Nashville’s average asking rate is at an all-time high of $6.01 per sq. ft. triple net, a 16% increase year-over-year.
In the first quarter, Nashville’s overall vacancy rate continued to trend downward to 4.4%, a 20-basis point decrease from Q4 2020. Demand for space continues to outweigh supply, reducing availability.
While Q1 saw the delivery of only 849,140 sq. ft. of new product, over 8.3 million sq. ft. of industrial space is under construction. Upcoming deliveries could provide additional options for tenants looking for space.