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Regional Summaries

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Memphis, TN

Apartment
Development remained below 1,000 new units in 2017 in the 80,839-unit Memphis apartment market, and the vacancy rate fell 80 basis points over the year to 6.1%. The vacancy rate was 6.2% in January 2018. In 2017, both the average asking rent and the average effective rent increased 2.0%, to $795 and $756 per month, respectively. The fourth quarter gains were 0.2% asking and 0.3% effective. Overall rents increased by 0.5% asking and 0.4% effective in January 2018 alone. VIEW APARTMENT LISTINGS >
Industrial
There was no new space added within Reis submarkets in the 110.8-million-square-foot Memphis warehouse/distribution market during 2017, and the vacancy rate fell 100 basis points to 13.6%. Rents are low here, but they posted solid gains in 2017 with the average asking rent up 2.9% to $2.80 psf and the average effective rent up 3.3% to $2.52 psf. The fourth quarter increase was 0.4% by both measures. The vacancy rate ticked up to 13.7% in January 2018, and the average effective rent ticked down a penny. The small 9.4-million-square-foot Memphis Flex/R&D market fourth quarter 2017 vacancy rate was 14.0%, down just 10 basis points during 2017 and up 10 during the fourth quarter. The average asking rent rose 1.6% over the year to $5.79 psf, with the average effective rent up 1.8% to $5.15 psf. The fourth quarter gains were 0.3% and 0.4%, respectively. Occupancy and rents were flat in January 2018. VIEW INDUSTRIAL LISTINGS >
Office
The 19.8-million-square-foot Memphis general purpose, multi-tenant office market had its biggest year for new supply since 2000, with 785,000 square feet added in 2017. The overall vacancy rate was up 110 basis points over the year but down 50 during the second half to 24.3%. The vacancy rate was unchanged in January 2018. In 2017, the average asking rent increased 2.2% to $19.29 psf, and the average effective rent was up 2.4% to $15.51 psf, including gains of 1.3% and 1.4%, respectively, in the fourth quarter. A gain of 0.1% by each measure followed in January 2018. VIEW OFFICE LISTINGS >
Retail
The 19.8-million-square-foot Memphis community-neighborhood shopping center market is also getting new supply, with 152,000 square feet of new space but just 60,000 square feet of net absorption in 2017. The vacancy rate increased 30 basis points over the year and 20 during the fourth quarter to a relatively high 13.1%. Rents are rising but not much. Both the average asking rent and the average effective rent were up 1.1% in 2017, to $14.10 psf and $12.44 psf, respectively. Much of the gain took place in the fourth quarter, but rents slipped 0.1% by both measures in January 2018 as occupancy held steady. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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The Blue Book is a helpful market report with information brought to you by the true “on the ground” experts – the professionals of the Coldwell Banker Commercial organization from all over the world.

CBC-affiliated professionals represent one of the largest commercial real estate footprints in the U.S.  The Blue Book brings their local market feedback directly to you with up-to-date commercial real estate research covering 130+ Primary, Secondary, Tertiary & International markets. If you are thinking of investing in alternative markets, the Blue Book is your go-to resource for local commercial real estate market data!

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