Q3 2021 Office Market Report

The Nashville Office market continues to gain traction as the impact of COVID-19 lingers. The last two quarters have had positive net absorption and maintained a vacancy rate of 13.6% with asking rental rates hovering at approximately $29 per square foot. Under construction activity has been modest with strong preleasing in most cases. Pricing for office sales has remained strong, with low cap rates.

Nashville continues to benefit from major corporate relocations such as Kaiser Aluminum in Williamson County and investments such as Oracle’s in downtown Nashville. Tennessee has benefitted from the second most relocations, behind Texas due to taxes, connectivity, and a strong workforce.

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