Avison Young in Knoxville
Avison Young opened its Knoxville oﬃce in September of 2015. The Knoxville oﬃce boasts over 145 years of combined brokerage experience. We currently represent over 2.3 million square feet of commercial, oﬃce and industrial space in Knoxville alone. Our Knoxville team includes ten brokers, six of whom hold CCIM designations—the most of any other local ﬁrm—and three SIOR members. These designations recognize expertise in various disciplines in commercial real estate. In addition to industry certiﬁed team members, we also have a full-time marketing and support staﬀ and premium memberships across various marketing platforms making our network and in-house capabilities unmatched in the market.
Knoxville is home to the ﬂagship campus of the University of Tennessee and the dominant market in East Tennessee. Knoxville’s economy is well diversiﬁed with a population in the MSA of 840,000. The city was host of the 1982 World’s Fair, with a theme of Energy. That theme carries through today as the area is home to the U.S.’s largest Department of Energy research lab (Oak Ridge National Laboratory), Tennessee Valley Authority and the National Transportation Research Center. Knoxville’s economy is well diversiﬁed and very stable. The unemployment rate runs consistently below the state and national averages, and continued growth, particularly in automotive manufacturing and media production, support vigorous job expansion. The city’s low cost of living, low unemployment rate and high livability rankings make Knoxville a top contender on various “Best of” lists, including America’s 2nd Most Aﬀordable City according to Forbes and one of the 10 fastest-growing cities as ranked by CNN Money. Among the companies headquartered in the area are The Discovery Channel, Regal Cinema, Pilot/ Flying J, Bush Beans and Sea Ray Boats.
Knoxville’s oﬃce market is comprised of 10 submarkets and roughly 24 million square feet of space. It has proven to be a strong oﬃce market compared to markets of similar sizes due its high concentration of national headquarters in the area. Corporate expansion and relocations due to Knoxville’s business-friendly environment and ample technological and human capital within the region continue to make Knoxville a desirable business location and has led to an oﬃce revival with new construction in various submarkets.
There is over 52 million square feet of inventory in Knoxville’s retail market spread across 13 submarkets. The
retail sector of Knoxville has experienced continuous growth the last ﬁve years, with many existing retailers expanding and many more new retailers entering the market for the ﬁrst time. The area’s high employment rate and varied demographics make Knoxville a great location for a variety of retail ventures. Though a majority of
new retail developments have been focused in west Knoxville, future plans to develop Knoxville’s south
riverfront will help spur new retail development in the downtown and south submarkets. Recent additions to the market include Trader Joe’s, Publix, Whole Foods, Anthropologie and Cheesecake Factory.
The Knoxville Industrial market has roughly 70 million square feet of warehouse/distribution and flex inventory. Knoxville is located within a day’s drive of almost 70% of the U.S. population at the intersection of three interstate highways – I-40, I-75 and I-81. It is also served by two rail lines, and its location on the Tennessee River affords it direct barge access to both the Great Lakes and the Gulf of Mexico. This location serves a diverse group of companies in such industries as automotive manufacturing, food products, watercraft, medical devices and manufactured housing. Companies such as Denso continue to expand in the area because of the highly productive and loyal work force, as well as access to world class research at the Oak Ridge National Lab.
Investors, both institutional and private, are increasing their exposure to the Knoxville market, seeking yield. As home to a major research university, the nation’s largest government research laboratory, TVA and four major hospitals, stability and resiliency are the hallmarks of the local economy. Listed by CNN Money as one of the 10 fastest-growing U.S. cities, Knoxville also boasts the best employment outlook in the country according to Manpower Group and has been listed as the 2nd most aﬀordable city by Forbes. Multi-family and industrial have been the most active property types.