- Dallas is courting Scotiabank with more than $2.7M in economic incentives to open a 100K SF US hub that could bring 1K+ high-paying jobs to the city.
- The Canadian bank is also weighing Charlotte, NC as a potential location, as both cities continue to build reputations as financial services hubs.
- The proposed Dallas office would occupy space at Victory Commons One, a 15-story office tower near downtown, with a deadline to lease by year-end and occupancy required before the end of 2026.
Dallas Makes Its Pitch
Scotiabank is one of Canada’s largest banks, with $1.4T in assets. The bank is currently exploring sites for a new US regional office, as reported by CoStar. It is considering both Dallas and Charlotte as potential locations for the expansion. To win the deal, Dallas has proposed a $2.7M incentive package.
If selected, the bank would lease 100K SF at 2601 Victory Avenue, bringing more than 1K jobs to the city with an average salary of at least $135K. At least 25% of the new jobs would go to Dallas residents.
Incentives Breakdown
Dallas is offering Scotiabank:
- $2.5M for job relocation
- $200K for permitting and job-related soft costs
- Tax abatements on business personal property worth more than $800K over 10 years
- Designation as an “enterprise project” via the Texas governor’s office
To qualify, Scotiabank must sign a lease by December 31, 2025, and occupy the office by December 31, 2026. The economic grants would be distributed in phases over a seven-year period and require jobs to be retained through 2037.
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Competitive Landscape
Dallas is stepping up as a major financial services hub. Goldman Sachs is already building a $500M regional campus in the city, expected to boost its workforce above 5K by 2028.
Charlotte, meanwhile, remains a serious contender. It’s unclear what incentives North Carolina may be offering. However, its status as a major banking hub makes it a logical alternative. The state is home to Bank of America and hosts significant operations for Wells Fargo.
Why It Matters
Landing Scotiabank’s US hub would be a big win for Dallas, aligning with the city’s strategy to attract large financial institutions. The competition between Dallas and Charlotte highlights a broader trend among Sun Belt cities. With high-paying jobs, long-term investment, and a prestigious international tenant at stake, these cities are increasingly vying for major corporate relocations.
What’s Next
Scotiabank has yet to announce a final decision. If it moves forward in Dallas, the office would join existing US operations in New York, San Francisco, and Houston — further deepening the bank’s US presence.
As financial institutions continue to expand beyond traditional strongholds, cities offering aggressive incentive packages may have the upper hand in drawing new talent and capital.
