Tenant demand for office space remains active amidst shifting space needs in Nashville

Graph of Nashville urban and suburban submarket office space on market by months from 2017 to 2023 YTD
  • 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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