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Tennessee
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VACANCY
Apartment
The average Vacancy Rate was 4.4% in the Chattanooga metro
- No vacancy change since Q1 2023 in the Chattanooga metro.
- Vacancy is expected to finish 2023 at 4.5% in the Chattanooga metro.
Office
The average Vacancy Rate was 20.5% in the Chattanooga metro
- Vacancy in the Chattanooga metro rose by 250 basis points.
- The Chattanooga metro had the highest vacancy level since Q3 1999.
- Vacancy is expected to finish 2023 at 19.0% in the Chattanooga metro.
Retail
The average Vacancy Rate was 11.2% in the Chattanooga metro
- No vacancy change since Q1 2023 in the Chattanooga metro.
- The Chattanooga metro had the lowest vacancy level since year-end 2010.
- Vacancy is expected to finish 2023 at 11.3% in the Chattanooga metro.
RENT
Apartment
The average Asking Rent was $1,171 in the Chattanooga metro
- Rent in the Chattanooga metro was up 2.3% from Q1 2023.
- Rent has risen in every quarter since Q3 2019 in the Chattanooga metro.
- Rent is expected to finish 2023 at $1,201 in the Chattanooga metro.
Office
The average Asking Rent was $17.40 in the Chattanooga metro
- The Chattanooga metro had the third fastest rent growth in the nation, and the second in the South Atlantic region, behind only Chattanooga.
- Chattanooga metro had its fastest rent rate of increase since Q3 1999.
- Rent is expected to finish 2023 at $17.50 in the Chattanooga metro.
Retail
The average Asking Rent was $12.75 in the Chattanooga metro
- Rent in the Chattanooga metro was down 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $12.83 in the Chattanooga metro.
VACANCY
Apartment
The average Vacancy Rate was 2.3% in the Knoxville metro
- The Knoxville metro had the second lowest vacancy in the nation, behind only Central New Jersey.
- No vacancy change since Q1 2023 in the Knoxville metro.
- The Knoxville metro had the lowest vacancy level since Q3 1999.
Distribution / Warehousing
The average Vacancy Rate was 3.1% in the Knoxville metro
- Vacancy in the Knoxville metro rose by 50 basis points.
- Vacancy is expected to finish 2023 at 3.5% in the Knoxville metro.
Office
The average Vacancy Rate was 16.9% in the Knoxville metro
- Vacancy in the Knoxville metro fell by 160 basis points.
- Vacancy is expected to finish 2023 at 17.1% in the Knoxville metro.
Retail
The average Vacancy Rate was 12.3% in the Knoxville metro
- Vacancy in the Knoxville metro drifted downward by 30 basis points.
- The Knoxville metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2023 at 12.1% in the Knoxville metro.
RENT
Apartment
The average Asking Rent was $1,082 in the Knoxville metro
- Rent in the Knoxville metro was up 1.6% from Q1 2023.
- Rent is expected to finish 2023 at $1,099 in the Knoxville metro.
Distribution / Warehousing
The average Asking Rent was $4.91 in the Knoxville metro
- Rent in the Knoxville metro was up 1.2% from Q1 2023.
- Rent Has risen for six consecutive quarters in the Knoxville metro.
- Rent is expected to finish 2023 at $5.02 in the Knoxville metro.
Office
The average Asking Rent was $17.79 in the Knoxville metro
- Rent in the Knoxville metro was up 1.1% from Q1 2023.
- Rent is expected to finish 2023 at $17.86 in the Knoxville metro.
Retail
The average Asking Rent was $15.27 in the Knoxville metro
- The Knoxville metro had the fastest rent growth in the nation.
- Knoxville metro had its fastest rent rate of increase in eight quarters.
- Rent is expected to finish 2023 at $15.41 in the Knoxville metro.
VACANCY
Apartment
The average Vacancy Rate was 4.1% in the Memphis metro
- Vacancy in the Memphis metro drifted downward by 10 basis points.
- The Memphis metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 4.3% in the Memphis metro.
Distribution / Warehousing
The average Vacancy Rate was 5.7% in the Memphis metro
- Vacancy in the Memphis metro rose by 150 basis points.
- Vacancy is expected to finish 2023 at 6.0% in the Memphis metro.
Flex / R&D
The average Vacancy Rate was 6.0% in the Memphis metro
- Vacancy in the Memphis metro fell by 60 basis points.
- The Memphis metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2023 at 6.0% in the Memphis metro.
Office
The average Vacancy Rate was 21.7% in the Memphis metro
- Vacancy in the Memphis metro fell by 190 basis points.
- The Memphis metro had the lowest vacancy level since Q1 2010.
- Vacancy is expected to finish 2023 at 22.3% in the Memphis metro.
Retail
The average Vacancy Rate was 12.9% in the Memphis metro
- Vacancy in the Memphis metro drifted upward by 10 basis points.
- The Memphis metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2023 at 12.5% in the Memphis metro.
RENT
Apartment
The average Asking Rent was $1,098 in the Memphis metro
- Rent in the Memphis metro was up 0.9% from Q1 2023.
- Rent is expected to finish 2023 at $1,114 in the Memphis metro.
Distribution / Warehousing
The average Asking Rent was $3.88 in the Memphis metro
- Rent in the Memphis metro was up 1.6% from Q1 2023.
- Rent has risen in every quarter since Q3 2019 in the Memphis metro.
- Rent is expected to finish 2023 at $4.04 in the Memphis metro.
Flex / R&D
The average Asking Rent was $7.02 in the Memphis metro
- Rent in the Memphis metro was up 1.7% from Q1 2023.
- Rent has risen in every quarter since Q1 2020 in the Memphis metro.
- Rent is expected to finish 2023 at $7.25 in the Memphis metro.
Office
The average Asking Rent was $20.92 in the Memphis metro
- The Memphis metro remained flat rent since Q1 2023.
- Rent is expected to finish 2023 at $21.06 in the Memphis metro.
Retail
The average Asking Rent was $14.43 in the Memphis metro
- Rent in the Memphis metro was up 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $14.47 in the Memphis metro.
VACANCY
Apartment
The average Vacancy Rate was 7.8% in the Nashville metro
- Vacancy in the Nashville metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2023 at 7.5% in the Nashville metro.
Distribution / Warehousing
The average Vacancy Rate was 2.0% in the Nashville metro
- The Nashville metro had the third lowest vacancy in the nation and the fifth lowest in the South Atlantic.
- Vacancy in the Nashville metro drifted downward by 40 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 15.3% in the Nashville metro
- The Nashville metro had the seventh lowest vacancy in the nation and the ninth lowest in the South Atlantic.
- Vacancy in the Nashville metro fell by 340 basis points.
- The Nashville metro had the lowest vacancy level since Q1 2020.
Retail
The average Vacancy Rate was 9.3% in the Nashville metro
- Vacancy in the Nashville metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2023 at 9.5% in the Nashville metro.
RENT
Apartment
The average Asking Rent was $1,556 in the Nashville metro
- Rent in the Nashville metro was up 1.5% from Q1 2023.
- Rent is expected to finish 2023 at $1,601 in the Nashville metro.
Distribution / Warehousing
The average Asking Rent was $5.55 in the Nashville metro
- Rent in the Nashville metro was up 2.0% from Q1 2023.
- Rent Has risen for ten consecutive quarters in the Nashville metro.
- Rent is expected to finish 2023 at $5.82 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.
Office
The average Asking Rent was $27.37 in the Nashville metro
- Rent in the Nashville metro was up 0.2% from Q1 2023.
- Rent Has risen for six consecutive quarters in the Nashville metro.
- Rent is expected to finish 2023 at $27.49 in the Nashville metro.
Retail
The average Asking Rent was $17.61 in the Nashville metro
- Rent in the Nashville metro was up 0.3% from Q1 2023.
- Rent is expected to finish 2023 at $17.75 in the Nashville metro.