Q4 2015 Rent: $19.78/SF

Q4 2016 Rent: $22.99/SF

Growth: 16.2%

Nashville’s office market remained extremely tight last year, with its suburban vacancy rate — 4.7% — ranking second-lowest among the markets CBRE tracks. Cross said though there is roughly 3.7M SF of new construction underway within the metro, most of the space is pre-leased, meaning vacancies will likely remain within the single digits over the next couple of years, while rents continue to rise.  “The lifestyle [in Nashville] kind of has the cool factor similar to a market like Austin or Portland. And from a company perspective it has lower costs [compared] to a lot of the markets in the Northeast so there’s been migration of tenants into Nashville, along with other markets in the South and the West.”

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Source: Bisnow