In Q4 2020, Nashville’s average asking rental rate dipped to $28.40 per sq. ft. FSG, a 0.11% decrease from Q3.
In Q4 2020, Nashville recorded an overall vacancy rate of 15.5%, a 160-basis point increase since Q3. New speculative deliveries, as well as large-block tenant move-outs pushed total vacancy upward.
The Nashville office market recorded 146,100 sq. ft. of negative absorption in Q4 2020, bringing the year-to-date total net absorption to -328,332 sq. ft. Absorption trends will continue to remain variable over the coming quarters.