In Q3 2020, average asking rents continued to climb upward, increasing to $5.49 per sq. ft. triple net, a 5.3% increase quarter-over-quarter, and a 9.6% increase year-over-year.
Nashville’s overall vacancy rate decreased 60 basis points from Q2 2020 to 6.3% in Q3 2020, despite over 1.2 million sq. ft. of new space delivering throughout the quarter.
More than 6.8 million sq. f.t of industrial space under construction and slated for completion over the next two years, which could help alleviate supply constraints, providing tenants with additional space options in the near term.