Tenant demand for office space remains active amidst shifting space needs in Nashville
- Tenants’ shifting space needs amidst a large concentration of newly delivered speculative office space has caused vacancy to increase significantly in recent years, with Nashville’s office vacancy now standing at 21.1%, above the 10-year average of 12.8%.
- While rise in vacancy may give an impression of the market “softening”, tenant demand remains active in both urban and suburban submarkets throughout Nashville. Months on the market- the time space remains on the market before it is leased- is currently sitting below the averages recorded prior to the current construction boom.
- More active development submarkets in the urban core have seen a slight rise in months on the market due to the rapid increase in supply.
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US-TN-NSH Nashville