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Regional Summaries

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Memphis, TN

Apartment
The development cycle is expected to peak this year in the 80,533-unit Memphis apartment market, but the current vacancy rate is low. The April 2017 vacancy rate is 6.2%, down 60 basis points year-to-date on 459 units of net absorption and no new supply. Rents are rising despite high vacancy. In the first quarter, the average asking rent increased 0.5% to $784 per month, with the average effective rent up 0.6% to $745 per month, followed by an increase of 0.3% by both measures in April. VIEW APARTMENT LISTINGS >
Industrial
The 110.8-million-square-foot Memphis warehouse/distribution market got off to a decent start in 2017, with 127,000 square feet of net absorption through April. The 14.5% vacancy rate that month was down 10 basis points year-to-date. The average asking rent increased 0.7% over the quarter to $2.73 psf, with the average effective rent up 0.8% to $2.45 psf. The year-over-year gains were 2.2% and 2.5%, respectively. There was no further change in April. The small 9.4-million-square-foot Memphis Flex/R&D market remains static, with zero net absorption thus far in 2017, no projects completed in recent years, and none under construction. The April vacancy rate was 14.4%, unchanged year-to-date. In the first quarter, the average asking rent was up 0.2% to $5.64 psf, and the average effective rent rose 0.4% to $5.01 psf, for year-over-year gains of around 1.0%. There was no further change in April. VIEW INDUSTRIAL LISTINGS >
Office
The 18.9-million-square-foot Memphis general purpose, multi-tenant office market weakened once again in early 2017, with 293,000 square feet of negative net absorption through April. The vacancy rate was sky-high at 25.0% that month, up 230 basis points year-to-date. Rents are low here, and concessions are large. While the first quarter average asking rent of $18.96 psf is at a record high, the average effective rent of $15.21 psf is below the level of year-end 1999. The first quarter saw these rates rise by a modest 0.4% and 0.3%, respectively. There was little change in rents in April. VIEW OFFICE LISTINGS >
Retail
The 19.7-million-square-foot Memphis community-neighborhood shopping center market is still going sideways supported only by a lack of new development. The April 2017 vacancy rate was 13.0%, up 70 basis points year-to-date. Net absorption has totaled plus 64,000 square feet year-to-date, but 126,400-square-foot completed construction in April. Rents decreased 0.1% by both measures during the first quarter to $13.93 psf asking and $12.30 psf effective. The asking average regained the loss in April and is now flat year-to-date. Rents have posted annual gains and losses of 1.6% or less each year since 2006. Rents increased by 0.5% asking and 0.6% effective in 2016. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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