Businesses looking for office space in the nation’s hottest tech markets take note.
Nashville ranks as the No. 5 “tech momentum market in North America,” with the number of technology jobs increasing 22.7 percent between 2012 and 2014, according to research found in a report compiled by CBRE Group Inc.
Titled Tech–Thirty 2015, the report offers research that measures the tech industry’s impact on office markets.
San Francisco and Phoenix led the tech jobs growth for the same period, with a 42.7 percent mark.
Nashville peer city Austin recorded a rate of 33 percent to rank No. 3. Charlotte (17.3 percent), another peer city, ranked No. 9. At No. 10 and rounding out the ranking is Salt Lake City (16.2 percent).
Relatedly, Raleigh-Durham ranks No. 14 and Atlanta ranks No. 22.
Per the report:
“In 2014, Nashville had 11,427 tech jobs, with the CBD leading Nashville’s tech scene. The tech industry claims the largest percentage of projected IT growth in Tennessee. Venture capital funding in Nashville has increased consistently over the past three years, reaching $153 million in 2014. Looking ahead, the consistent increase in venture capital and the introduction of extremely fast internet should foster innovation and attract additional tech companies.”
Stephen Kulinski, managing director of CBRE’s Nashville office, said the tech movement has positively affected Nashville’s real estate ecosystem.
“Landlords are adopting creative-minded workplaces to appeal to tech and creative tenants, redeveloping secondary spaces and warehouses for example,” said Kulinski (pictured). “The demand for creative space is on the rise as more tech companies and tech talent choose Nashville.”
Cigna-HealthSpring announced the company has signed a 10-year lease for an approximately 51,500-square-foot office building in MetroCenter.
The Medicare Advantage insurer confirmed earlier this month it was considering consolidating its Cool Springs workforce with its existing MetroCenter office space. The company already operates out of two Great Circle Road buildings totaling 175,000 square feet, where the majority of Cigna-HealthSpring's regional workforce is located. About 200 employees are housed in the Cool Springs-based Carothers Building, in which Cigna-HealthSpring's lease will expire in December.
The new lease is for the Corners I office building located at 601 Mainstream Drive in MetroCenter.
Hospital operator HCA has signed a contract to purchase the American General Center in South Davidson County from global insurance company AIG, The Tennessean reports.
A purchase price for the two office buildings, totaling 300,000 square feet, was not released, and HCA says it does not yet have a plan for the property, according to the morning daily.
Shares of HCA (Ticker: HCA), at $57.61 Monday morning, were up 5 percent last week. Year to date, they're up 20 percent.
Moody's Investment Service analyst Christopher Wimmer upgraded his rating on the health care REIT Thursday to 'positive' from 'stable.' "Healthcare Realty Trust's focus on medical office buildings and outpatient services provides very good earning stability," he said in a report. Wimmer did not set a price target for the company, which he noted had a "limited opportunity to grow relative to more diversified health care REIT's, given the [medical office building]-focused nature of its platform." Shares of the company (Ticker: HR) were up to $25.56 Friday. Year to date, they're up nearly 20 percent.
Acadia Healthcare is negotiating a lease at One Franklin Park that would make the behavioral health care company an anchor tenant of the Cool Springs office building, reports The Tennessean.
The fast-growing behavioral health care company would more than double its headquarters space. Currently, Acadia occupies roughly 25,000 square feet at the nearby Six Corporate Centre office building, which One Franklin Park developer Spectrum | Emery leases and manages.
A lease with Acadia would be a big win for developer Pat Emery, president of Spectrum | Emery, who began building the 10-story, 272,720-square-foot One Franklin Park without tenants signed up. The building targeted for completion in October is the first of five office buildings planned as part of the mixed-use Franklin Park development on 71 acres along Interstate 65 at McEwen Drive.
Locally based REIT Investment Group, which helps private real estate investment trusts find and keep investors, recently hit a customer count landmark and now works with more than 200 REITs around the country. The six-year-old company, founded by Chairman and CEO Bill McGugin and Iroquois Capital Group, manages a shareholder base of more than 500 people and helps private REITs gather the 100 investors they need via its broker-dealer. The company then also handles the compliance and reporting needs of those REITs for clients ranging from private-equity firms to investment banks to institutional investors. McGugin, pictured here, says his team more than doubled its customer count in the year ended March 31.
Shawn Turner at HotelNewsNow.com says many lenders to the hotel industry have escaped from having to make some tough decisions on certain properties. Valuations in the hospitality sector, Turner writes, are almost back to their pre-recession peaks just a few years after taking big hits. In short, extend and pretend worked.
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