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Regional Summaries

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Nashville, TN

Apartment
The Nashville area apartment market vacancy rate, while not high overall, has been rising. Reis put the third quarter 2016 number at 5.1%, down 60 basis points for the quarter but unchanged from year-end following a 90-basis-points increase in 2015. Rent growth to date, meanwhile, shows no sign of deterioration. Respective asking and effective averages in the third quarter at $976 and $930 per month were up 5.5% and 5.6% year-to-date following increases of 5.7% each all told the year before. Respective gains for the latest quarter were 2.0% for both rates. For the end of November, Reis reports respective rates of $1,018 and $950 per month. VIEW APARTMENT LISTINGS >
Industrial
With tenants gobbling up space faster than developers are building it, the Nashville warehouse/distribution market vacancy rate has been in relative freefall. It closed the third quarter of 2016 at 11.8%, same as the quarter before but down 120 basis points year-to-date. By the end of November, the vacancy rate had fallen to 11.1%. Rent growth continues to accelerate. At $3.74 psf and $3.54 psf, low by national norms, respective third quarter asking and effective averages were up 2.7% and 2.9% year-to-date following increases of 2.8% and 3.0% all told in 2015. Gains for the latest quarter alone were 0.5% and 0.6%. Each rate had added two cents by the end of November. VIEW INDUSTRIAL LISTINGS >
Office
According to Reis, the Nashville general purpose, multi-tenant office market third quarter 2016 vacancy was 12.5%, down 20 basis points from the quarter before and down 80 year-to-date following a 50-basis-points decline all told in 2015. The vacancy rate closed November at just 13.0%. At $21.91 psf and $17.12 psf, respective third quarter 2016 asking and effective averages were up 3.5% and 3.7% year-to-date. Gains for the third quarter alone were 0.7% and 0.8%. Respective increases of 0.5% and 0.3% followed over the next two months. VIEW OFFICE LISTINGS >
Retail
The Nashville community-neighborhood shopping center market remains tight. Third quarter 2016 vacancy was just 7.6%, same as the quarter before and down 10 basis points year-to-date following an 80-basis-points slide all told in 2015. Rent growth shows notable improvement. At $16.13 psf and $14.09 psf, respective third quarter average asking and effective rates were up 2.2% and 2.3% year-to-date following increases of just 1.0% and 1.2% all told the year before. Gains for the latest quarter were 0.6% for both rates. October-November followed with a 20-basis-points increase in the vacancy rate and a loss of one cent for each mean rent. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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