AT&T HQ Relocation: Impact on Dallas Businesses and Property Values

AT&T's Move to Plano

• 🏢 AT&T is relocating its headquarters from Downtown Dallas to Plano, with the move expected to be completed by 2028.
• 🚗 The decision was driven by a desire to reduce commutes for a majority of employees and a horizontal campus layout, allowing for space, parking, and consolidation of teams under one roof.

Economic Impact on Downtown Dallas

• 📉 A study commissioned by Downtown Dallas, Inc. estimates that AT&T's relocation could lead to a 30% drop in surrounding property values.
• 💸 The downtown Dallas area could potentially lose billions in business due to the departure of a major employer.
• 🍺 Businesses like Pegasus City Brewery, located near AT&T's current headquarters, rely on AT&T employees for frequent patronage, especially during happy hours.

Broader Dallas Office Market Trends

• ⚠️ AT&T is not the first major company to exit downtown; Bank of America recently relocated about a thousand employees to Uptown.
• 📊 Dallas currently faces a 23% office vacancy rate, ranking it ninth highest in the country, according to Co-star.
• 🏙️ While some see the move as a blow, Dallas Council member Paul Ridley emphasizes the city's diverse economy and that it is not dependent on a single employer.