Despite an increasing amount of office space coming online this quarter, average asking rents continue to prove durable, increasing to $28.43 per sq. ft. in Q3.
In Q3 2020, Nashville recorded an overall vacancy rate of 13.9%, a 110-basis point increase since Q2. Vacant new build deliveries coupled with tenant move-outs drove vacancy rates upward this quarter.
Nashville saw an uptick in available sublease space in Q3, with the bulk of inventory in Cool Springs and Brentwood. Even with increasing availability, most sublet space is commanding rents relatively in-line with the market average.