Tuesday, January 13, 2009

The Deloitte Building

One of downtown's best class A buildings is the 12-story Deloitte Building at 100 South Fourth Street. While not a signature tower like Met Square, it's a very attractive, well situated, high quality building that has traditionally maintained a relatively low vacancy rate. It's also the kind of building that I'd like to see more of downtown.

At the moment, just 18,052 sf is available out of a total of 248,651 sf, giving the building an occupancy rate of over 93%. Space in the Deloitte Building goes for $16.50-$17.00 psf, which is a relative bargain.

Deloitte and Touche occupies 40,000 sf on two floors, having moved from One City Centre a few years ago. Polsinelli, Stinson Morrison Hecker, Rabbit Pitzer & Snodgrass, Waylon Advertising and Beech-Nut Nutrition are among the building's other major tenants.

Instead of waiting on Ballpark Village, the Bottle District, or any other pie-in-the-sky developments, it surprises me that no developers have ever stepped up to construct a new class A building similar in size and quality to the Deloitte Building. I can think of a few locations that would be perfect for such a building...


Adam Flath said...

One of the main reasons my company is "scared" to go downtown is because of the cost of parking.

Does anyone know what the true cost of parking is?

Lets say our office is 5,000sqft and we pay the Deliotte Building $16.50sqft. and we have 30 employees. Parking will cost $40? a month. I am just assuming, please correct me since I have no idea for the parking downtown for business workers.

Total parking for the year is $14,400. That all the sudden increases my cost per square foot by almost $3. Which now the cost is similar to the brentwood area.

Adam Flath said...

Just wrote a comment, but I think it never went through! :(

So quick question. How much is parking downtown for these places? Wouldnt that increase the cost per square foot?

Brian said...

It depends on where you park. Stadium East/West, for example, are pretty pricey, IIRC. There are also cheap lots just north of downtown and south of Busch Stadium, which are a fantastic value - they're just a bit of a walk from most places.

It's also totally up to the company as to whether or not they want to pay for their employees' parking. Some companies pay for everything, some partially subsidize parking, and others don't pay a dime.

My parking is partially subsidized and the rest is paid for out of my paychecks on a pre-tax basis, which is nice.

Some buildings have their own parking - 500 N. Broadway, for example, has its own garage, which I believe is free for its tenants (not 100% sure about that).

I'd be interested to hear other peoples' parking situations downtown.

Anonymous said...

Why do you assume all employees will have to park a car? Downtown is the most accessible area in the region. Your company could encourage use of public transportation by providing credits for using Metrolink or Metrobus.

Do any of your employees live in the city or near Metrolink stations now? Your employees may appreciate having the option of different transportation methods to get to work. They will also appreciate the ability to dine/shop at many more locations during a lunch break.

Anonymous said...

Adam Flath asks some good questions regarding the impact of parking costs.

The only think I will note is that parking costs the company something, whether it is explicitly known (as is the case in downtown where what is paid for parking is clearly known) or hidden among other costs (the $ per square foot paid in Brentwood or Maryville includes the costs of constructing and maintains the "free" lot or garage

Adam Flath said...

Ok, Just found out that the MET parking is about $100 dollars a month... OUCH!

Michael R. Allen said...

I pay $53/month for secured, covered parking near Tucker and Washington.

Anonymous said...

Seems like there would be plenty of parking Downtown. Of course, at least for now, MetroLink may be a viable option. I say for now because MetroLink is threatening cuts. There's also carpooling. If you live near another worker, drive together and split the parking costs.

Anonymous said...

I remember when the block on 4th St where Deloitte is located was a run down area with a 25cent a night flop house(Maple Hotel) on the exact site.

W. Baugh-Tucson Az