North Texas is becoming one of Wall Street’s newest financial hubs.
Three of Wall Street’s biggest financial firms broke ground on new corporate campuses in Dallas-Fort Worth over the last year. These include Wells Fargo & Co.’s new business hub in Irving, Bank of America’s new office high-rise in Uptown, and Goldman Sachs’ regional campus at the North End development Downtown.
“Right now, the smart money is on Dallas,” said Mayor Eric Johnson during the groundbreaking ceremony of Goldman’s new 800,000-square-foot office building in October, the Dallas Business Journal reported.
Not only are these Wall Street firms making a significant investment in North Texas, but they are also cementing their bet on the region’s future as a growing hub for business, finance, bioscience, and more.
Part of the reason for Dallas’ success is its location in the U.S. and its two airports, according to Jennifer Chandler, the market president for Bank of America in Dallas.
“We obviously love the central location,” she said, per Bloomberg. “It’s very easy to get to and the quality of living is strong.”
According to a new study by the Texas Demographic Center, North Texas is one of the fastest-growing metro areas in the country. The region also gets a boost from Texas’ status as one of the fastest-growing states in the nation
The DFW metro is also considered one of the more attractive U.S. markets for companies looking for office workers. As reported by The Dallas Express, DFW ranks seventh in the nation for office jobs.
Once Goldman’s new campus opens in 2027, DFW will solidify its status as the newest place for Wall Street companies – potentially dethroning Chicago and San Francisco as the city to invest in.
“We have been operating in Dallas for more than 50 years—this state-of-the-art new campus further demonstrates our commitment to Dallas and is [a] testament to the incredible talent and strong client base in the region,” said Goldman Sachs president and COO John Waldron in a press release.
“We look forward to Goldman Sachs’ vibrant future in Dallas and are excited to continue partnering with the local community for many years to come.”
With Wall Street’s eye firmly set on North Texas, the region is sure to see many benefits down the line.
“Luring the biggest names in business is becoming business as usual in Dallas — but this is a major moment for our city,” said Johnson in the press release.
“Goldman Sachs is the premier name in finance and investment banking. The expansion of this global brand in our city center is a remarkable sign of how far Dallas has come in recent years as we have focused on attracting talent and businesses by prioritizing public safety, improving quality of life, and reducing our tax rate. This new development also shows that there are still greater things to come for a city that is already a unique and mighty engine of economic growth for our entire nation.”
While Dallas has certainly captured the attention of big financial firms, the City’s Development Services Department must ensure swift permitting times to ensure Dallas stays an attractive market for businesses, builders, and residents. The main issue for Dallas heading into 2024 primarily involves commercial permitting.
