Nashville Business Journal
The one-word headline on Cassidy Turley’s first-quarter report on Nashville’s office market is a refreshing one: Momentum.
According to the brokerage, the amount of occupied space grew by 142,332 square feet (otherwise known as positive absorption) in the first quarter. For comparison, Nashville’s occupancy grew by 111,684 square feet in the entirety of 2009.
“The market is stirring with leasing activity, some tenants renewing and expanding in existing locations, while others are looking for a space upgrade,” reads the report.
Class-A rates were the highest in Green Hills/Music Row submarket, at $26.94 per square foot, followed closely by West End’s $26.82. Downtown’s average asking rate for Class-A space was $24.78.
MetroCenter posted the lowest vacancy of 6.6 percent. West End, Green Hills/Music Row, and Cool Springs also posted single-digit vacancy rates. Downtown still leads the pack with the most vacancy at 25.7 percent.