While not applicable in every field, many business owners have determined that, in order to compete for top talent, they need to have an office space that promotes clear company branding, gives their workers added mobility, is in a walkable area, and is a place where their employees enjoy coming to work. The more amenities you can offer your employees, both within your space, building and area of town, the better.
When reviewing a company’s balance sheet, real estate is generally the second highest expense behind payroll. The trend we’re seeing in the marketplace is that savvy business owners are using their office space as a means for attracting/retaining top talent because they realize their investment in their people will pay off more than saving money on office rent or above standard finish-out within their space. So where you may save $5.00/SF on space by going to a less expensive building with less amenities, in the grand scheme of things, is that savings worth it when compared to hiring the best and brightest?
Downtown Dallas is poised to offer the best of both worlds for business owners and employees alike. The buildings have some of the highest amenity bases in the city, the area is served by DART, there is an abundance of restaurants and bars that are walkable (and the number grows every day) and on top of that, rental rates are still on the lower end of average rates in the metroplex. Combine that with all of the residential development and Downtown has nearly all of the key factors that a millenial employee could desire today.
As the Uptown market continues to tighten, Downtown is a very viable option for a forward thinking business owner if they (and their employees) can look past the old stigma of Downtown Dallas and what it used to be. The area has changed and will continue to improve and as more people begin to realize that, Downtown will continue to be a great alternative for those looking to provide the best amenities for their employees.