Nashville Businesses Continue to Search for Creative Office Space

(Newswire.net — February 5, 2015) Nashville, TN — The demand for creative office space continues to be the focus among many Nashville businesses. Based on TenantBase’s office space search data in Q4 2014 and 2015 year to date, office tenants are looking for creative office space focused primarily in these neighborhoods: Downtown, Music Row, Berry Hill, the Gulch, and Germantown. Key factors of the search profile are the walkability of an area and access to other businesses are driving the decision making.

The typical business working to find office space in Downtown Nashville focus on a dense use and prefers the urban setting. Although rental rates are slightly lower than other areas of Nashville, additional parking cost incurred by tenants downtown is a strong consideration. Businesses value the ability to walk to multiple restaurants, shops, and value being within earshot of the broadway tourist attractions.

Continuing with urban areas, the Gulch is one of the fastest growing Nashville neighborhoods, initially attracting high end residential and retail offerings which is now shifting further to the commercial and office market. There will be much more opportunity for businesses to find office space in the Gulch with Class A buildings available later in 2015 with 205,000 sqft in the Gulch Crossings development and 1 million square feet of office space under development with Capitol View in North Gulch.

Just down the road, Music Row offers very limited availability. Although this is not detouring business from looking for creative office space options in the area. The limited availability derives a great deal from the stand alone houses being bought up by developers and new developments such as the Virgin hotel, 1818 Residential building and 35 Music Square East are redefining the neighborhood. When office space is available, Music Row still has the creative appeal that most music businesses as well as startups and tech based companies are looking for.

As an offshoot of the lack of office space available across traditional Nashville office submarkets many businesses are being pushed to the Berry Hill area. Berry Hill stretches between 8th Avenue and the Fairgrounds, and offers more of a neighborhood feel with many local restaurants and shops in the area as well as stand alone houses that are zoned for commercial use.

Between the spring opening of First Tennessee baseball stadium and some of the most highly acclaimed creative restaurants in the city, Germantown continues to attract all types of Nashville office space users. The Bowtruss building filled out a tech companies such as Stratasan and Concept Technologies along with creative coworking Deavor, is just a glimpse of the type of businesses growing in this area.

Due to the lack of office space availability across Nashville, TenantBase’s data indicates that businesses are open to expanding the geography of a search to find creative office space over staying locked in to a specific initial search area. This demonstrates that businesses are focusing heavily on the workplace environment they offer. TenantBase has seen a positive impact for users trying to find office space by improving their software to allow users to clearly review office space matches across all neighborhoods with easy to use filtering options.