Over the next couple weeks we will be posting some statistics and submarket breakdowns about the Nashville area office market.
Nashville’s overall office market has continued to strengthen in 2011. The market ended the ﬁrst quarter of 2011 with a vacancy rate dropping to 10.2% from 10.6% at the end of 2010, as companies continue to take space off the market and appear to have better visibility going forward.
Some of the more notable transactions were Jackson National Life Insurance moving into 154,737 square feet at One Greenway Centre; Griffin Technology moving into 40,000 square feet at 700 Benton Ave; and Sherrard & Roe moving into 29,947 square feet at The Pinnacle at Symphony Place.
HealthSpring continued their growth and consolidation in MetroCenter, recently signing on for an additional 75,000 square feet to bring the total to 175,000 square feet for the two phase project developed by Southeast Venture.
Two buildings were delivered to the overall Nashville market in the ﬁrst quarter totaling 58,000 square feet, with 424,667 square feet still under construction.
Stay turned next week for Nashville’s Total Office Market Statistics.