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Market Report

Nashville Retail Market Report

2024 Investment Forecast

Nashville’s Popularity to Travelers and New
Residents Extending to Retailers, Investors

Robust tourism a key force behind market’s performance. Nashville’s retail sector continues to stand out on a national scale, boasting a low vacancy rate and rent growth pace that each lie within the top 15 of major metros this year. These favorable metrics are bolstered by levels of household formation and retail sales growth that surpass the U.S. measures. Nashville’s hospitality sector has also gained notable prominence, leading the country in hotel room demand growth since 2019 at nearly 17 percent. The next closest market is Austin at 12 percent. Greater tourism is, in turn, supporting retailers in Downtown, Midtown and surrounding suburbs, with sub-3 percent vacancy rates in Bellevue, Donelson-Hermitage and Green Hills-Belle Meade late last year. Operations are also tight in the metro’s surrounding, smaller towns — including those in Montgomery, Robertson and Rutherford counties. The dual-strength of both small town and major thoroughfare retailers underscores Nashville’s sustained positive momentum.
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