Richardson Innovation Quarter: A Technology Boom in Dallas, Texas
Dallas is one of the top 10 most innovative cities in the world, and innovation is thriving throughout this metropolitan area. The Richardson Innovation Quarter, known as Richardson IQⓇ, or The IQⓇ for short, is a living laboratory located in the heart of the Dallas metro area. The area was built in early 2020 as a partnership between the University of Texas at Dallas and the City of Richardson. A goal of the project was to better serve enterprise telecommunication and software companies. Richardson IQ is a mixed-use, 1,200 acre area dedicated to forward-thinking companies and entrepreneurs.
Covered in this article:
- About Richardson, Texas and the Richardson Innovation Quarter
- Introducing the Richardson Innovation Quarter
- Richardson IQ Today
- Commercial Leasing Opportunities in the Richardson Innovation Quarter
- Businesses Growing in Richardson IQ
- Vision for the Future of the Richardson Innovation Quarter
- Office Space in Richardson, TX
The IQ is in the Telecom Corridor, and home to numerous companies, including Dell Technologies, DFW Technology, Ericsson, Honeywell, and more. Most recently, this amenity-rich area is advancing a redevelopment project of 14 acres of land near the Dallas Area Rapid Transit’s Arapaho Center Station. Numerous infrastructure and development projects are planned to continue to build this already booming area north of Dallas.
Read on to learn more about the unique development and dynamics occurring throughout this area, and the compelling reasons more businesses are moving to Texas, and specifically to Richardson IQ.
About Richardson, Texas and the Richardson Innovation Quarter
The Richardson Innovation Quarter covers more than a thousand acres in Richardson, Texas. At the northwest corner of the land is the University of Texas at Dallas. Interstate 75 bisects the area, providing an easy trek into Dallas central, or a straight shot to Plano to the north.
Richardson, Texas is located in Dallas County. It is the 31st largest city in Texas and has a population of 124,213. This population represents an annual growth rate of 1.18%, and the area has grown by more than 25% since the 2010 census.
58.7% of people in Richardson own homes, and the average household income is well above national average, at $107,143. The diversity of Richardson is similar to the rest of Dallas, with about 66% of the population white, 10.75% Black, 15.79% Asian, and nearly 7% as other races.
Richardson is above-average in education, with 34.13% of the population holding a bachelor’s degree, and 19.12% having a graduate degree. The median age in Richardson is about 35 years old, and the city is home to numerous award-winning schools, young families, and young professionals.
Introducing the Richardson Innovation Quarter
Richardson IQ is set in a larger area known as the Telecom Corridor, which has been a technology business center since the late 1950s. Collins Radio, an electronics company, relocated to this area north of Dallas and first constructed a multi-building campus in what would later be the Telecom Corridor. Due to its widespread impact during the Information Age, Collins Radio established a culture of welcome for tech-based enterprises, and soon Micrografx, Atlas, Convex Computers, and similar companies were headquartered in Richardson.
Since recovering from the dot-com bust in the early 2000s, businesses in Richardson have continued to develop the 6.5 mile strip of land along US 75, which is now home to more than 600 technology companies.
Richardson IQ Today
For the past 25 years, Richardson IQ has diversified its technological presence, growing beyond telecommunications into many sectors. There are more than 19,000 employees within Richardson IQ alone, and the area features a central Data Center. Two key dynamics contributed to the diversity and growth in this area:
- Development was tied to the light rail station, making the area easily navigable from all directions.
- Richardson is in a Tax Increment Financing (TIF) district, which has facilitated development and redevelopment, using future tax revenues to pay for public improvements.
In 2018, a visioning study was conducted that identified several major strategies for future growth in this area, which typify the ethos of the region:
- Better manage people’s experiences in the district through tactics like conceptual wayfinding/street wayfinding and streamlining building identities.
- Supporting modernization by waiving fees for development and permitting, and developing facade improvements through a matching grant program.
- Allow zoning flexibility in industrial zones, changing building height limits to allow for modern, industrial buildings.
- Creating shared, innovative spaces for new businesses, a measure especially meant to support start-ups and small businesses.
Representatives from multiple arenas took part in this study, including product council, developers, realtors, property owners, and residents. The dedication to ongoing improvements is another reason businesses are moving to The IQ, and why the area continues to thrive.
Commercial Leasing Opportunities in the Richardson Innovation Quarter
To support diverse and entrepreneurial tech-based businesses, there are numerous types of commercial leasing opportunities in Richardson IQ. These include office buildings, flexible or multipurpose buildings, industrial buildings, retail buildings, and more.
For example, these are two Hartman properties located in the Richardson IQ:
- Central Park Business Center — The Central Park Business Center is a two-building flex-space property in the Richardson submarket, which is located just minutes away from the Central Expressway and near the Richardson Telecom Corridor. It has 14’ clear height, surveillance cameras, direct access to each suite, and grade level roll up doors available.
- Richardson Tech Center — The Richardson Tech Center is a flex-space property in the Richardson industrial submarket. Located on North Plano Road, it is a four-building, Class B property with dock high and grade loading, controlled suite access, 14’ clear height, and on-site property surveillance.
Hartman Income REIT Management, Inc. CIO, David Wheeler underscores the opportunities in this area: “There is no bad time to lease property in Richardson IQ. This area typifies the direction Texas has been headed for a decade: toward nationally-acknowledged leadership in technological innovation. For tech companies that want to grow, The IQ is a breeding ground for good ideas and strategic connections. I would be unsurprised to see this area generate some of the brightest talent, and most forward-thinking business models, of the next five years. It is definitely the place to be.”
Get in touch with our leasing agents to view these or other commercial leasing opportunities in Richardson IQ.
Businesses Growing in Richardson IQ
This area is certainly in growth-mode, and that is due in part to the roster of successful and established businesses that already operate in it. Manufacturing and technology occupy the leaderboard, and Richardson IQ serves as a strategic location for several large tech companies, for example:
id Software — A well-known video game maker, id Software is a mid-size company owned by ZeniMax Media. Its cube-shaped office was constructed in Richardson, TX in 2011.
Zyvex — A privately held, precision manufacturing company, Zyvex Labs was founded in the late ‘90 and has been at the forefront of research for the digital revolution, specifically in nanotechnology at the atomic level, for several decades.
Raytheon — Raytheon is one of the largest aerospace companies headquartered in Richardson, TX since 2014. It employs more than 1,700 people in a modern work environment.
Digital Reality — This colocation data center added 130,000 square feet of space in Richardson in 2019, adding to its already one million square feet of data center space in the area.
Verizon — The Verizon corporate office in Richardson is an extension of the company’s large footprint throughout the Dallas-Fort Worth Area. It employs 8,100 people in the area.
Siemens — Siemens has close to 1,700 employees in the Dallas area, which includes more than 100 U.S. military veterans.
Many companies are relocating to The IQ, or there is news that they may. For instance, the Texas Blockchain Council is establishing its first physical presence in the Dallas Fort Worth area with a new headquarters in Richardson.
In addition to businesses, Richardson has strong ties to institutes of higher learning, with University of Texas Dallas a co-developer, and several other regional schools nearby.
Vision for the Future of the Richardson Innovation Quarter
The vision for Richardson IQ was always a big one. In the future, the district aims to continue to expand its impact as the premier technology hub in Texas. Other stated goals, established in 2017 by the Chamber of Commerce Collino/Arapaho Tax Force, delineate a future for the area as a place that is:
- Walkable and bikeable
- Visually unique and green
- A center for innovation and entrepreneurship
- Lively and active
The vision framework specifies new, modern flex spaces, affordable spaces for existing businesses, specialized spaces for emerging industries, and new amenities and things to do.
Office Space in Richardson, TX
Dallas’s track record as a good place for tech businesses is only growing. A new Computing Technology Industry Association report ranked Dallas as the number two city for technology professionals, in part due to the high number of IT jobs in the city. It came in second only to Austin, which is further proof that Texas is diverse, and a leading state for technology and innovation. Dojo, a Washington based coding company, used data from the latest U.S. Census and other sources, to rank Dallas as the top city in which to start a career in technology. Richardson IQ is one of many reasons that Texas is a great place to start a tech business and build a career in technology.
Office space for lease in Richardson, TX, has the potential to support business growth and unlock new opportunities. Contact the team at Hartman to lease commercial real estate in the Richardson IQ area.
About the author:
Sarah Hoopes is the Marketing Coordinator at Hartman Income REIT. She is a graduate of Utah Valley University with a Bachelor’s degree in Marketing and Business Management.