One industrial space leasing option available in the Atlanta industrial real estate market is flex space. What is the difference between flex space and other industrial real estate leasing options? Flex space, typically located within industrial or business parks, provides tenants with affordable real estate that can be used for a number of different business activities. These uses could include office space, warehouse, light industrial and even research and development.
CoStar defines flex space this way- ?a type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or even two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed or sealed off.?
More Than 1200 Flex Buildings in Atlanta Industrial Market
In the Atlanta Industrial market there are more than 1,200 flex industrial buildings with an average vacancy rate of 18.6% which is much greater than the overall Atlanta industrial market. In fact in the Fourth quarter of 2012, the flex building category was the only industrial building type that had negative absorption. The largest submarket for Atlanta flex space is the Northeast Atlanta Industrial market. The average quoted rental rate for flex space is between $6.00- $8.00- a significant discount from typical office space.
When flex industrial buildings were first introduced they were popular with small businesses and start-ups that were looking for a less costly alternative to traditional office space. The rental rates were lower than office space but flex space did not offer many features or amenities. Air conditioning comes to mind! The flex space of today offers higher levels of office finish, enhanced technology, security and better locations.
Should you be leasing flex space in 2013?
Flex space may be the perfect industrial space leasing solution for your company. For more information on flex buildings and the best leasing deals available please- contact us for a confidential review of your real estate needs.
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Source: http://lambertcre.com/wordpress/atlanta-industrial-space-leasing-option-flex-buildings/
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