Space Race

VOL. 8 | NO. 11 | Saturday, March 07, 2015

Businesses looking for office space in Nashville are learning a painful lesson that homebuyers already know prices are high, and if you take time to shop around for a better deal, someone else is likely to snap up the property, leaving you out in the cold.

Even finding available office space to lease in the first place can be a challenge.

At least 1 million people are expected to move to the region during the next 20 years, making Nashville one of the 10 fastest-growing Metro areas in the country, according to Forbes.

That growth has led to a widely publicized shortfall of homes for sale, at least in the most desirable neighborhoods where buyers line up to make offers and homes often sell before they officially hit the market.

Brentwood: 4.9% Cool Springs: 6% Downtown: 11.1% Green Hills: 4.3% Music Row/West End: 2.4% Rivergate/Hendersonville: 1.8% Airport North: 7.5% Airport South: 9.8% MetroCenter: 10.4%

Source: Colliers International

With all the publicity about Nashville and (the regions) low inventory, they have to make up their mind quickly or theyre going to miss it, says Lawrence Lipman, who leads the Lipman Group Sothebys International Realty.

Less well-publicized is a looming shortfall of top-quality office space.

Thats putting pressure on businesses to sign leases quickly and forget about asking for concessions like discounts or cash for remodeling the space.

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