Nashville Office Market Report
Educated Labor Force and Big Tech Presence
Spark Additional Leases in the Music City
High-end developments reinvigorate downtown. Nashville has several large builds currently under construction, headlined by Oracle's project along the East Bank, a former industrial hub that is being reshaped into a major live-work-play center. This transformation is benefiting fundamentals east of the Cumberland River as auxiliary firms prepare for Oracle's arrival. Vacancy in Rivergate-Hendersonville, the submarket containing East Nashville, sat at 5.4 percent in March, 460 basis points beneath its year-end 2019 level. While the Oracle site is being completed, the firm leased 31,000 square feet downtown. At the same time, Amazon is set to complete the second tower of its campus in the core during 2023. Outside of big tech, AllianceBernstein unveiled a 221,000-square-foot office in the CBD, adding diversity to the tenant roster downtown.