Q4 2016 Industrial Insight
What a merry year for Nashville! Music City’s industrial rental rates reached record highs and vacancies hit new lows. Over the course of the year, rental rates grew by 6.4 percent – from $4.07 to $4.33 – between Q1 and Q4 respectively. Vacancy in that same time period remained stable at 4.4 percent, largely as a result of new construction coming online. On the development front, industrial construction activity is strong (4.2 million square feet under construction) and has a robust pipeline (7.6 million square feet planned or proposed).
“2016 set records for multiple sectors within the Nashville industrial market,” said Bo Fulk, Vice President of Industrial Services, JLL Nashville. “With steady demand heading into 2017, we expect to see continued growth across all submarkets.”
Below is a preview of our findings, to read the full report, click here!