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Tennessee

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Market Overview

BACK TO INSIGHTS

EXPLORE 4 Tennessee MARKETSToggle markets

Chattanooga
Knoxville
Memphis
Nashville

Chattanooga

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VACANCY

Apartment

Average Vacancy Rate 6.2%

Drifted downward by 10 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2020 at 6.5%.

Office

Average Vacancy Rate 15.7%

No change since Q1 2020.
Highest level since Q3 2014.
Expected to finish 2020 at 18.0%.

Retail

Average Vacancy Rate 11.8%

No change since Q1 2020.
Lowest level since Q1 2011.
Expected to finish 2020 at 14.8%.

RENT

Apartment

Average Asking Rent $877

Fourth fastest rent growth in both the nation and the region.
Expected to finish 2020 at $858.

Office

Average Asking Rent $16.52

Up 0.2% from Q1 2020.
Expected to finish 2020 at $16.44.

Retail

Average Asking Rent $12.77

Down 0.5% from Q1 2020.
Expected to finish 2020 at $11.91.

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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 3.8%

No change since Q1 2020.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 5.9%.

Distribution / Warehousing

Average Vacancy Rate 6.4%

Declined by 70 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2019 at 6.4%.

Office

Average Vacancy Rate 16.8%

Increased by 80 basis points.
Highest level since year-end 2014.
Expected to finish 2020 at 20.0%.

Retail

Average Vacancy Rate 10.3%

Drifted downward by 10 basis points.
Expected to finish 2020 at 12.7%.

RENT

Apartment

Average Asking Rent $840

Down 0.1% from Q1 2020.
Expected to finish 2020 at $820.

Distribution / Warehousing

Average Asking Rent $4.37

Up 0.2% from year-end 2018.
Expected to finish 2019 at $4.49.

Office

Average Asking Rent $16.97

Up 0.2% from Q1 2020.
Expected to finish 2020 at $16.68.

Retail

Average Asking Rent $15.24

Second fastest rent growth in the nation, behind only Omaha.
Expected to finish 2020 at $14.30.

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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 5.1%

Drifted upward by 10 basis points.
Expected to finish 2020 at 6.2%.

Distribution / Warehousing

Average Vacancy Rate 16.8%

Rose by 150 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2020 at 17.0%.

Flex / R&D

Average Vacancy Rate 13.9%

Declined by 70 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2020 at 15.3%.

Office

Average Vacancy Rate 22.8%

Drifted downward by 30 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2020 at 25.1%.

Retail

Average Vacancy Rate 12.8%

Drifted downward by 20 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2020 at 15.4%.

RENT

Apartment

Average Asking Rent $879

Second fastest rent growth in the nation, behind only Lexington.
Fastest rate of increase in four quarters.
Expected to finish 2020 at $847.

Distribution / Warehousing

Average Asking Rent $2.93

Up 0.3% from Q1 2020.
Expected to finish 2020 at $2.79.

Flex / R&D

Average Asking Rent $5.98

Flat since Q1 2020.
Expected to finish 2020 at $5.70.

Office

Average Asking Rent $19.84

Up 0.4% from Q1 2020.
Expected to finish 2020 at $19.60.

Retail

Average Asking Rent $14.27

Down 0.4% from Q1 2020.
Expected to finish 2020 at $13.25.

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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 5.5%

Drifted upward by 10 basis points.
Expected to finish 2020 at 7.9%.

Distribution / Warehousing

Average Vacancy Rate 9.8%

Declined by 150 basis points.
Lowest level since Q1 2018.
Expected to finish 2020 at 12.6%.

Flex / R&D

Average Vacancy Rate 6.8%

Seventh lowest in the nation, and the second in the South Atlantic region, behind only Miami.
Increased by 90 basis points.
Highest level since year-end 2014.

Office

Average Vacancy Rate 15.4%

Increased by 60 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 17.1%.

Retail

Average Vacancy Rate 9.1%

No change since Q1 2020.
Expected to finish 2020 at 11.2%.

RENT

Apartment

Average Asking Rent $1,240

Up 0.2% from Q1 2020.
Has risen in every quarter since year-end 2009.
Expected to finish 2020 at $1,199.

Distribution / Warehousing

Average Asking Rent $4.25

Flat since Q1 2020.
Expected to finish 2020 at $4.11.

Flex / R&D

Average Asking Rent $8.56

Flat since Q1 2020.
Expected to finish 2020 at $8.14.

Office

Average Asking Rent $25.10

Down 0.1% from Q1 2020.
Expected to finish 2020 at $24.79.

Retail

Average Asking Rent $17.47

Down 0.5% from Q1 2020.
Expected to finish 2020 at $16.85.

Learn more about the Tennessee markets from one of our professionals

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