Gordon Grubb, CEO of Grubb Ventures, said he had no idea just how successful the spec office suite program would be at Raleigh Iron Works considering he felt like the company joined the rising trend late.
Before the developer added the spec suites, the office space along Atlantic Avenue was hovering around 60% leased. Six months after launching the spec suites, the office space is 100% leased. No vacancy.
“The momentum that people were seeing and the traffic that we could talk about was spurring people to then sign up for the vacant space,” Grubb said.
“[They could] see what it would look like versus our other spaces that were built out so custom for the tenants, and so the spec suites are more of a design that would be more acceptable to general tenancy.”
For Grubb, building spec office suites for companies that want move-in ready space led to filling remaining vacancies in the building. Clearly, it paid off to deliver 22,000 square feet in five spec suites as companies like Indie Consulting jumped at the chance for a move-in ready office.
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