IRR-Nashville Mid-Year Viewpoint 2015 Local Market Report - Office
After the national recession, the Class B and C office market in Nashville was static with high vacancy rates. Now, Nashville's Class A office market is booming and the 1st quarter of 2015 marked an all-time low vacancy rate. Due to the lack of remaining land for new Class A office space in the Central Business District (CBD), several existing buildings are being converted to Class A office properties. The office space above the Renaissance Hotel in downtown Nashville is being renovated and updated to "CitySpace" a 100,000 square foot, Class A office property.
The vacancy rate for the overall market is also decreasing toward record lows. Nashville continues to be one the fastest growing cities in the United States. Google recently included Nashville as one of a few select cities to participate in its Google for Entrepreneurs Tech Hub Network, and also selected the area for Google Fiber's high speed internet service.
SoBro continues to boom after the addition of the 118,000 square foot Music City Center (convention center), and First Tennessee Park, the area's minor league baseball stadium, opened on the north side of downtown Nashville in April of 2015.
Continued growth in and around downtown is reinforcing the status the CBD as the economic and cultural center of the region. The diverse economic base, low unemployment levels and continued population growth are positive demand generators for office space. The Nashville office market is expanding and improving, with no sign of slowing down for the foreseeable future.
Download the full version PDF of this Local Market Report below to see the charts, graphs, and tables not included above.
IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.