Since the 1980s, the Dallas suburb of Plano has attracted some of the country’s biggest corporate headquarters—including FritoLay, JCPenney, and Pizza Hut—and established itself as a hub for major employers. Although traditional office parks once defined the area’s landscape, evolving workplace trends such as remote and hybrid models are opening new opportunities to reimagine these corporate campuses. Even before the Covid-19 pandemic, potential was growing to transform these spaces to reflect the dynamic needs of businesses, employees, and communities alike.
How could Plano revamp to meet the goals of a changing economy and a changing community?
The city made a pivot that has been echoed in growing cities around the country: a major shift toward investing in parks and activating green space. Plano’s investment in parks rose 35 percent from 2011 to 2021, to a rate of $12,400 per acre (0.4 ha)—three times more than average in the country’s 100 largest cities. In 2021, the city approved a $364 million bond referendum, of which $82 million was dedicated to improving Plano’s existing parks and recreation facilities.
Private developers have stepped up to match the city’s emphasis on parks and open spaces, as well. Businesses and investors are redeveloping the corporate campuses that originally fueled Plano’s growth and creating mixed-use districts that better reflect the desires of the growing workforce in the city today.
Parks provide many benefits—they help improve air quality; reduce stress; and foster a sense of community by offering inclusive, accessible spaces for people to gather and connect. These green spaces also promote environmental sustainability by enhancing biodiversity and offering natural solutions to urban challenges such as stormwater management. Plano residents have seen firsthand that parkland not only supports their well-being but also delivers clear economic benefits such as attracting visitors, boosting property values, and fostering a vibrant local economy.
The aging corporate office parks that once were a strain on Plano’s vitality and economy have become revitalized as activated parks and open spaces. The focus on green space has helped to fuel the city’s strong economic growth—in 2022 alone, six companies expanded into Plano, and 24 companies relocated there, including Raytheon and Fisher Investments.
“How do we help property owners reposition pre-pandemic corporate campuses that have vacancies from businesses downsizing? We developed new programs with feedback from commercial real estate brokers and property owners to help property owners add new amenities and open space,” said Doug McDonald, the city of Plano’s director of economic development. “We need to be an active partner with our property owners to add value to our campuses and incorporate new amenities being desired by companies post-pandemic.”
These trends aren’t isolated—they’re part of a larger economic transformation happening in cities that have made strategic investments in their parks and public spaces. In Boise, Idaho, tech startups and established firms alike are flocking to office spaces that overlook lush public parks. In Atlanta, public investment in parks has exploded as the city looks to compete for a young, educated workforce.
A new playbook
A new study by Trust for Public Land and HR&A Advisors has revealed what urban planners and city leaders are increasingly discovering: Public parks aren’t just amenities—they’re powerful economic engines that can drive city growth, attract talent, and boost local economies.
The traditional economic development playbook for cities focuses on tax incentives and infrastructure projects. In an era when remote work has given employees unprecedented freedom to choose where they live, however, the equation has changed dramatically. Cities now compete for talent, based on quality of life, and parks have emerged as a crucial factor in this calculation.
The evidence is compelling. The Trust for Public Land’s analysis of five diverse cities—Boise, Plano, Minneapolis, Boston, and Atlanta—shows that these urban centers spend three to six times more per acre on parks than does the average among America’s 100 largest cities. This investment has paid off. Between 2011 and 2021, all five cities experienced job growth rates at or above the national average.
Particularly striking is the growth in young firms. Cities such as Plano, Boise, and Atlanta have become magnets for entrepreneurs and startups, with exceptional growth rates for companies five years old or newer. Boise has undergone 60 percent growth in firms of these kinds, compared to 12 percent nationally. This surge in young businesses accompanies these cities’ commitment to developing and maintaining high-quality public spaces—a key piece of attracting the highly educated, young workforce that businesses need to grow and thrive.
“It’s always about the ability to attract talent,” said Scott Schoenherr, a partner at Boise real estate developer Rafanelli and Nahas. “Can I hire an appropriate level of talent in Boise? If we keep downtown great, we will get great talent, and the companies will follow.”
Rafanelli and Nahas worked with the city of Boise for more than a decade to build the Cherie Buckner-Webb park adjacent to the firm’s building at 11th and Idaho, the largest Class-A office development in downtown Boise. The park has been a major success, and the surrounding Westside neighborhood continues to net new investments from other private developers.
Economic benefits
The impact extends well beyond job creation. Cities that have invested in parks are experiencing a real estate boom, with housing and office development outpacing national averages. Real estate brokers report that proximity to green space has become a leading requirement for commercial tenants, even as residential developments near parks command premium prices.
Atlanta is investing significantly in urban trails and greenways that prioritize walkability, connectivity, and proximity to transit. Well-known linear park projects, such as the Atlanta BeltLine, have attracted more private investment to Atlanta: Office rents along the BeltLine increased by 70 percent from 2013 to 2019, outpacing offices throughout the rest of the city by 35 percent.
The economic benefits of park investments must be managed carefully to ensure equitable development. Cities such as Boston, Minneapolis, and Plano have demonstrated that it’s possible for them to grow both in size and diversity while significantly investing in parks. Efforts across numerous cities illustrate various approaches. Atlanta is using tax increment financing and inclusionary zoning along the BeltLine. Boston employs inclusionary zoning, community benefits agreements, and a commercial linkage fee that supports the Neighborhood Housing Trust. The city’s Franklin Park Action Plan identified additional anti-displacement strategies during the planning process. These anti-displacement strategies, alongside other regulatory and programmatic tools, are crucial for ensuring that all residents experience the benefits of parks.
The message is clear: Investing in parks is a crucial economic development and community prosperity strategy. From attracting new businesses and talent to stimulating real estate development and increasing the tax base, well-maintained public spaces deliver measurable returns on investment.
“Parkland is valuable to those who own real estate nearby, even if they are giving up a future income stream,” noted Jim Durrett, executive director of the Buckhead Community Improvement District in Atlanta. “They see doing that as lifting up everything else, including the properties that they already have.”
Data shows that investments in parks aren’t just public goods—they’re also profit drivers that can significantly enhance property values, attract businesses, and create long-term asset appreciation. When developers such as Rafanelli and Nahas in Boise dedicate valuable land to public spaces, they’re making strategic investments that can transform entire districts and catalyze further development. As cities continue to compete for mobile talent and businesses in the post-pandemic economy, developers who recognize and leverage the economic power of parks will be better positioned to create successful, resilient projects that deliver strong returns while contributing to vibrant urban environments.
The most successful cities are ones where government, business leaders, and philanthropists collaborate to support park development. With proper planning and resource allocation, building more parks can be a powerful economic catalyst that creates vibrant, thriving cities that, in turn, attract workers, businesses, and development opportunities.
