The Nashville-area commercial real estate market is entering the 2012 year with momentum, a promising sign of growth to come for the coming year.
Nashville-area office tenants signed on for more than 730,000 square-feet of extra office space in 2011–which, according to the fourth quarter report by brokerage Cassidy Turley, has pushed the regional vacancy rate to its lowest point in three years.
The graph below gives a visual of the vacancy rate over the past four years, and the low point at which it currently remains – a promising sign for the region.
More than half of the square feet signed on during 2011 was located in the Brentwood and Cool Springs area.
The prediction for 2012 from Cassidy Turley is that the market will see rents slowly begin to rise and several new developments break ground. 2012 may be a year for growth and success for Middle Tennessee’s commercial real estate industry.