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Market Report

Nashville Retail Market Report

3Q 2022

Single-Tenant Fundamentals Rise to Tune of Vibrant
Economy as Tourism Provides Tailwinds

Growth metrics facilitate exceptionally tight conditions. Nashville registered the lowest single-tenant vacancy rate among major markets as of the second quarter 2022. The sector's conditions have tightened considerably, due to substantial demand from tenants. Recording a net of 1.2 million square feet absorbed, demand during the past year topped the cumulative volume over the preceding 36 months by more than 125,000 square feet. This surge can be attributed to the 27,000 households and 148,000 jobs created over the past two years, cuing lifestyle and necessity retailers to enter into commitments in growing population hubs across the metro. Over the past 12 months, health clubs, such as Tru Fit Athletics, Yoga Six and Legacy Fitness, absorbed over 100,000 square feet between Madison, North Nashville and Hermitage. While the grocer, Publix, took up a pair of 40,000-square-foot plates in Gallatin and Lebanon.
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