Magazine article Journal of Property Management

Singin' a Happy Tune

Magazine article Journal of Property Management

Singin' a Happy Tune

Article excerpt

No sad songs for Nashville, thanks to a solid economy and its shoppers' paradise

As Nashville is home to the legendary Grand Ole Opry, one might expect the city's real estate practitioners to be singing sad country songs about the current state of the market in Music City, U.S.A. Not so. Despite market conditions similar to many other large cities, Nashville is on the up-and-up, boosted by the everimproving national economy as well as a vibrant local medical community.

"There hasn't been much new space added to the office marketplace, so it should soon stabilize about what's coming online," said Darwin Pankey, CPM, of Grubb & Kills. "Office activity is good; there's in-migration of tenants and reasonable demand for existing tenants, too."

Pankey predicted the office market will continue to improve because in addition to Nashville's medical and ancillary services, the airport and three major interstates keep driving activity into the city. Despite periods of overbuilding, Pankey said the market has always maintained equilibrium between supply and demand.

"The office market has probably already bottomed out and is headed back in the right direction," he said.

So, how do all these people being driven into Nashville keep busy? Shopping.

According to Cheri Spinazzola, CPM, of Opry Mills Management, the retail sector has seen sales increases between five and 15 percent per month, besting last year's figures.

"We're expecting an average of about a six percent increase in sales," Spinazzola said. …

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