Firms are moving to North Texas to enjoy the good business environment and low cost of living.
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| Photo Credit: The Dallas Morning News Briggs Freeman Sotheby's International Realty's Robby Briggs (left) with Haynes and Boone manging partner Terry Conner |
With one new resident
moving into Dallas-Fort Worth every four minutes, it is clearly a good time to
be in the real estate business.
But real estate firms
like Briggs Freeman Sotheby’s International Realty are finding that the strong
North Texas economy is being fueled not just by individuals moving to the Lone
Star state, but also CEOs moving their companies with them.
Projections, provided by the Greater Dallas Chamber of Commerce, are that by 2040, North Texas will have 10.5 million people and 6.6 million jobs.
“The Dallas-Fort Worth
region is one of the most attractive areas not just for individuals moving
here, but also for many companies looking to provide a central location, good
business climate and great quality of life,” says Robbie Briggs, president and
CEO of Briggs Freeman Sotheby’s International Realty.
Companies and
professional service firms such as the law firm of Haynes and Boone are turning
to real estate companies like Briggs Freeman Sotheby’s to manage their
corporate moves. Ginny Taylor and two other Briggs Freeman employees have been
helping companies with relocation for seven years.
The Briggs Freeman
relocation service works with the companies to design the benefits packages for
the moving employees, set budgets and make sure everything goes smoothly.
As she does for a variety
of large- and medium-sized companies and firms, Taylor helps Haynes and Boone
move its attorneys among its 12 offices, including offices in New York,
northern and southern California, Mexico City and soon possibly Shanghai,
China.
Last year, the firm’s
relocation company closed sale son 187 homes for relocating employees. And with
more companies eyeing North Texas as their new home, Taylor expects that number
to rise significantly in 2013.
To encourage businesses
to relocate to Texas, Briggs Freeman Sotheby’s has launched an advertising campaign
about the advantages Texas offers in private jet terminals in California, Chicago,
Florida, New York and Mexico.
“We are getting a lot of
Californians moving here,” Taylor says. “But there are also a lot of people
coming from Florida and Chicago.”
According to Chamber
statistics, North Texas gained more than 60,000 people in net migration from
California cities between 200 and 2010. Chicago was second with more than 17,000
people coming to North Texas. And 16,000 former Manhattan residents moved to
North Texas in that decade.
Besides having not state
corporate and individual income tax, Texas offers a substantially lower cost of
living – an index of 96 for D-FW versus 218 for New York City, 132 for Los
Angeles an 114 for Chicago, according to the chamber statistics.
Housing is also
substantially less expensive with an index of 75 for D-FW compared to 413 in
New York City, 196 in Los Angeles and 133 in Chicago, the chamber reports.
Christy Berry, one of the
top-producing Briggs Freeman Sotheby’s Realtors, says new Texans “are surprised
to find that they can get a large home in the $200s.”
“We provide a very high
touch service,” Taylor says. “That’s just another reason our clients are so
happy to move to Texas.”
Article Credit: The Dallas Morning News
Stewart Lytle (stewart_lytal@yahoo.com) is a freelance writer
who divides his time between Dallas and Newburyport, Mass.
