Nashville retail market report
Q4 2025
The Nashville retail market showed mixed signals in FY 2025. Vacancy rose to 4.6%, up 0.9% from year-end 2024 as net absorption contracted from +541k sf in FY 2024 to just +4k sf in FY 2025. Additionally, investment sale volume across the market declined 6% YoY, but showed positive momentum heading into 2026 with $220M transacted in Q4 2025 alone. Nashville’s construction pipeline jumped early in the year but has shifted amid rising vacancy levels. Development now concentrates in Rutherford County and Franklin submarkets.
Retail product delivered in 2025
Retail deliveries in FY 2025 jumped 6% from FY 2024. Total product under construction sits at 620k sf through year-end 2025.
Vacancy rate at year-end 2025
Vacancy across Nashville’s retail market hit 4.6%, up 0.9% YoY. Vacant sf at year-end totaled 2.3 msf.
Market asking rent at year-end 2025
Market asking rent reached $31.18 in Q4 2025. YoY growth rate fluctuated in 2025 but landed on par with Q4 2024 levels.
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