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Five Fast Facts: Nashville Industrial Real Estate Q2 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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Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Nashville Named One of Five Emerging Industrial Markets to Watch

Of the 81 industrial markets we track, we selected Nashville, Tennessee and four other markets as emerging industrial real estate markets outside of primary markets—these five markets to watch are based on key metrics from 2019 through 2021, including net absorption, new tenant demand, rent growth, construction pipeline and deliveries.

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