Six Things To Know About Nashville Office Space (And The Employment Market)
The year's half over—what a year it's been so far for Nashville commercial real estate—and our Nashville State of the Market is coming up soon: July 19 at the Doubletree by Hilton, Downtown Nashville. With that in mind, here are six facts about the market at mid-year.
Best Office Vacancy Rate In The US
The Nashville office market has the lowest vacancy rate in the nation in Q2 by one estimate: 5.1%. Despite that, the market's on track to absorb 1M SF this year.
The Most Office Space Underway
Nashville is tied for the most new office space under construction of any US market, in terms of percentage of existing stock: 9.4%, a total it shares with Seattle. Next are Brooklyn (9.4%), Salt Lake City (6.4%) and San Francisco (6.2%).
Source: Cushman & Wakefield
Nashville's Attracting People En Masse
Nashville is No. 8 among cities that Americans are moving to, attracted by available jobs (3.2% unemployment) and the relatively low cost of living. The ranking is based on Realtor.com and Census Bureau data.
Co-working Firmly Established
17 co-working providers have 27 locations, totaling close to 367k SF. In terms of the overall office market, co-working space in Nashville represents 1.1% of the inventory, which is on par with national averages.
Nashville Tops For Employee Engagement
A survey of more than 8,700 organizations in 47 cities across the United States revealed which cities have the highest percentage of employees who "feel truly professionally engaged in their workplaces." Nashville ranked No. 6, with 71.2% employee engagement.
Source: Quantum Workplace/Forbes
Nashville's A Dynamic Place
Nashville's one of the most dynamic cities in the US, according to a list based on the following criteria: civic leadership (e.g. collaboration between the mayor’s office and the chamber of commerce); quality of life (e.g. traffic, climate); business climate (e.g. taxes, zoning); sustainability (e.g. environmental consciousness, greenspace); and more.
Source: Worth Destinations