{"id":1004112994,"date":"2015-02-09T07:36:37","date_gmt":"2015-02-09T15:36:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004112994"},"modified":"2021-05-15T08:29:51","modified_gmt":"2021-05-15T16:29:51","slug":"market-snapshot-nashville-retail-rocks","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/market-snapshot-nashville-retail-rocks\/","title":{"rendered":"Market Snapshot: Nashville Retail Rocks!"},"content":{"rendered":"<p style=\"text-align: justify\"><i>By Eliza Theiss, Associate Editor<\/i><\/p>\n<div id=\"attachment_100411\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Nashville-2014-retail-largest-transactions.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-100411\" data-attachment-id=\"1004112995\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-nashville-retail-rocks\/nashville-2014-retail-largest-transactions\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Nashville-2014-retail-largest-transactions.png\" data-orig-size=\"803,295\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Nashville 2014 retail largest transactions\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Nashville-2014-retail-largest-transactions.png?w=803\" loading=\"lazy\" class=\"size-medium wp-image-1004112995\" title=\"Nashville -  Largest Retail Transactions of 2014\" alt=\"Nashville -  Largest Retail Transactions of 2014\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Nashville-2014-retail-largest-transactions.png\" width=\"300\" height=\"110\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Nashville-2014-retail-largest-transactions.png 803w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Nashville-2014-retail-largest-transactions.png?resize=300,110 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Nashville-2014-retail-largest-transactions.png?resize=768,282 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-100411\" class=\"wp-caption-text\">Nashville &#8211; Largest Retail Transactions of 2014<\/p><\/div>\n<p style=\"text-align: justify\">Retail growth was spurred throughout 2014 by Nashville\u2019s record-breaking apartment sales, above national average job growth, net in-migration and a strong hospitality industry. Nashville\u2019s retail market ended 2014 with an overall rental rate of $16.09 per square foot, Colliers International data shows. This resulted in a yearly rental average of $14.28 per square-foot for 2014, marking the fifth consecutive year of growth. Green Hills\/Belle Meade posted the highest rental average with $23.73 per square-foot, followed by Downtown with $23.12 per square-foot.<\/p>\n<p style=\"text-align: justify\">Growing rental rates attracted institutional grade investors to Nashville, with the year\u2019s largest sale fetching $44 million. The deal targeted the 95,000-square-foot <a title=\"Amstar Sells $44M Retail Asset to TIAA-CREF, Lists 45-Acre Commercially Entitled Tract Cool Springs\" href=\"https:\/\/www.commercialsearch.com\/news\/cities\/nashville\/amstar-sells-44m-retail-asset-to-tiaa-cref-lists-45-acre-commercially-entitled-tract-cool-springs\/1004100236.html\" target=\"_blank\" rel=\"noopener\">Southside at McEwen<\/a>, a retail trophy asset located in the growing Cool Springs market, which was purchased by TIAA-CREF from Amstar.<\/p>\n<p style=\"text-align: justify\">Occupancy levels were also on the rise in Nashville\u2019s retail market. The fourth quarter of 2014 ended with a 6.1 percent vacancy rate, marking the lowest rate since the first quarter of 2009. The lowest submarket vacancy rate\u2014which reached 1.6 percent\u2014was posted by Brentwood, followed by West End with 2.2 percent and Green Hills\/Belle Meade with 3.2 percent. Supply in the top three submarkets was extremely limited, totaling only six properties with 10,000 square feet up for lease at the end of 2014. Overwhelmingly, Nashville\u2019s submarkets ended with vacancy rates below 5 percent, with the exception of the Southeast Corridor (14 percent) and Bellevue\/West Nashville (17.3 percent). The year-to-date net absorption for Nashville\u2019s retail market in 2014 was 880,523 square feet, with the positive absorption trend expected to continue in 2015, according to Colliers International.<\/p>\n<p style=\"text-align: justify\">2015 is also expected to bring a number of live-work-play developments to Nashville, adding to the metro\u2019s retail inventory, which currently stands at 56,842,698 square feet. Projects such as Crescent Music Row will add street-level retail space in mixed-use residential developments, while large-scale mixed-use projects such as <a title=\"SouthStar, Thomas Land &amp; Development Partner on 145-Acre Mixed-Use Ovation\" href=\"https:\/\/www.commercialsearch.com\/news\/cities\/nashville\/southstar-thomas-land-development-partner-on-145-acre-mixed-use-ovation\/1004108436.html\" target=\"_blank\" rel=\"noopener\">Ovation<\/a>, Capitol View and Hill Center Brentwood will ultimately expand the region\u2019s retail inventory by several hundred thousand square feet. Ovation alone will generate 500,000 square feet of retail upon completion. A highlight of the year will be C1TYblox, the retail component of Cambridge Holding Inc.\u2019s oneC1TY mixed-use development.  As reported by the <a title=\"Nashville Soon to Get The First Shipping Container Retail Center\" href=\"https:\/\/www.jetsongreen.com\/2014\/11\/nashville-soon-to-get-the-first-shipping-container-retail-center.html\" rel=\"nofollow noopener\" target=\"_blank\"><i>Jetson Green<\/i><\/a>, C1TYblox will be assembled from 21 repurposed shipping containers, a first for Nashville.<\/p>\n<p style=\"text-align: justify\"><i> <\/i><\/p>\n<p style=\"text-align: justify\"><i>Chart courtesy of <a title=\"Colliers International\" href=\"https:\/\/www.colliers.com\/en-us\" rel=\"nofollow noopener\" target=\"_blank\">Colliers International<\/a><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retail growth in Music City is coming up roses. <\/p>\n","protected":false},"author":49,"featured_media":1004112995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[1598],"class_list":["post-1004112994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-nashville"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Snapshot: Nashville Retail Rocks! - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-nashville-retail-rocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Snapshot: Nashville Retail Rocks!\" \/>\n<meta property=\"og:description\" content=\"Retail growth in Music City is coming up roses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-nashville-retail-rocks\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-09T15:36:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T16:29:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Nashville-2014-retail-largest-transactions.png\" \/>\n\t<meta property=\"og:image:width\" content=\"803\" \/>\n\t<meta property=\"og:image:height\" content=\"295\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-nashville-retail-rocks\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-nashville-retail-rocks\/\",\"name\":\"Market Snapshot: Nashville Retail Rocks! 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Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. She has also contributed extensively to CommercialEdge. 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