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Five Fast Facts: Nashville Industrial Real Estate Q2 2023

7/31/2023
Read our Five Fast Facts to learn about key trends that impact the Nashville industrial market in the second quarter.
  • Demand: 
    Nashville’s industrial market recorded more than 2.1 msf of new leasing activity throughout Q2. Renewal activity also quadrupled the amount recorded this time last year posting nearly 2.3 msf. Tenants such as Vi-Jon (700,000 sf) and Geoids (550,000) headlined top renewals. 

  • Pricing: 
    Elevated demand in premium industrial product resulted in average asking rents of $7.64 psf, a year-over-year increase of 13.0%. 

  • Absorption: 
    The market recorded nearly 762,000 sf of positive absorption in Q2. Though not as robust as Q1, all but one of Nashville’s industrial submarkets experienced positive occupancy gains throughout the quarter. 

  • Vacancy: 
    Nashville vacancy posted at 3.7% in Q2 2023, up 20 bps from last quarter but still below the national average of 4.1% 

  • Construction: 
    More than 1.3 msf of product completed in Q2 2023, bringing the YTD total to 3.9 msf. Notable projects such as Central Logistics Park East – Buildings 1&2 (491,932 sf), Alligood Industrial Park – Buildings 1&2 (411, 150 sf) and Spring Hill Industrial Park – Buildings 2&3 (229,877 sf) all delivered. 
     
 

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