The office space market in Baton Rouge is expected to remain strong in 2015, but falling oil prices could have an impact.
Branon Pesnell, with Beau Box Commercial Real Estate, said if oil price remain low, local engineering firms could lay off employees and downsize the amount of space they are taking up. Pesnell discussed the office market during the Trends in Real Estate Seminar Thursday morning.
“The big what if is oil prices,” he said. “That will determine how well Baton Rouge does over the next two years.”
The occupancy rate for office space was 89.3 percent in 2014. Pesnell said he expects that rate will hit 91 percent in 2015.