Preface by Larry Dietz | May 21, 2019
On some levels, locally, we’re seeing an increasing vacancy rate in office properties. This is true in particular as it pertains to the typical Class “A” office properties. There are, perhaps, many factors in this reality, however some of it has to do with the increasing movement towards the “flexible workspace” model. This article is particularly interesting in that it looks at flexible workspaces from the potential growth of this working model in the secondary and tertiary markets, ie: Baton Rouge.
Article by Dan Spiegel | May. June. 19
Small Cities, Big Demand
Tertiary markets lead the growth frontier for flexible workspace offerings.
The buzz in the commercial real estate industry for the past 18 months has centered around the coworking space occupancy model. Coworking companies are leasing space at a fast pace, and coworking services are providing tenants with alternatives to offer space to employees. While coworking occupancy only represents a small portion of the combined office inventory across leading markets (1 to 2 percent), according to a recent report by Colliers International, flexible workspace accounted for 52.9 percent of inventory growth in Manhattan and 28.3 percent in other major U.S. markets from 2016 through 2Q2018.
Larry Dietz, an associate broker with Saurage Rotenberg Commercial Real Estate, LLC, has over 30 years of Sales, Marketing and Public Relations experience. He is a Designee member of the Certified Commercial Investment Member Institute (CCIM) and CCIM Louisiana Chapter; a member of the Commercial Investment Division of the Greater Baton Rouge Board of REALTORS® (CID); as well as an affiliate member of the National Association of REALTORS® (NAR). He is a licensed real estate broker in Louisiana and Mississippi.
Saurage Rotenberg Commercial Real Estate, LLC is a member of the Baton Rouge Area Chamber of Commerce (BRAC); the West Baton Rouge Chamber of Commerce; the Baton Rouge Better Business Bureau; the Louisiana Commercial Data Base (LACDB); and the International Council of Shopping Centers (ICSC). Several agents, on an individual basis, are members of the Society of Industrial and Office Realtors® (SIOR), the Certified Commercial Investment Member Institute (CCIM); the National Association of REALTORS® (NAR); and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).