NASHVILLE, TN (WSMV) - Over the past decade, the Nashville skyline has changed dramatically as more skyscrapers are added each year, which means more offices and more jobs.
On average, tenants are renting office space around 1,000 square feet at $38 per square foot. That’s $38,000 annually that companies are paying to work in the heart of Music City.
“In the last five to six years, the rent downtown has just exploded,” said Tad Wood, a broker for TenantBase, a company that places businesses in office spaces around Nashville.
Wood said the growth of business in the downtown district has grown significantly.
“Downtown now is so many different segments,” said Wood. “That’s where Amazon is coming, there’s the SoBro district, there’s Church Street, and they all have different flavors. As you go down to where Amazon is coming, you can see it on the horizon, so people are already signing up and getting in line to be in these spaces that won’t be online for another year to year and a half.”
Nashville’s growth is impossible to deny, and experts say it’s just starting.
“I think we’ve got a long growth period in front of us,” said Wood. “These people that have come in, the money that’s come in from out of town, didn’t make a mistake picking here. We’ve got the housing, we’re growing for the future and building all the inventory. It will get filled up.”To see the full report on how Nashville's office rentals stack up to the rest of the country among tech firms, click here.