Nashville Suburbs Growing As Businesses Relocate
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The suburbs of Nashville are seeing the first stage of massive growth as multinational corporations are relocating into the Cool Springs Area. Nissan is putting in their North American headquarters in Cool Springs, as is Highwood Properties. The demand for Class A office space is squeezing the Nashville market as office demand is outstripping supply in the short term.
As a result, developers such as Crescent are scrambling to meet the market’s appetite for class A space in the Cool Springs area.
That situation is largely due to Nissan North America Inc., which lit the fuse for the surge when it announced last year that it would build a $70 million, 450,000-square-foot headquarters at the new McEwen interchange, adjacent to Crescent’s Corporate Centre development. Nissan will lease 240,000 square feet of temporary space in the BellSouth tower in downtown Nashville until its headquarters is finished in 2008.
Earlier this month, Healthways Inc. (NASDAQ: HWAY), formerly American Healthways, signed a highly anticipated deal to move its headquarters to the Cool Springs market. The company signed a 15-year lease with Highwoods Properties on a $60 million, 255,000-square-foot building, which will be entirely leased by the disease management services company.
Construction on the five-story building, located at the corner of Carothers Parkway and Cool Springs Boulevard, will begin later this year and is expected to take a year and a half to complete. The deal falls on the heels of Community Health Systems’s $30 million new Cool Springs headquarters that was announced in December.
Bob Iannacone, director of economic development for Williamson County, said the tightness in the office market is certainly a short-term problem. via the Nashville Business Journal:.
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