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Tennessee
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VACANCY
Apartment
The average Vacancy Rate was 5.7% in the Chattanooga metro
- Vacancy in the Chattanooga metro rose by 150 basis points.
- The Chattanooga metro had the highest vacancy level since Q2 2021.
Office
The average Vacancy Rate was 20.5% in the Chattanooga metro
- No vacancy change since Q3 2023 in the Chattanooga metro.
- The Chattanooga metro had the highest vacancy level since Q3 1999.
Retail
The average Vacancy Rate was 11.3% in the Chattanooga metro
RENT
Apartment
The average Asking Rent was $1,163 in the Chattanooga metro
Office
The average Asking Rent was $17.56 in the Chattanooga metro
Retail
The average Asking Rent was $12.89 in the Chattanooga metro
VACANCY
Apartment
The average Vacancy Rate was 2.8% in the Knoxville metro
Distribution / Warehousing
The average Vacancy Rate was 3.4% in the Knoxville metro
Office
The average Vacancy Rate was 15.0% in the Knoxville metro
- Vacancy in the Knoxville metro fell by 150 basis points.
- The Knoxville metro had the lowest vacancy level since Q1 2018.
Retail
The average Vacancy Rate was 13.2% in the Knoxville metro
- Vacancy in the Knoxville metro rose by 70 basis points.
- The Knoxville metro had the highest vacancy level since Q3 1999.
RENT
Apartment
The average Asking Rent was $1,074 in the Knoxville metro
Distribution / Warehousing
The average Asking Rent was $4.91 in the Knoxville metro
Office
The average Asking Rent was $18.06 in the Knoxville metro
- Rent in the Knoxville metro was up 1.3% from Q3 2023.
- Knoxville metro had its fastest rent rate of increase since year-end 2007.
Retail
The average Asking Rent was $15.50 in the Knoxville metro
- Rent in the Knoxville metro was up 1.5% from Q3 2023.
- Knoxville metro had its fastest rent rate of increase since Q3 1999.
VACANCY
Apartment
The average Vacancy Rate was 4.6% in the Memphis metro
Distribution / Warehousing
The average Vacancy Rate was 5.9% in the Memphis metro
Flex / R&D
The average Vacancy Rate was 6.2% in the Memphis metro
Office
The average Vacancy Rate was 22.3% in the Memphis metro
Retail
The average Vacancy Rate was 12.6% in the Memphis metro
- Vacancy in the Memphis metro drifted downward by 10 basis points.
- The Memphis metro had the lowest vacancy level since year-end 2021.
RENT
Apartment
The average Asking Rent was $1,098 in the Memphis metro
Distribution / Warehousing
The average Asking Rent was $3.95 in the Memphis metro
- Rent in the Memphis metro was up 0.5% from Q3 2023.
- Rent has risen in every quarter since Q3 2019 in the Memphis metro.
Flex / R&D
The average Asking Rent was $7.11 in the Memphis metro
- Rent in the Memphis metro was up 0.4% from Q3 2023.
- Rent has risen in every quarter since Q1 2020 in the Memphis metro.
Office
The average Asking Rent was $20.93 in the Memphis metro
Retail
The average Asking Rent was $14.47 in the Memphis metro
VACANCY
Apartment
The average Vacancy Rate was 8.4% in the Nashville metro
Distribution / Warehousing
The average Vacancy Rate was 2.1% in the Nashville metro
- Vacancy in the Nashville metro drifted downward by 10 basis points.
- The Nashville metro had the lowest vacancy level since Q3 2009.
Flex / R&D
The average Vacancy Rate was 13.2% in the Nashville metro
- Vacancy in the Nashville metro fell by 210 basis points.
- The Nashville metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2022 at 12.1% in the Nashville metro.
Office
The average Vacancy Rate was 17.7% in the Nashville metro
Retail
The average Vacancy Rate was 10.1% in the Nashville metro
- Vacancy in the Nashville metro drifted upward by 10 basis points.
- The Nashville metro had the highest vacancy level since Q3 1998.
RENT
Apartment
The average Asking Rent was $1,566 in the Nashville metro
Distribution / Warehousing
The average Asking Rent was $5.73 in the Nashville metro
- Rent in the Nashville metro was up 1.2% from Q3 2023.
- Rent has risen in every quarter for the past three years in the Nashville metro.
Flex / R&D
The average Asking Rent was $8.89 in the Nashville metro
- Rent in the Nashville metro was up 1.5% from Q3 2021.
- Nashville metro had its fastest rent rate of increase in ten quarters.
- Rent is expected to finish 2022 at $9.25 in the Nashville metro.