TRG | The Bottom Line – 4/23

While so much focus has been on the residential end market, we are seeing signs of growth in “traditional” office in key Southeastern markets, including TRG’s backyard – Nashville. According to Cushman & Wakefield’s Q1’21 Nashville Office Real Estate report, Nashville recorded nearly 300K square feet of new leasing transactions in Q1, a 68% YOY boost from last year when the nation was gripped with uncertainty going into COVID-19 lockdowns. Gross rents are also on the rise, increasing 7.6% YOY to $31.42/square foot, driven by increasing demand for space in the urban core. This is particularly remarkable given in increase in space available as key large construction projects wrap up in early 2021, resulting in an 18% increase in vacancies. Click here for additional details.