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News release

Nashville, TN

Nashville office market report reveals robust industry, rising office rents and steady product delivery


NASHVILLE, TN (October 12, 2017) – Office rents continue to rise, growing 1.1 percent from $25.48 to $25.77, while vacancies decrease for the first time over the previous three quarters. According to JLL's latest Q3 2017 Office Review report on the Nashville market a 42-basis-point decrease in vacancy and a 110-basis-point increase in asking rental rates are signs of a sustained landlord-favorable office market.

"The Music City's uptick in rent is chiefly due to the delivery of new product at higher rates," said Managing Director Bo Tyler. "During this cycle, developers have achieved the highest asking rents in the city's history.  The year-to date asking rate for deliveries is $35.26, and as new product delivers, rental rates will continue to push the market's rent ceiling.

Nashville's real estate market growth is fueled by a booming tourist economy and business-friendly local government. Efforts to increase density in the urban core have been successful. In fact, Downtown vacancy is the lowest it's been in 15 years, and vacancy rates are 110 basis points lower in the urban core compared to the suburbs. With many large corporations circling Nashville as a potential home for their corporate headquarters –and countless startups and entrepreneurial companies taking a closer look at the city, the vibrancy of the urban submarkets will provide a dynamic, growth-centered environment.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.