Commercial real estate in Nashville has seen a massive expansion of value during this economic growth cycle. Office rents have risen a cumulative 45% in metro Nashville since 2010, and while the city leads the country in office construction, vacancies remain below 6% (far below the 20-year average of 9.8%).
The average sale price per square foot has nearly doubled since 2010 - from ~$120 per square foot to ~$220 per square foot. While this increase in price has benefited real estate owners and investors, small businesses are finding it increasingly more difficult to lease affordable office space in Nashville. Check out our 2019 Q3 Office Market Update here.
However, groups like Catalyst Capital (who owns 4013 Travis Drive, below) are out working to champion the cause of affordability for small business owners. Here are three affordable office spaces available for lease around Nashville:
4013 Travis Drive, renovated in August 2019, features offices on the ground floor with private entrances and executive office suites on the second floor. With new landscaping, Bluetooth access, and updated interiors / exterior, these south Nashville office suites are truly tough to beat on price. Private suites start at around $482 per month an include utilities & WiFi.
3250 Dickerson Pike, located just of I-65 / Briley, is one of the largest office buildings in East Nashville at nearly 28,000 square feet. The building is currently undergoing renovations, which include updated elevations, signage, entrances, interior common areas, and office suites. This three-story building features approximately 9,000 square foot floor plates.
Connectivity for the project is ideal at only 10 minutes from downtown and 15 minutes to both BNA and Belle Meade and 1,200 square foot suites start at $2,000.00 per month, full-service.
1100 Old Hickory Boulevard is a former bank located in the heart of Old Hickory Village. The wide open floor plan and 16’ vaulted ceilings allow for an eclectic, creative office use. The space is 5,921 square feet over two levels, which may be divided for two separate tenants. The property was designed by local architect Earl Swensson, who also designed Nashville’s famed Batman Building. Over 300 homes are under construction or in planning within a half-mile radius.
Rent here starts at $12.00/sf NNN for either suite and comes with signage opportunities on the building.