The office and industrial markets are both busy in Nashville. For proof, consider the latest research from Avison Young, research showing that construction is booming here in both the office and industrial markets.
The office market is especially interesting, as it is one of the busiest in the Midwest. According to Avison Young, 64 percent of the existing office inventory in the Nashville market is more than 20 years old, meaning that the sector is in need of modern office space.
Reacting to this need, construction crews in Nashville are currently building 3.3 million square feet of new office construction. They have also added 17.1 million square feet of new office inventory in the last 20 years.
Nashville’s CBD is especially busy. Avison Young says 58 percent of the new office construction taking place in the market is in the city’s CBD
Then there’s industrial. It should be no surprise that in a market as strong as Nashville, this sector is thriving. Avison Young reports that 68 percent of the market’s industrial inventory is more than 20 years old. This has resulted in 4 million square feet of speculative industrial construction now underway. During the last 20 years, the Nashville market has seen 52.7 million square feet of new industrial inventory.
