Nashville office market report

Q4 2022

Nashville’s office market saw positive momentum in 2022 as unemployment continued to decline and both job and population growth saw impressive gains. While a significant amount of availability remains on the market, leasing activity has picked back up to pre-COVID levels. Moving into 2023, despite looming threats of an upcoming recession, the Nashville market is expected to see positive absorption and continued tenant demand pour into the city.


Overall vacancy

Nashville office vacancy increased 80 basis points since year-end 2021.

35k sf

Net absoprtion

Class A properties in the urban core continue to record the lion’s share of positive net absorption.

2.7 msf

Under construction

At year-end, office properties under way totaled over 2.7 msf, with nearly 40% preleasing in place.

$30.50 psf

Average rental rate

New construction rents lead the market and continue to be met with persistent tenant demand.

2.3 msf

Sublease availability

Sublease space available continues to hover at record levels.

$1.0 B

Investment sales

Nashville’s office investment sales hit a new record high, up 45% year-over-year.


Your source for the latest Nashville office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater Nashville area. Avison Young advisors look at Nashville commercial real estate activities and the latest Nashville statistics to provide you expert market research on Nashville's office properties.

Explore different topics like the latest office market pricing trends and analysis of Nashville's current office real estate market conditions. Gain a better understanding of Nashville’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Nashville's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Nashville.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

Get the latest Nashville office market reports right in your inbox