angela Paxton said.
CBRE says it is committed to the DFW area because it “has the most diverse economy in Texas, and one of every three high-tech jobs in Texas is located in DFW.”
It also cites DFW’s cost of living as a factor – which is 21.7% below the large U.S. metro average. And the region’s job market, which “has been one of the most resilient among major U.S. metros during the COVID-19 pandemic, adding 260,200 jobs between May 2020 to May 2021.”
State Rep. Jeff Leach said the expansion would allow CBRE’s workforce to “reap the benefit of strong schools, reliable infrastructure, low taxes and a tight-knit community of kind, warm and welcoming neighbors.”