Title
Receive a quarterly update from the Economic Development Department.
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REQUESTOR:
Deputy Mayor Pro Tem Roger Neal
BACKGROUND:
The purpose of this agenda item is to provide the City Council with a comprehensive third-quarter update on the City’s economic development activities, including business retention and expansion (BRE) efforts, vacancy rates for key asset classes, and upcoming initiatives designed to strengthen Farmers Branch’s economic position regionally.
The City of Farmers Branch economy continues to show resilience and competitiveness in a challenging market environment. Industrial and multi-family vacancy rates remain healthy compared to neighboring cities and regional averages, underscoring the City’s strong position as a desirable place to live and do business. The Economic Development team continues to build and strengthen relationships with both small businesses and top tax revenue-generating employers.
DISCUSSION:
In 2026, the Economic Development team will significantly increase its business retention and expansion efforts, aiming to conduct 200 visits throughout the year. Of these, 50 will focus on the City’s top tax revenue-generating businesses, while continuing to strengthen and maintain the strong relationships we’ve built with our valued small business community.
The City of Farmers Branch continues to perform strongly in warehouse and multi-family vacancy rates, comparing favorably to neighboring cities such as Carrollton and Addison, as well as to regional and national benchmarks. This success is made possible by the strong business relationships and strategic deals fostered by our City Council, Mayor, and City Manager’s Office. Their leadership and trust in the Economic Development Department have been instrumental in driving these transactions forward and ensuring the City's long-term growth.
Area Multi-family Vacancy Rate Warehouse Vacancy Rate
Farmers Branch 10.20% 24.60%
Carrollton 10.70% 29.40%
Addison 7.10% 28.70%
Dallas-Fort Worth 11.60% 48.70%
National 7% 7%
Additionally, in 2026, the Economic Development Department will enhance its business recruitment efforts by leveraging relationships established by the City Council, the Mayor, state entities, and partner agencies. These efforts will include targeted lead generation trips and participation in key industry conferences. The department will focus on recruitment events aligned with specific job sectors, allowing us to strategically address the City’s economic needs and stakeholder priorities while advancing our long-term goals and performance metrics.
ATTACHMENT(S):
1. Presentation