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Tennessee

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Market Overview

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EXPLORE 4 Tennessee MARKETSToggle markets

Chattanooga
Knoxville
Memphis
Nashville

Chattanooga

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VACANCY

Apartment

Average Vacancy Rate 6.5%

Rose by 80 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 6.1%.

Office

Average Vacancy Rate 17.7%

Rose by 120 basis points.
Highest level since year-end 2009.
Expected to finish 2021 at 18.3%.

Retail

Average Vacancy Rate 12.2%

No change since year-end 2020.
Highest level since Q1 2019.
Expected to finish 2021 at 14.4%.

RENT

Apartment

Average Asking Rent $901

Up 0.6% from year-end 2020.
Has risen for six consecutive quarters.
Expected to finish 2021 at $919.

Office

Average Asking Rent $16.99

Up 0.7% from year-end 2020.
Expected to finish 2021 at $16.53.

Retail

Average Asking Rent $12.67

Up 0.2% from year-end 2020.
Expected to finish 2021 at $12.07.

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Learn more about the Tennessee markets from one of our professionals.

Knoxville

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VACANCY

Apartment

Average Vacancy Rate 3.7%

Lowest in the South Atlantic region, tenth lowest in the nation.
Drifted upward by 20 basis points.
Expected to finish 2021 at 3.8%.

Distribution / Warehousing

Average Vacancy Rate 8.5%

Rose by 250 basis points.
Highest level since Q2 2018.
Expected to finish 2021 at 6.7%.

Office

Average Vacancy Rate 17.6%

Declined by 50 basis points.
Expected to finish 2021 at 19.8%.

Retail

Average Vacancy Rate 12.1%

Rose by 80 basis points.
Highest level since Q3 1999.
Expected to finish 2021 at 13.5%.

RENT

Apartment

Average Asking Rent $857

Up 0.4% from year-end 2020.
Expected to finish 2021 at $881.

Distribution / Warehousing

Average Asking Rent $4.35

Down 0.5% from year-end 2020.
Expected to finish 2021 at $4.42.

Office

Average Asking Rent $17.24

Up 0.8% from year-end 2020.
Fastest rate of increase in six quarters.
Has risen for seven consecutive quarters.

Retail

Average Asking Rent $15.03

Down 0.1% from year-end 2020.
Expected to finish 2021 at $14.46.

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Learn more about the Tennessee markets from one of our professionals.

Memphis

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VACANCY

Apartment

Average Vacancy Rate 4.8%

No change since year-end 2020.
Lowest level since Q2 1998.
Expected to finish 2021 at 5.3%.

Distribution / Warehousing

Average Vacancy Rate 17.8%

Rose by 70 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 16.8%.

Flex / R&D

Average Vacancy Rate 12.8%

Drifted downward by 30 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 13.3%.

Office

Average Vacancy Rate 22.1%

Drifted downward by 40 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 24.4%.

Retail

Average Vacancy Rate 12.9%

Drifted upward by 10 basis points.
Expected to finish 2021 at 14.9%.

RENT

Apartment

Average Asking Rent $891

Flat since year-end 2020.
Expected to finish 2021 at $906.

Distribution / Warehousing

Average Asking Rent $2.99

Up 0.3% from year-end 2020.
Has risen for six consecutive quarters.
Expected to finish 2021 at $3.05.

Flex / R&D

Average Asking Rent $6.07

Up 0.7% from year-end 2020.
Fastest rate of increase in seven quarters.
Expected to finish 2021 at $6.09.

Office

Average Asking Rent $20.12

Fastest rent growth in the South Atlantic region, third most rapid in the nation.
Fastest rate of increase since Q1 2008.
Expected to finish 2021 at $19.65.

Retail

Average Asking Rent $14.32

Up 0.2% from year-end 2020.
Expected to finish 2021 at $13.61.

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Learn more about the Tennessee markets from one of our professionals.

Nashville

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VACANCY

Apartment

Average Vacancy Rate 6.4%

Increased by 60 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 6.2%.

Distribution / Warehousing

Average Vacancy Rate 8.4%

Drifted upward by 10 basis points.
Expected to finish 2021 at 8.5%.

Flex / R&D

Average Vacancy Rate 9.0%

Rose by 80 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 8.5%.

Office

Average Vacancy Rate 18.5%

Increased by 130 basis points.
Highest level since Q1 1997.
Expected to finish 2021 at 18.8%.

Retail

Average Vacancy Rate 9.4%

Drifted upward by 30 basis points.
Highest level since Q3 1998.
Expected to finish 2021 at 11.1%.

RENT

Apartment

Average Asking Rent $1,211

Up 0.2% from year-end 2020.
Expected to finish 2021 at $1,246.

Distribution / Warehousing

Average Asking Rent $4.28

Up 0.7% from year-end 2020.
Fastest rate of increase in eleven quarters.
Expected to finish 2021 at $4.40.

Flex / R&D

Average Asking Rent $8.61

Up 0.6% from year-end 2020.
Fastest rate of increase in seven quarters.
Expected to finish 2021 at $8.67.

Office

Average Asking Rent $25.79

Up 0.4% from year-end 2020.
Has risen in every quarter since Q2 2013.
Expected to finish 2021 at $25.35.

Retail

Average Asking Rent $17.39

Down 0.3% from year-end 2020.
Expected to finish 2021 at $16.98.

Learn more about the Tennessee markets from one of our professionals

Learn more about the Tennessee markets from one of our professionals.