March 25, 2016
Nashville Business Journal
by Adam Sichko
Just one-fifth of 1 percent of all the Class A office space in Cool Springs is available to rent, according to stats kept by brokerage firm Cushman & Wakefield.
That is not a typo. Itisa record low, well below the threshold that spurs developers to do their thing. While that puts them in an enviable position, it’s brutal for companies trying to grow or move there.
Here’s a double-dose of office news that reflects that dynamic:
First, Franklin-based The Innovations Group is proposing a $22 million office building, totaling 75,000 square feet. Eric Powers, the company’s owner and president, expects the building will be open in mid-2017.
Roughly 300 people could work in the building at 201 Cool Springs Blvd., based on the amount of covered parking Powers plans to provide.
“Vacancy in Cool Springs is virtually nonexistent,” Powers said. “We’re fortunate here in Middle Tennessee. This is an extraordinary market comparatively right now to our sister cities out there around the country.”
Second, according to multiple real estate sources, Schneider Electric, one of the region’s largest manufacturing employers, is pursuing a lease at Spectrum
Emery Inc.’s forthcoming Two Franklin Park office building.
Two Franklin Park will be the sixth-largest office building in Williamson County, with about 275,000 square feet. That’s ever-so-slightly bigger than its sibling, One Franklin Park, which opened last year and is fully leased.
As we’ve reported, the parent company of the Hardee’s burger chain, CKE Restaurants Inc., plans a 50,000-square-foot headquarters in Two Franklin Park. According to multiple sources, Schneider Electric would lease the rest of the building — a notable coup, even for Spectrum