Empty office space in Nashville to escalate amid massive dump of new supply

Posted on by Michael Randle

There could be a lot of empty office space in Nashville starting next year.

More than 2 million square feet of office space is set to deliver by the end of 2025, which is expected to increase overall vacancy across the market, according to JLL’s Q3 office report.

Office vacancy was just above 20% at the end of last quarter, which was slightly down from the same time last year. But that percentage will likely climb towards the end of this year and into the next.Asurion listed a three-floor sublease this quarter which caused Midtown to see its first increase in vacancy in a year-and-a-half, according to Cushman & Wakefield’s Q3 office report. AT&T also dropped three floors of office space in the “Batman Building” as part of a recent lease renewal. Nashville Business Journal

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Georgia in talks to land battery manufacturing innovation center in Atlanta

Posted on by Michael Randle

Georgia leaders are attempting to recruit a battery manufacturer to open an innovation center in Atlanta, a deal that could involve a Fulton County agency granting the company hundreds of thousands of dollars in tax incentives.

The Georgia Department of Economic Development is trying to woo a “state-of-the-art global innovation center” with 110 workers by an undisclosed battery company, according to a Development Authority of Fulton County meeting agenda. The agency, rebranded as Develop Fulton and commonly known as DAFC, will consider whether to approve a nearly $870,000 tax break to the battery company during its scheduled Tuesday meeting.

Using the code name “Project Phoenix,” the innovation center recruitment effort is shrouded in mystery with few public details, but it would add another battery-related project to Georgia’s fast-growing e-mobility and electric vehicle sector. Atlanta Journal Constitution.

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Anderson-Dubose Company to establish distribution center in Tennessee

Posted on by Michael Randle

NASHVILLE, Tenn. – Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart C. McWhorter and The Anderson-DuBose Company officials announced today the company will invest nearly $40 million by locating its first operations in Tennessee.

Anderson-DuBose will locate a new distribution facility in Jefferson City, which will house 80 new jobs upon completion of the project.

This is the first location Anderson-DuBose will have in Tennessee. The company is a major distributor for McDonald’s, and this new facility is expected to support up to 450 restaurant locations throughout the region.

The Anderson-DuBose Company started in 1991 with the acquisition of a McDonald’s distribution center. Since then, the company has experienced significant growth globally.

Since 2020, TNECD has supported more than 50 economic development projects in East Tennessee, resulting in approximately 10,000 job commitments and more than $3 billion in capital investments. Tennessee Department of Economic & Community Development

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New manufacturing facility to create up to 500 jobs in Alabama

Posted on by Michael Randle

A window and door manufacturing facility is expected to create several hundred jobs in Alabama.

A ribbon cutting was held Oct. 22 for the Sierra Pacific Windows Manufacturing Campus at 300 Colin L. Powell Parkway in Phenix City. Once fully operational, that project is expected to create 300 to 500 new jobs. It represents a $60 million investment in the state.Sierra Pacific Windows manufactures wood and vinyl windows and doors. The BBJ reported the company’s plans last year to build the 610,000-square-foot facility on a 113-acre campus. It is a division of Sierra Pacific Industries, a family-owned forest products company based in California. Birmingham Business Journal

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Reconext to establish presence in Memphis

Posted on by Michael Randle

NASHVILLE, Tenn. – Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart C. McWhorter and Reconext officials announced the company will invest more than $9 million to expand its operations and establish its first location in Tennessee.

By expanding into Memphis, Reconext will create approximately 200 new jobs to better support the company’s client base across the Southeast, including engineering, administrative and production positions.

Based in Texas, Reconext is a global aftermarket electronics company that was founded in 1983 as a TV repair shop in Frankfurt, Germany. Today, the company’s capabilities range from testing and grading, full repair and cosmetic renewal to value recovery with more than 20 locations worldwide.

Since 2020, TNECD has supported more than 50 economic development projects in Shelby County, resulting in approximately 5,500 job commitments and more than $1.1 billion in capital investments. Tennessee Department of Economic & Community Development

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Elon Musk’s xAI seeks 550+ acres of land in Memphis

Posted on by Michael Randle

An LLC affiliated with California-based xAI is seeking to enter into a long-term lease with an option to purchase a huge plot of land near its operations at the former Electrolux facility near Presidents Island.

The Economic Development Growth Engine (EDGE) for Memphis & Shelby County owns the property and has called a special meeting for Friday, Oct. 4, related to the potential deal. The lease and option to sell the EDGE property would require its board’s approval to transfer the land to the AI company.

The 552-acre property is located just to the southeast of the xAI facility at 3231 Paul R. Lowry Road. Memphis Business Journal

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Rural workers optimistic, innovative but lack tech and access to training: report

Posted on by Michael Randle

A new report looks at the barriers and opportunities for rural workers to stay and thrive in their hometowns.

The Generating Rural Opportunities in the Workforce report, a joint effort by the University of Phoenix Career Institute and the Center on Rural Innovation, found that workers living in rural areas are more than twice as likely to feel limited in their employment opportunities, 35% compared to 14% for folks living in cities and suburbs.

Sixty percent of rural workers feel pursuing a career is out of reach.

Nearly 70% of rural workers would leave their community to pursue employment, compared to just over half of workers in urban and suburban areas.

And nearly two-thirds of rural Gen Z workers and over half of rural millennials feel held back in their careers because of where they live, according to the GROW report. ABC33/40

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First Solar inaugurates $1.1 billion Alabama manufacturing facility

Posted on by Michael Randle

First Solar Inc. inaugurated its new $1.1 billion solar panel manufacturing facility in Lawrence County, which is expected to create more than 800 energy technology manufacturing jobs in Alabama.

The facility adds 3.5 gigawatts (GW) of fully vertically integrated nameplate solar manufacturing capacity in the United States. The project was announced in November 2022.“This represents a great day for First Solar and for Lawrence County because this production facility is destined to become a major player in the U.S. renewable energy market,” Alabama Gov. Kay Ivey said. Alabama News Center

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Hyundai starts production at Georgia plant

Posted on by Michael Randle

Hyundai Motor Group Metaplant America has started production in Bryan County, ahead of schedule. The plant has produced its first IONIQ 5 electric vehicle, according to a statement from the company.

Hyundai broke ground on the site less than two years ago and has been a much-anticipated addition to the clean-energy tech and electric vehicle manufacturing sector in Georgia.

The company said the IONIQ 5 EVs will be on sale at the end of the year in domestic dealerships.

The early production start is in contrast to Georgia’s other EV manufacturer, Rivian Automotive, which paused construction on its Georgia plant earlier this year.

Hyundai’s announcement comes after the company said it was considering manufacturing hybrids in addition to EVs at the plant. With the market demand for hybrids growing, Hyundai has considered adding capabilities to the Bryan County plant to produce them. Atlanta Business Chronicle

Similarly, Kia Georgia plant CEO Stuart Countess has said he expects hybrids to also be produced at its plant in West Point at some point in the future.

“The start of production is an incredible milestone towards the future of the Metaplant,” Commissioner Pat Wilson of the Georgia Department of Economic Development said in a prepared statement. 

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18th auto company announces facility to supply Hyundai’s $7.6B EV plant in Georgia

Posted on by Michael Randle

A company that makes automotive sealant announced Wednesday it will join the network of factories that will supply Hyundai Motor Group’s $7.6 billion electric vehicle factory in coastal Georgia.

Shinsung Petrochemical will invest $11.2 million in a new manufacturing facility in Toombs County where it will employ more than 30 workers, according to a news release. Shinsung is the 18th company across the automobile supply chain to announce a Georgia project to support Hyundai’s factory in Bryan County, which is expected to begin full-scale production as soon as October.

Gov. Brian Kemp celebrated the announcement, adding that most of Hyundai’s supplier network has chosen locations outside of metro Atlanta.

“We are excited that Shinsung is joining that growing network of suppliers locating in rural communities and creating new opportunities for all to succeed, no matter their zip code,” he said in the release.

Founded in South Korea in 1974, Shinsung will build its facility at 1407 U.S. Hwy 1 N. in Lyons. It’s the first Hyundai supplier to announce a project in Toombs County. It’s slated to open in 2025. Atlanta Journal Constitution

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