- Goldman Sachs’ Dallas campus budget has ballooned to $709M, up from $500M in 2022, signaling broader trends of increasing construction costs.
- The 800K SF, two-building development will be the bank’s largest US campus, offering amenities for 5K workers and expected to open in 2028.
- Rising interest rates, labor costs, and tariffs on materials like steel and lumber are contributing to construction price pressures across the US.
A Texas-Sized Price Tag
Goldman Sachs’ new campus in Dallas is shaping up to be its most ambitious and expensive real estate project in the US. Construction costs are now estimated at $709M, as reported by CoStar. That marks a more than 40% increase from the original 2022 projection. The project, located in Victory Park just north of downtown Dallas, originally received $18M in incentives from the city.
The updated figure includes a recent $209M permit filed for interior build-out, according to state filings. Goldman Sachs declined to comment directly on the budget increase, deferring to the public documents.
Why Costs Keep Climbing
The escalating budget is reflective of broader construction trends nationwide. According to Cushman & Wakefield Senior Economist James Bohnaker, US construction remains costly despite a slowdown in overall development.
“Even as construction activity is down, costs are still rising,” Bohnaker told CoStar News. Factors like inflation, elevated interest rates, and changing design requirements—such as upgraded amenities—have all contributed to price escalations.
Additionally, new tariffs on imported materials such as steel, timber, and cabinetry are expected to push prices even higher. While these tariff impacts aren’t yet reflected in current budgets, they’re expected to raise construction costs by 4.6% year-over-year in Q4 2025, per Cushman & Wakefield.
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A Campus Built For Talent
Designed with workforce retention in mind, the Dallas campus will offer much more than just desks and meeting rooms. Amenities include:
- A 1.5-acre park
- Full-service fitness center with spa-style locker rooms
- Childcare center
- Food hall and multiple dining options
- Outdoor terraces, rooftop gardens, and coffee bars
The space is expected to support 5K employees and includes flexibility for future growth. According to Goldman Sachs, the design is meant to support every facet of an employee’s daily life—from workouts to family care to social gatherings.
Amenity Arms Race
Goldman’s investment is part of a growing trend of “amenitized” office campuses aimed at mimicking hospitality and resort-style environments. The Urban Land Institute’s latest Emerging Trends in Real Estate report highlights a shift in modern office developments. These spaces are increasingly designed to resemble luxury hotels. Features like high-end food service, club-style rooftop decks, and rentable event spaces are becoming standard.
As Bohnaker puts it, “High-profile projects also tend to have a lot of amenities—and all those things cost a lot of money.”
What’s Next
Goldman Sachs’ Dallas campus is set to open in 2028, and the firm still has the cash and confidence to weather these cost pressures. But for smaller developers, rising materials costs and uncertain lending conditions could delay or derail similar projects.
With tariffs now in effect and inflation still weighing on materials and labor, the construction sector faces continued uncertainty heading into 2026. For now, big names like Goldman Sachs are setting the tone—and the budget—for what future office campuses might look like.
