Nashville's real estate market has been important regionally for a long time, but now it's gone national. Avison Young's Warren Smith, managing director of that far-reaching company's Tennessee office, tells us why.
Nashville's Cool
Nashville has a diverse industry base, Warren notes, but the increased coolness of Nashville has begun attracting tech firms and professionals—a segment underrepresented several years ago, but now seeing an influx. Moreover, Nashville “cool”—music, food, mentions on TV—is an intangible that's driving growth in a very tangible way.
The Music City Center
The convention center was developed during the depths of the recession, which was certainly good for Nashville’s cost basis, Warren says. "However, the recession prevented adequate hotel room growth. Thus the Omni's performance has soared due to the delay of other competition, and now the volume of hotel construction is unprecedented, which is certainly driving job growth and stability."
Low Taxes
On a national level, the states without income taxes are attracting a wave of corporate relocations, Warren says. As one of only nine such states, Tennessee’s tax structure is certainly an attraction for businesses and their employees alike.
