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Regional Summaries

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Nashville, TN

Apartment
NashvilleÂ’s apartment market vacancy rate, running below 5.0% since 2012, re-crossed that threshold in 2016. It ended 2017 at 5.9%, up 10 basis points for the period and up 60 for the year following the previous yearÂ’s 40-basis-points increase. By the end of February 2018, the rate had risen to 6.4% with additional increases expected. Rent growth, increasing in 2015 and 2016, slowed in 2017 but remained strong, in part an effect of the large volumes of Class A supply coming online. At $1,082 and $1,015 per month, fourth quarter asking and effective averages represented gains of 5.7% and 4.0% for the year following increases of fully 8.6% and 8.5% in 2016. Gains for the fourth quarter of 2017 alone were 1.2% and 0.9%. Respective gains of 0.9% and 0.6% followed over the next two months. VIEW APARTMENT LISTINGS >
Industrial
NashvilleÂ’s warehouse/distribution market vacancy rate fell precipitously over the past few years but headed back upward in 2017. It ended the fourth quarter of 2017 at 9.7%, up 80 basis points for both the quarter and the year following a steep 360-basis-points drop in 2016. By the end of February 2018, the rate had subtracted 10 basis points on the heels of 84,000 square feet of positive net absorption (and no new supply deliveries) over the first two months of the year. Rent growth has been very strong. At $4.08 psf and $3.88 psf, low by national norms, fourth quarter asking and effective average warehouse/distribution space rents were up fully 5.2% and 5.4% for the year following increases of 5.7% and 6.1% through 2016. Gains for the fourth quarter alone were 1.2% and 1.6%. Gains of a penny followed for both averages over January and February of 2018. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy numbers indicate a fairly tight Nashville general purpose, multi-tenant office market. The rate, though, rose moderately across 2017 and may do so again in 2018. Fourth quarter metrowide vacancy was 12.5%, up 70 basis points for the period and up 100 for the year following a loss of 40 in 2016. By the end of February 2018, the overall rate was running 30 basis points higher. Rent growth strengthened in 2016 but slowed in 2017. At $23.39 psf and $18.20 psf, asking and effective averages for the fourth quarter were up 3.4% and 3.2% from a year earlier in the wake of that yearÂ’s increases of 5.0% and 4.9%. Growth rates for the fourth quarter of 2017 alone were just 0.2% and 0.1%. The next two months saw each average grow by 0.2%. VIEW OFFICE LISTINGS >
Retail
Vacancy in NashvilleÂ’s community-neighborhood shopping center market closed the fourth quarter of 2017 at 8.3%, down 10 basis points for the period but up 40 year-to-date. Negative net absorption at 75,000 square feet over the first two months of 2018 brought the local February rate to 8.7%. At $16.67 psf and $14.58 psf, fourth quarter asking and effective average rents for community-neighborhood center market space were up 3.3% and 3.6% year-over-year following gains of 2.2% and 2.3% in 2016. Each average had grown by six cents by the end of February 2018. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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