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FEATURE TITLE: Cool Spaces
Lamar Advertising’s corporate headquarters at 5321 Corporate Blvd is designed to highlight one aspect: space. And it’s got plenty of it. Hidden behind a neutral-tone exterior, the interior of the building, which Lamar renovated and occupied in 2010, features a vibrant cornucopia of glass and metal, and its wide-open spaces are intended to foster creativity at the advertising giant through constant employee connectivity. The interior design scored an American Institute of Architects Institute Honor Award for Interior Architecture in 2013.
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FEATURE TITLE: The market at a glance
-Knowing that office vacancy is low and space is limited, landlords have raised rates and minimized concessions in recent deals. They are, however, more willing to grant concessions for tenants who agree to longer lease terms.
-Several new garden office buildings joined the market in 2014, and a few more developments are now underway. Among them:
Construction has begun on two garden office projects on Jefferson Highway near Towne Center: The Offices at City Farm and the Jefferson Office Park.
The IBM building downtown includes two floors of speculative office space of 22,900 square feet each.
The newly renovated former Capital One building downtown offers 12,774 square feet of office space on the second floor.
Construction begins soon on the Water Campus, with office space to be available in mid- to late-2016.
Plans are underway to renovate and lease 29,000 square feet of office space at 500 Laurel St.
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FEATURE TITLE: Three things to watch in 2015
1. Look for the office market to continue improving throughout the remainder of 2015, but at a slower pace than the previous year. The first quarter, say those who analyzed the market for the Greater Baton Rouge Association of Realtors Trends seminar, was healthy in terms of leasing, but deal volume fell slightly. Brokers are reporting some delay in deals.
2. Growth in the petrochemical and construction markets likely equals demand for office space.
3. While new companies are expected to enter the Baton Rouge market, look for expansions and relocations by existing local firms to drive much of the activity in the commercial market.
SOURCE: Research data was provided by the Commercial & Investment Division of the Greater Baton Rouge Association of Realtors and presented at the 2015 Baton Rouge Trends seminar. For more information, visit batonrougetrends.net.
