Knoxville News Sentinel, Jan 2, 2016 – Louise Frazier likes what she sees in the office market from the point of view of the owners’ she represents and the Knoxville business community.
“Companies are doing well. They have some money and they are willing to invest in space and longer terms,” says Frazier, Blue Ridge Realty president. “They are more confident about looking at what the space needs for their company will be over the next five to 10 years.”
Among those companies growing in Knoxville is TeamHealth, the fast-growing medical staffing company, that inked a deal to grow into the Brookvale II office building near its headquarters. Frazier represented Brookvale’s investor-owners, just one of the deals that earned her CCIM’s Office Broker of the Year.
New tenants in the last year have resulted in the near filling of two Class A complexes — Lakeside Centre and Brookview Town Centre, both properties Frazier represents and that were developed by sister company Blue Ridge Development.
With new tenants including Skillsoft and Erie Insurance, the three buildings at Lakeside Centre are roughly 92 percent occupied, while the office tower at Brookview is 98 percent leased.
Rents are stabilizing and even ticking up, while incentives are much more infrequent, she says. “It’s a good healthy market,” she says. “Moving forward there will need to be some more office space built.”
In addition to Blue Ridge-developed and -managed properties, Frazier represents some third-party owned properties, including the The Weston in Bearden.
Frazier entered the real estate business more than 20 years ago, initially as a property manager before transitioning into leasing and sales with office space her primary focus. She was a participant in CCIM’s 2011 Deal of the Year — South College’s lease of the former headquarters of Goody’s Family Clothing.