Nashville office visitation continues to see steady improvement

–After falling 730 basis points in just three quarters at the onset of the pandemic, Nashville’s office visitation has seen steady improvement sitting at 70% at the end of the second quarter of 2024.

–While occupancy in real estate traditionally refers to the amount of leased space in a market, we can use our Office Busyness Index to view and compare occupancy not by just the amount of leased space but by the true physical office visitation.

–Halfway through 2024, Nashville is seeing a 100-basis point delta between leased office space and physical office occupancy, signifying that a large percentage of office tenants/ employees throughout the market are utilizing their leased space instead of letting it sit vacant.