2021 has been an exciting time for Nashville and its exploding real estate market making headlines all over the nation with its booming economy and comeback after the pandemic.
To list off some stats; Nashville was recently ranked #17 on the U.S. News & World Report’s 125 Best Places to Live in 2020-2021 and ranked on Roofstock.com as the 10th fastest growing metros in the U.S. The Wall Street Journal even ranked Nashville as the 2nd hottest job market in the United States.1
In Q1 Nashville Downtown Partnership reports Nashville’s office vacancy is at a low rate of 10.8% with a total inventory of 16.7 million sq. ft. Recently completed projects include Gulch Union, Peabody Plaza, Three Thirty Three, and 501 Commerce.1
Amazon’s 500,000 sq. ft. Amazon Tower is nearing completion with delivery expected in Q3 of 2021. Asurion HQ, One22One, and Paseo South Gulch are all projects that are also underway in Nashville.2
With new businesses relocating here, Nashville’s residential market has been exploding. Currently, Nashville has over 14,000 residents downtown. Nashville Downtown Partnership foresees a steady population increase of 16,000 residents by 2022, and 21,000 by 2024.2
Nashville’s Downtown Partnership also reports Nashville has a high residential occupancy rate of 93%.1
Currently, there are 14 residential projects under construction, adding a total of 3,745 rental units to Nashville’s market.1 Out of the 3,745 units, 689 will be completed in 2021, 1,974 will be completed in 2022, and 1,082 to be completed in 2023.
With all the growth and development happening in Music City, it’s an exciting time to be doing projects in this market.