State Farm Makes Big Investment in Dallas and Richardson

One of the largest Dallas real estate transactions to take place recently involves Bloomington, IL based State Farm Insurance.  State Farm has rented over 1 million square feet of office space in the Dallas area in the past 6 months. This is in addition to the leasing of over 1.5 million square feet of offices in new buildings announced for construction in Richardson’s Telecom Corridor.

The 1.5 million square foot office complex in Richardson, TX can house as many as 5,000 State Farm employees if need be.  This transaction has the potential to generate great income for the Dallas real estate and job market.

“We are continuing to make decisions on the number of employees that will occupy this facility and do not have final numbers at this time,” a State Farm spokesman said when the company initially began renting office space last August.  “Exactly when this new facility will be open is yet to be determined.”In terms of employees, State Farm plans to shift hundreds of their workers from out-of-state into the new Richardson office space.  The Dallas office will become a regional office for State Farm, a company which already has about 70,000 employees in total.  State Farm’s large Dallas real estate transaction is part of the company’s plan to consolidate its operation.  The insurance company stated that it was making moves to “become more efficient and streamline operations.”State Farm also has regional offices in the Chicago area, in Tampa St. Petersburg and the Denver area.  Currently, the company houses their headquarters in 100 acres and millions of square feet of office space in Bloomington, IL.If you are interested in learning more about Dallas and Richardson real estate opportunities that may pop up as a result of the State Farm growth, contact us today.