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Nashville Office
For Lease or Sale
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Nashville currently offers 31,586,160 square feet of office space contained within 415 buildings, with an additional 1,015,000 square feet under construction and scheduled for delivery in 2009. Vacancy rates have not been trending as high as the rest of the country, rates currently range between 8-14% and the lease rates for Class A office are between $17-28 per square foot. Class A office CAP rates in Nashville have risen 0.5% over the past year to settle between 7-9% depending upon the location of the building and credit worthiness of the tenant. That is expected to remain fairly constant with a max 5-10% discount as a result of the residual effects of the residential subprime mortgage mess and lack of commercial financing.
Office Properties
for For Lease
Businesses had been moving away from the Central Business district for the past 20 years and developers responded to the population shift. As a result, several large Class A office projects are slated to be completed within the next 12 months including Boyle's 2000 Meridian Boulevard (153,275 SF in Cool Springs), Duke Realty's Verizon Headquarters (181,000 SF in Cool Springs) and the McEwen Building (173,000 also in Cool Springs), and Crescent Resources' 1 Greenway Centre (164,000 SF in Cool Springs).
Office Properties
for For Sale
The downtown office market is undergoing a major renascence and demonstrating what many call, "The beginning of the boom". Over 1,000,000 SF of office space is under development including Terrazzo's 75,000 SF building and Barry Real Estate's 451,000 SF Pinnacle Building at Symphony Place (50% pre-leased and LEED Green certified). In addition, construction is forecasted to begin by late 2009 on the 1.2 million SF downtown convention center.
Office Properties
Sold
All properties are Lease.
Cumberland Commercial Partners is recognized as the clear leader in identifying, acquiring and developing Class A office space in Nashville, TN. Nashville's corporate community is simply tired of making the rush hour commute to downtown Nashville spurring the redevelopment of the older strip malls and retail centers. Fueled by lifestyle shifts coupled with heightened environmental awareness and responsibility, we expect Nashville's office building expansion to surpass that of the Cool Springs submarket by mid 2014. This ascending growth pattern is expected to continue until 2020.
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