Plano’s Legacy area is on track to match downtown Dallas in office employment
Plano’s booming Legacy business park during the next few years will grow to have almost as many workers as downtown Dallas.
That’s what a new forecast by commercial real estate firm JLL predicts for the business district that is now home to huge employers including Toyota, JPMorgan Chase, FedEx Office and Liberty Mutual Insurance.
"Overall, we estimate that greater Legacy’s job base has increased by 15,000 since 2015," JLL managing director Jack Crews says in a new report about the Legacy area. "This includes real move-ins to Toyota and JPMorgan, as well as companies taking smaller footprints like Fannie Mae, FedEx, Capital One and NTT Data.
"We estimate that the daytime workforce is up to around 100,000 today," he said. "Looking out over the next few years, Legacy will continue to intensify as a business hub."
JLL predicts that the Legacy area employment base will grow to nearly 135,000 by the end of 2019. Along with newcomers to the area, the job totals include workers for longtime West Plano employers including Frito-Lay, Bank of America, USAA and others.
While the largest office campuses in the $3 billion Legacy West development are finished, other speculative buildings are underway.
"As the big corporate move-ins finish and office projects now underway get leased, we will likely add another 31,000 jobs," Crews said. "That is transformative growth – bringing greater Legacy’s workforce up to nearly 135,000 – that’s a 50 percent increase in its job base from just a couple of years ago."
At the end of 2017, there was more than 23 million square feet of office space in the Legacy and Frisco markets – about a half million square feet less offices than in downtown Dallas.
Net office leasing in the area was almost 1.2 million square feet – the most of any North Texas business area.
About 720,000 square feet of office space was under construction in Legacy and Frisco at the start of 2018, according to data from Cushman & Wakefield Inc.
New office campuses by Toyota, shown above, FedEx Office, JPMorgan Chase, Liberty Mutual Insurance and others have brought thousands of jobs to the Legacy business park and surrounding areas.