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Quick answer: AT&T is leaving downtown Dallas for a new $1.4 billion, 2-million-square-foot campus in Plano, backed by the largest incentive package in Plano's history. It's the clearest sign yet that Dallas proper is losing ground to its suburbs, and it's not the only company doing it.
What's Actually Happening
AT&T CEO John Stankey announced the move at the start of 2026: a new headquarters at 5400 Legacy Drive in Plano.
Plano is offering AT&T a $20 million incentive package, the largest in city history, plus a 65% property tax rebate on improvements for 25 years.
AT&T must invest at least $1.4 billion to build a minimum 2 million sq ft on 54 acres, and employ 10,000 full-time workers for at least 25 years.
JPMorgan Chase is lending $400M toward the project. Partial occupancy is targeted for the second half of 2028.
The agreement requires AT&T to add 4,000 more employees by 2034 and another 2,000 by 2039.
Civic leaders acknowledge Dallas is losing people, arenas, and companies to the suburbs, and call it a competitiveness problem, not just a one-off loss.
Why It Matters
This isn't a company quietly slipping out. It's a $1.4B, decade-plus commitment that downtown Dallas didn't win. When a company this size structures a 25-year occupancy deal in a suburb, it signals where the next wave of jobs, spending, and commercial development gets built, and it's not downtown. For DFW investors and operators, this is a map of where demand is heading next.
The Move
If you're eyeing commercial real estate, retail, or service-business expansion, Plano's Legacy corridor just got a 10,000-employee anchor tenant locked in through 2053. Position accordingly, this is the kind of signal that moves years ahead of the crowd.
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Reply and tell me if you think downtown Dallas can win this back, or if the suburbs have already won.
Sources: wfaa.com, therealdeal.com, communityimpact.com, keranews.org.