Economic & Demographic Trends Make Plano, Frisco Ripe for Business
Both Plano and Frisco have been prosperous cities for many years. But now, a big business boom expanding from the intersection of State Highway 121 and the Dallas North Tollway is well underway. This expansion means that there will be a ripple effect to the economy as the expected influx of people necessitates more workspace, product and service sales, entertainment, dining options and retail. So if you want to benefit from the large corporate relocations and expansions nearby, locate your small business in Plano or Frisco.
Big Business Along the Dallas North Tollway
Head north on the Tollway from President George Bush Turnpike toward SH 121 and chances are traffic will slow because of roadway work, so you can take a look at the construction happening around you.
Toyota Motor North America opened its new headquarters in July 2017 at the southwest corner of 121 and the Tollway. Liberty Mutual Insurance and JP Morgan Chase & Co. will open later this year. These three companies are expected to employ more than 14,000 people at these new locations.
Further north along the Tollway between Warren Parkway and Lebanon Road in Frisco is the “$5 Billion Mile,” which includes four mixed-use developments: Frisco Station, The Gate, Wade Park and The Star in Frisco. According to the Frisco Economic Development Corporation, the $5 Billion Mile will encompass a total of 13.5 million square feet of commercial development that will amount to some 43,772 potential new direct jobs.
All of this is in addition to the area’s already large employers, such as AT&T, Capital One Finance, Frito-Lay, J.C. Penney, DXC Technology (formerly Hewlett-Packard), FedEx Office and PepsiCo in Plano and AmerisourceBergen, T-Mobile, Baylor Medical Center, Oracle and IKEA in Frisco.
Small Business Opportunity in Dallas North Suburbs
So what does all of this big company growth mean for a small business in Plano or Frisco? In a word—opportunity! Of course, a small business must offer quality products or services, but success also depends on the vibrancy of the surrounding economy. All you have to do is take a look around Plano and Frisco to see that happening. Relocating corporations move employees to the area and families come, too. Consequently, residential development follows job growth and close behind is the need for products and services.
The Benefits of Working with a CRE Broker
If you own a service business or you are getting ready to launch, then finding the right commercial space is another vital component of success. This search can be made easier when you work with a commercial real estate (CRE) broker. The question is: how do you choose a broker that’s right for you and your business? Consider the following:
- Choose a CRE broker that knows and actively works the local market. Then, you’ll be working with someone that is familiar with landlords, the story behind various properties and which properties are most promising.
- A broker familiar with Plano and Frisco may be aware of attractive off-market options or properties scheduled to come on the market in the near future.
- Brokers use CRE technology to provide market research such as property reports, floor plans, and demographic data and traffic counts to support and streamline decision-making.
- You’ll be able to focus on your core business, while your broker works within your budget to find the best targeted location possibilities, thus saving you time and money.
- Your broker can connect you with complementary professionals—landlord, lender, business and real estate attorneys—to give your business and new location the highest chance of success.
- A CRE broker may have relationships with the local Chamber of Commerce and Economic Development Corporation and other entities that can provide incentives, support and advocacy for your business.
The information contained in this article is general in nature and should not be construed as financial, tax or legal advice. As with any financial or legal matter, consult your tax advisor and legal counsel.