Nashville’s industrial market is thriving.
According to a recent report from Jones Lang LaSalle, Nashville’s industrial market has seen positive seven-figure absorption every year starting from 2011. 1
Cushman and Wakefield’s latest report noted that nearly 2 million sq. ft. of leasing activity since the start of 2021, jumpstarting Nashville’s industrial market. In Q1, Nashville’s Southeast Market ranked highest with over 1 million sq. ft. of leasing transactions, 53% of Nashville’s total activity. 2
In JLL’s Q1 2021 Industrial Insight Report, Q1 has shown 1.6 million sq. ft. absorbed.1
Since 2011, Nashville developers have added over 33 million sq. ft. to the market, most all of which is now absorbed.
Despite developers bringing product onto the industrial market, vacancy is still hovering very historically low rates of 3.2%.1
Also stated in JLL’s /Industrial Insight Report, new construction has averaged only six months of vacancy before being completely occupied since 2019.1
Only 767,000 sf of new projects were completed in Q1 2021 which is not enough to keep up with rising demand.
Nashville’s industrial market is expected to deliver over 10 million sq. ft. of new product by the end of the year, setting the record for most new construction in Music City history.2. Roughly 600,000 SF of this supply will be built and delivered by CA south.
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1 https://www.us.jll.com/en/trends-and-insights/research/industrial-market-statistics-trends/nashville
2 https://f.datasrvr.com/fr1/621/77141/Nashville_Americas_Marketbeat_Industrial_Q12021.pdf