Interesting article I ran into:
3 Likes
Felt like this was a good place to mention this article from TBJ. I donât have access behind the paywall, but the new North Hills tower is getting over $40/square foot for office space. Thereâs a clear unmet demand for office space in this market, especially in urban environments (say what you will about NH but itâs now our regionâs third largest âdowntownâ). Iâm pretty sure the new Bloc 83 tower and Smoky Hollow Phase 2 will get over $40 as well. Time for projects like Nexus, Edison, and 400 Hillsborough to get their act together because, again, the demand is seemingly there even without a big anchor tenant.
8 Likes
Would think that some of the developers setting on their hands would look around and see that buildings being built on spec as leased up before they are even finished. Wound seem that waiting for tenants to sign lease before starting a project seems to be a losing strategy when âbuild it and they will comeâ seems to be working great for others.
comment from IBJ report
============================================
âWhen we have this kind of low vacancy, typically, historically weâd be building 6 or 7 percent of new product relative to the market. Weâre only at 4 now,â he said. âTypically weâd be building twice that.â
But space is getting more costly and more difficult to build.
Wonder how much of the Difficult to build is city government.
2 Likes
Iâd agree, building on spec seems to work right now very well for those that do it.
However, waiting on an anchor tenant is still the safest move. If nothing else, developer will make money from the land if they just buy it and sell it off at some point in the future. Worse case scenario, no gain. Building on spec, worse case scenario, building never gets above 30% occupancy and becomes a major financial hit that will seriously affect a company. I wouldnât expect a publicly traded company would build on spec usually.
1 Like
Oracle in Nashville or Raleigh?
Just a small tidbit.
The governor of TN will be meeting with Oracle execs in CA this week regarding a possible large office in Nashville that would employ 1,000 initially, and could potentially triple that. They would need 500,000 sq. ft. to begin with, and the ability to double that. Music City is apparently one of several possible options for this new major office.
I havenât a recent update on where NC officials are in making their pitch. (I could see the new Penmarc stadium/office complex being sited as a great site for such a large move).
3 Likes
The proposed new tower on Fayetteville Street is another option for a company like Oracle. That said, my experience with them is that they are typically a suburban market type company.
2 Likes
Arenât they looking in DT Nashville for that location? I donât think they are looking at Cool Springs or Franklin there.
Is this wishful thinking or is there reason to believe we are involved? Quick google search is showing nothing but a vague hint from March that we might be a possibility.
They have a pretty big building down the street from us in Morrisville, but based on the parking lot, it looks like it may be mostly empty, or lightly staffed.
Thatâs why I said the word âtypicallyâ. They are typically a suburban market type company. That doesnât mean that they always choose suburban options.
And that is why I said they are looking for a Downtown location in Nashville, because this doesnât look like what they are âtypicallyâ looking for.
600 jobs over next 5 years in Cary by Xerox including a center of excellence to develop new technologies
10 Likes
18th Floor of PNC Tower. Right smack in downtown!
Pretty sweet jobs openings already in Raleigh, if youâre in to techâŚ
6 Likes
Do they need a historian? 
1 Like
A historian? Well they are into content management⌠
1 Like
Could someone please open a biotech company downtown for me?
5 Likes
Biotech researcher, here. I can assure you loads of students and professors would beg and kill for a place like that.
âŚif only someone can just give them some damn funding.
(But I assume most people here wonât want to talk about the difficulty of bringing a biotech business alive and keeping it alive through its pre-product days are an entirely different issue, the challenges of FDA compliance and clearance vs approval, etc. etc., so Iâll get off my soapbox)
3 Likes
Have a couple friends that work there. Toured their office last week, itâs pretty nice. They have some great views from the 18th floor.
1 Like
Glad you think so!
My company did work on that job.
3 Likes