Report: We can't build downtown Nashville fast enough

Report: We can’t build downtown Nashville fast enough

Downtown Nashville’s rental occupancy hovered close to 100 percent for the fourth consecutive year and inventory decreased to a 1.2 month supply of re-sale units, according to the Nashville Downtown Partnership’s 2015 residential report, released Monday afternoon.

Summarized in brief: We can’t build them fast enough.

With major corporate expansions and relocations planned that will bring more workers downtown, including Bridgestone Americas, UBS and HCA subsidiaries Sarah Cannon and Parallon, the report paints a picture in which supply won’t catch up with “unprecedented” demand, leading to higher rental rates and condo prices. More affordable units are needed, especially since the sale of the James Robertson Apartments took 123 affordable rental units out of play, but escalating land prices have made it hard for developers to offer those, according to the report.

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Nashville Biz Journal

By Brandon Sheriff|July 28th, 2015|Uncategorized|Comments Off

About the Author: Brandon Sheriff

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