Q4 2021 Nashville Office Market Report

The Nashville Office market is steadily fighting its way to more positive figures as the effects of the pandemic start to wane. Due to slower leasing activity and speculative deliveries coming online, vacancy rates have been pushed up. Rent growth has also flattened out, going down 1% over the last quarter. The saturation of sublease availability and additional speculative supply will keep rental rates down for the near term. There are still large blocks of space available in many of the metro’s recently delivered projects, and about 35% of the under-construction pipeline remains unleased. Investors drawn by the bargain in terms of yields and pricing have continued to push sales volume with over $600 million in assets trading hands in 2021. Average sales price per foot has been volatile, with Q4 posting $281, up from $266 in Q3. 

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