The Nashville Industrial market saw multiple records set in Q4, including record-high rental rates and all-time low vacancy of 2.2%. Net absorption nearly tripled from Q4-20 to Q4-21, and the vacancy rate has dropped 130 basis points in the same time frame. Additionally, 71% of new product was pre-leased in 2021, demonstrating the robust and continuing demand. Overall, total inventory SF dropped in Q4 due to redevelopment of infill properties; however, expectations should be tempered regarding vacancy rates as several million square feet are under construction and planned for 2022 and 2023 deliveries.

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