Since most COVID-19 restrictions have been lifted in Tennessee, Nashville has seen an increase in activity in its office market.
Throughout 2020, tenants in Nashville became wary of their operation plans with companies having to temporary work from home. Fortunately, larger companies in Nashville like Premise Health and Vanderbilt University renewed their leases. Overall, there has been a 68% increase of total renewal transactions in Nashville from last year.1
Along with a rise in total renewal transactions, Nashville has seen a significant increase new office space development. In a report by JLL, 92.5% of delivered space in Q1 was in both Downtown and Midtown with 81% currently under construction.2
Also stated in JLL’s Office Insight Report, nearly two and a half million sq. ft. of urban office buildings will be delivered to keep up with the demanding market in Q1 of this year. Which will represent about 624,279 sq. ft. of positive absorption in Nashville.2
The rest of 2021 looks very positive for Nashville with the increasing economy and businesses returning to their offices after the pandemic.
Since the COVID-19 pandemic, 2.2 million sq. ft. of new space has been delivered to downtown Nashville and has leased out an average of 52%.1
With Nashville leading the nation in job recovery and a low unemployment rate, the office space market remains an asset for companies of all sizes. 1