Why Is Dallas Attracting Millennials? It Is One Itself
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Texas attracts new and relocating business for many reasons—including its Central Time Zone, no income tax, strong employee market and pro-business policies. PegasusAblon principal Mike Ablon says Dallas is killing it in the office market for another key reason: Dallas isn't just a city filled with Millennials, Dallas is a Millennial. Hear more from Mike and many other office experts at our Dallas State of Office event on Sept. 29.
Not only is Dallas a considerably younger town than all those 17th century cities on the East Coast, but it's a renaissance city that can do a little of everything instead of defining itself by one industry.
Those painfully true stereotypes about Millennials hold true for the Big D also. Dallas delivers experience. The city hasn't tried to overregulate ride sharing or other sharing economy concepts. The freelance economy stands strong, and employment keeps climbing. Infrastructure is young and innovative (we see you, TEXpress lanes and increased DART services). The real estate industry, which is typically a slow adopter, has embraced sustainability and technology connectivity at least in creative and urban formatted office projects. Walkability and mixed-use are top priorities for most developments such as Granite Park (which just inked three new eateries) and Legacy West, as well as Uptown projects such as the Harwood District (which just broke ground on its 10th tower), McKinney & Olive, and PegasusAblon's The Terraces in Preston Center. Dallas is flexible and growth-oriented, and it adapts easily, Mike (right, with Stream EVP Tim Terrell and Madison Title's Josh Quinn at a Bisnow event earlier this year) tells us.
The chicken or egg debate regarding employee talent in Dallas has no right answer, Mike tells us. Young talent continues to move here for a dynamic lifestyle (and, you know, a job) and companies looking for employees continue to plant roots in the Big D—one begets the other. And as Millennials flock here in larger numbers, they demand modernism.
Real estate minds like Mike's play a role in Dallas' young attitude, and he tells us he'll keep trying to push Dallas in front of the innovation curve.