(Originally appeared on Nashville Chamber Member Spotlights)
How has the commercial real estate market in Nashville changed since you started working in the industry?
When I first started working in commercial real estate 4 years ago, the climate was almost the opposite of what it is today. Commercial real estate tends to lag a little bit behind residential, so although Nashville was experiencing a boom in home sales commercial deals were still slow. There were plenty of vacant properties on the market and incentives being offered to attract tenants, but we've seen a strong shift towards a landlord's market in the last two years. Now, tenants are lucky to find properties that fit most of their criteria and cannot expect landlords to offer any improvements like they used to.
What advice can you give business owners that are struggling to find a location?
Work with a broker! Really - even if it's not me, it's definitely in your best interest to have a professional on your side that knows the market and understands how these deals work. They'll do all the leg work for you and you don't even have to pay their fee!
What role do physical storefronts play in an economy that’s increasingly digital?
Physical storefronts are just as important, if not more important, as ever. These storefronts provide customer awareness and a showroom for various products. While many retailers that offer trinkets and small items are starting to disappear, we're seeing many more service based businesses growing into retail locations. You'll see many more medical offices, mortgage companies, restaurants, etc. taking over shopping centers as their target customer already shops there.
What has been the most valuable aspect of your Chamber membership?
The opportunity to connect and learn from other like-minded individuals in Nashville. The relationships I've developed are invaluable and the Chamber is on the forefront of information regarding our region.
What's the best thing about doing business in Middle Tennessee?
Getting to live in Nashville! I love my city and can't imagine living anywhere else.
Describe a recent challenge and how you addressed it.
We recently had a deal that should have been wrapped up in less than 90 days take over 5 months. That can be stressful when you don't get paid unless the deal closes, but my team and I stayed on top of everything on our end and kept a very open line of communication to ensure we kept the ball in play.
What's your biggest goal for your company in the next year?
To continue the growth trajectory we've had in recent years and triple our volume once again.
What's the best advice you ever received?
Take action. Too many people wait around for something to happen and I've always found that the harder I worked, the luckier I got.
How do you define success?
I love how everyone has a different definition of success - and they're all correct! But for me, in my line of work, I see success as a skyscraper on the Nashville skyline that is as architecturally significant as Earl Swensson's AT&T Headquarters. I'll have it one day!
To learn more about Tyler Cauble and Vastland Realty Group, visit his website tylercauble.com.