Regional Summaries

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Memphis, TN

Vacancy is falling in the 80,767-unit Memphis apartment market, and development is stalling—at least for traditional apartments. The October vacancy rate is 6.0%, down 90 basis points year-to-date on 377 units of new supply and 1,084 units of net absorption. In October, the overall average asking rent was $796 per month, up 2.2% year-to-date, and the average effective rent was $756 per month, up 2.0%. VIEW APARTMENT LISTINGS >
Reis reports a vacancy rate at 14.0% in October for the 110.8-million-square-foot Memphis area warehouse/distribution market, down 60 basis points for 2017 year-to-date, the average asking rent at $2.78 psf, up 2.2%, and the average effective rent at $2.50 psf, up 2.5%.The small 9.4-million-square-foot Memphis Flex/R&D had a vacancy rate of 13.9% in October 2017, down 20 basis points year-to-date, an average asking rent of $5.73 psf, up 1.1%, and an average effective rent of $5.09 psf, up 1.2%. VIEW INDUSTRIAL LISTINGS >
Development is booming in the 19.7-million-square-foot Memphis general purpose, multi-tenant office market despite a vacancy rate that exceeds 25.0%. With just 98,000 square feet of net absorption for 2017 through October, the vacancy rate was 25.7% that month, up 250 basis points year-to-date. As of October 2017, the average asking rent was $19.12 psf, and the average effective rent was $15.35 psf, up 1.4% asking and 1.3% effective year-to-date. VIEW OFFICE LISTINGS >
The 19.8-million-square-foot Memphis community-neighborhood shopping center market is also getting new supply, as the October completion of the 26,228-square-foot The Shops at Arlington Village brought the year-to-date completion total to 152,000. With just 65,000 square feet of net absorption, the October vacancy rate was 13.1%, up 30 basis points year-to-date. The average asking rent was up 0.3% to $13.99 psf in October, with the average effective rent up 0.3% to $12.35 psf. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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