What’s happening?
More than 10 companies have leased space for corporate offices or headquarters in Plano in early 2025.
Sally Business Holdings' headquarters, which moved into a 140,000-square-foot space in the Liberty Mutual campus in March, is the largest office space leased this year, but even more activity has taken place just across the tollway at Granite Park.
Simpson Strong-Tie is Granite Park’s newest tenant, with its expansion into 38,372 square feet in Granite Park 6 being announced in late March.
The following four companies have also leased space in Granite Park this year:
- Tech Mahindra Americas headquarters (27,000 square feet)
- Midea America (25,000 square feet)
- Atlantic Aviation (25,000 square feet)
- Lockton (53,000 square feet)
Zooming out
Plano Director of Economic Development Doug McDonald cited a return to in-person offices for many workers as one reason that the corporate office market has picked up in Plano. He also noted that North Texas has not had any major office construction begin in the last two quarters, leading to increased interest in existing spaces.
“Prime inventory that has been out there for a few years, or is currently being delivered, that's being leased up very quickly,” McDonald said.
McDonald added that while the market for office space has been “slower” since the COVID-19 pandemic, city staff has been setting up the foundation to attract businesses once the market did pick up again.
“Behind the scenes, we're getting input from the real estate community and making adjustments to our [economic incentive] program, knowing it's going to heat back up,” he said. “In addition to that, we're having meetings with our existing companies; I believe we had over 100 retention meetings in 2024. We have been consistently, since the pandemic, keeping things warmed up, knowing at some point this shift is going to happen; I think in 2025 we are seeing this shift happening.”
What’s next
McDonald expects the recent momentum in Plano’s office market to continue in the future.
“I feel confident that this year we're going to see some activity even in some of our more established corporate campuses,” he said. “I think the momentum that we're seeing in the Legacy business park, it's contagious.”
