Regional Summaries

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Nashville, TN

A slow upward trend is indicated for vacancy in the Nashville apartment market. The rate closed 2016 at 5.0%. A year earlier, it was 20 basis points lower; it added 30 basis points since the third quarter. Rent growth to date, meanwhile, shows no sign of deterioration. Asking and effective averages for the fourth quarter, at $1,020 and $970 per month, were up fully 8.2% and 8.1% year-over-year. Respective gains for the fourth quarter alone were 1.7% and 1.5%. January 2017 followed with increases of 0.5% asking and 0.4% effective. VIEW APARTMENT LISTINGS >
Nashville’s warehouse/distribution vacancy has been falling precipitously. It closed the fourth quarter of 2016 at 10.8%, down 80 basis points for the period and down 220 for the year. An additional 10 basis points were subtracted in January 2017. At $3.78 psf and $3.58 psf, low by national norms, fourth quarter asking and effective averages were up 3.8% and 4.1% year-over-year. Gains for the fourth quarter alone were 1.1% for both rates, to which January added increases of 0.3%. VIEW INDUSTRIAL LISTINGS >
Vacancy, meanwhile, remains favorable in the Nashville general purpose, multi-tenant office market. The fourth quarter 2016 rate was 13.5%, up 110 basis points for the quarter but up only 20 for the year. Rent growth has continued to strengthen. At $22.11 psf and $17.24 psf, asking and effective averages for the fourth quarter represented gains of 1.0% and 0.7%. An essentially flat performance followed in January 2017. VIEW OFFICE LISTINGS >
Vacancies run low in the Nashville community-neighborhood shopping center market. The rate in this market segment ended 2016 at just 7.9%, an increase by 20 basis points for the year and a rise by 30 since the third quarter. January saw the rate slip to 7.8%. Rent growth improved steadily over the past two years. At $16.13 psf and $14.08 psf, fourth quarter’s asking and effective averages represented gains of 2.2% and 2.3% for the year. The fourth quarter rents were virtually unchanged. January brought gains of 0.1% to both rates. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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