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Most people don’t think of Nashville as a hot real estate market, but currently, it’s growing faster than ever. As of October 2015, according to city figures, there were over $2 billion in construction projects that were either underway or expected to start in 2016, resulting in growth of our sales of commercial metal doors in Nashville building.
As early as last April, Nashville’s housing market was ranked by Auction.com as the third largest in the entire nation, outpaced only by Denver and San Antonio. Driven by a thriving local economy, the Nashville market’s strong performance has propelled increasing demand for homes, condos, apartments and office space, raising prices and property values in the area.
As demand has increased, so has new development. In 2015, over 15,000 units were currently under construction, including homes, office spaces, industrial buildings, and retail space. As one of the hottest real estate markets to watch right now, Nashville provides many prime opportunities for real estate investors in 2016.
These quick facts and statistics illustrate the rapid and impressive growth of Nashville’s housing market since 2010.
As you can see, Nashville has been growing rapidly, and will continue to grow in the future. The strong local economic landscape and population growth are driving up demand like never before, making Nashville real estate a promising investment.
Of all the US cities to experience such an economic boom in shaky post-recession times, why Nashville? There are a few different reasons why Nashville’s real estate market is growing so rapidly, but it’s largely driven by an influx of companies, jobs, and young professionals to fill those jobs.
Since 2010, Nashville has seen about 30,000 jobs created per year. The booming local economy has attracted a large number of recent graduates and young professionals, attracted to Nashville by lifestyle choices.
Nashville’s growing talent pool of young professionals has added to an already growing local economy, with many employers in automotive and healthcare like Nissan, Bridgestone, HCA & CHS. Just outside of Nashville, you have Beretta a major gun manufacturer, CDF a large online retailer of commercial doors, electronics maker Electrolux and many others. Several other large companies have indicated their interest in moving to Nashville, but are faced with a shortage of available office space. Even with the growth and increase in pricing, compared to many other US cities, the cost of doing business in Nashville is actually relatively low, leading to further growth as new businesses move into the area.
Along with residential housing, commercial real estate in Nashville is booming right now. The office market, in particular, has experienced promising growth over the last few years. The asking rent for a typical office space in Nashville has risen to $38 per square foot, and the vacancy rate is only 2.7%. The values of existing office spaces are expected to grow through 2017 and beyond.
Interestingly, boutique hotels are also a hot item in Nashville for 2016. As of late 2015, over 68 hotels were under construction. As a tourist destination known for its country music scene, the city’s lodging market looks incredibly promising.
These quick facts and statistics illustrate the rapid and impressive growth of Nashville building housing market since 2010.
Nashville’s growth since 2010 has been highly impressive. A booming tourist industry, growing economy, and an influx of young professionals have supercharged the residential and commercial real estate markets, making Nashville real estate a hot investment for 2016 and beyond.
