Tallahassee Cascades Project Leaves Questions For Commercial Real Estate Market
A massive redevelopment of the old Firestone and Bloxham buildings near Downtown Tallahassee will bring about 50,thousand square feet of new commercial office spaces offering "ready-to-move-in" areas for incoming businesses.
But, the move comes at a time when the city has dozens of vacant spaces.
“Right now there’s not a huge Class A office supply, like really nice offices with locations where people want to be. So I think we’re delivering not only the location but the service and amenities that really Class A office is,” says Cascade Project manager, Lindsay Magura
However, as the demand for these high-end office spaces goes up, the majority of Tallahassee is left with other types of spaces that do not offer the same perks.
Brenda Francis of STRUCTURE Commercial Real Estate says the Cascades Project will have an influence on low-level spaces.
“All of this new growth in office is gonna be high-end office, it's also gonna be high end prices, but it will put pressure on Class B and C office buildings to upgrade and modernize.”
NAI Talcor’s John McNeil says his company is waiting to see what the market has in store.
“We have not had this much square footage added to our downtown market in a considerable amount of time, McNeil says of the project, most of the leasing activity that we do have downtown in recent years has been tenants relocating from one building to another or expanding contractions. So we are going to be eagerly watching that.”
The Cascades Project is expected to be complete in 2020.