DALLAS--According to a newly released report from CBRE, corporate expansions and relocations--including new headquarters for Toyota in Plano and ExxonMobil in northwest Houston--are playing a significant role in the Texas office market recovery. 

From 2010 through Q2 2014, 296 companies expanded or relocated their presence in the four major Texas office markets, accounting for nearly 30 million square feet of occupied space.

The report analyzes office real estate activity from headquarters and regional operations centers in Austin, Dallas/Fort Worth, Houston and San Antonio. In terms of total square footage, Houston leads the pack with 12.6 million square feet of activity, followed closely by Dallas/Fort Worth with 12.5 million square feet. Dallas/Fort Worth leads by firm count with 106.

By industry, energy accounted for one-third of activity by size in Texas and 80 percent in Houston. Insurance is second, accounting for 13 percent of activity across the state, and representing about one-third of the activity in Dallas/Fort Worth and San Antonio. Technology makes up nearly half of the Austin market's activity and is a large driver for the 11 percent share across the state.

“The annual firm count is trending upward through Q2 2014 with 81 companies taking space year-to-date compared to 80 total in 2013. Recent announcements and future planned occupancies indicate that Texas will continue to benefit from expansions and relocations over the near-term,” says Sara Rutledge, CBRE director of research and analysis.

“Texas attracts major employers with its ample, quality work force and the employment opportunities generated by these companies draw in new residents—both positive factors for Texas,” says Lauren Paris, CBRE senior research analyst.

Reps with CBRE did not respond by press time to a request for additional comments.