Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Five Fast Facts: Nashville Office Real Estate Q2 2023

7/31/2023
Read our Five Fast Facts to learn about key trends that impact the Nashville office market in the second quarter.
  • Demand: 
    Nashville’s office market recorded more than 360,000 sf of leasing activity in Q2 2023. Flight-to-quality trends continued with 59.0% of deals occurring in Class A office product. 

  • Pricing: 
    New speculative deliveries caused overall gross asking rates to rise to $34.09 psf, a 3.0% increase from this time last year. 

  • Vacancy: 
    Nashville’s vacancy rate improved in Q2, falling 30 bps from last quarter to 18.6%. The delivery of vacant construction projects and new sublease space still hold vacancy above 10-year highs. 

  • Absorption: 
    Overall net absorption recorded at 691,470 sf in Q2 2023, resulting in total occupancy gains of 764,768 sf YTD. The increase is heavily attributed to the completion of Amazon’s second tower, measuring 588,000 sf in total. 

  • Construction: 
    New City delivered Neuhoff in Q2, combining with the Amazon tower to bring YTD completions in Nashville to more than 1.2 msf. The first of its kind in Nashville, the 385,000-sf building offers both 100,000 sf of rehabilitated office space and 280,000 sf of Class A creative office space. 

FFF_NSV_Office_graphic_Q223

Insights in your Inbox
Subscribe to the latest local market research, insights & analysis from Cushman & Wakefield across the U.S.
Subscribe

Related Inisghts

FFF_Industrial_Nashville_Generic-Card_Q223
Article

NASHVILLE - Q2 Industrial Fast Facts

Read our Five Fast Facts to learn about key trends that impact the Nashville industrial market in the second quarter.
7/31/2023
Nashville Skyline
MarketBeat

Nashville

Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
7/14/2023
Industrial-Markets-to-Watch-Nashville-card_750x456
Article

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.
7/8/2022

Interested in learning more?

Get in touch and we can assist with any additional information you need.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS