Charlotte Ford CCIM Chris Grear CCIM SIOR Vice President Executive Vice President & Partner NASHVILLE’S NEWEST CREATIVE +1 615 850 2751 +1 615 850 2702 WORK SPACE REDEVELOPMENT [email protected] [email protected]
THE OFFERING May Hosiery Co-Op Colliers is pleased to present for lease a portfolio of mixed-use buildings with exciting plans for redevelopment. Built in the early 1900’s, the May Hosiery Complex includes seven buildings that will be redeveloped for oce and retail use in the burgeoning neighborhood of Wedgewood Houston. With a rich history, the May Hosiery buildings oer truly unique space for users searching for a location with character.
Wedgewood Houston, located 1.3 miles south of Downtown Nashville, is rapidly evolving into Nashville’s new urban hotspot. Known to some locals as WeHo, the neighborhood oers extremely convenient access to the interstate and close proximity to popular areas such as 12th South, Belmont, Downtown, The Gulch, East Nashville, Berry Hill and 100 Oaks.
Oce O ering
Addresses 427, 429, 431 Chestnut Street; 510 Houston Street; and 1201 Brown Street
Site 4.05 Acres
No. of Buildings 7 buildings - 5 of which include oce space availability
Floorplates Ranging from 9,000-15,000 SF
Total Building Area (Oce) 114,000 SF
Uses Oce, Retail, Restaurant
Lease Type Modied Gross
Expected Delivery Q4 2017
Parking Ratio 3/1,000 SF Wedgewood-Houston
• Wedgewood Houston is home of the former Nashville Sounds at Greer Stadium, and the State Fairgrounds.Wedgewood Close by, visitors can find Houston the Adventure Science Center, as well as the Civil War historical site Fort Negley, which is now a park. Multiple restaurants have made their way to Weho, including Gabby’s Burgers, Clawson’s PubGERMAN- and Deli, Dozen TOWN EAST Bakery, Smokin’ Thighs and Bastion.NASHVILLE MARATHON Additionally, local wateringVILLAGE DOWN- holes include THE TOWN ROLLING CorsairNATIONS Distillery & Tasting RoomMILL and the Tin CHARLOTTE SOBRO HILL
Dog Tavern. CORRIDOR GULCH PIE DISTRICT SYLVAN HEIGHTS MIDTOWN SYLVAN EDGEHILL PARK VANDERBILT Wedgewood HoustonUNIVERSITY & is where old meets • MEDICAL CENTER MUSIC WEHO new. The renovationsWEST haveROW revived historic 8TH END AVE S properties, while thereBELMONT is an infillBERRY of new 12TH HILL construction andSOUTH micro cottage developments, and condo buildings.MELROSE HistoricTHE LOCATION homes in WedgewoodGREEN Houston are mostly cottage homesHILLS dating back from the 1930’s, 40’s and 50’s. Townhouses and modern cottage style homes are the new construction Wedgewood Houston is home of the former Nashville Sounds at Greer Stadium, and the State Fairgrounds. Close by, rounding out this neighborhood. visitors can nd the Adventure Science Center, as well as the Civil War historical site Fort Negley, which is now a park. Multiple restaurants have made their way to WeHo, including Gabby’s Burgers, Clawson’s Pub and Deli, Dozen Bakery, Smokin’ Thighs and Bastion. Local watering holes include Corsair Distillery & Tasting Room and the Tin Dog Cavern.
32 Wedgewood Houston is where old meets new. The renovations have revived historic properties alongside an inll of new construction, micro cottage developments, and condo buildings. Historic homes in Wedgewood Houston are mostly cottage homes dating back to the 1930’s, 40’s and 50’s. Townhomes and modern cottage-style homes are the new construction rounding out this neighborhood.
Wedgewood Houston is artistic and accessible to the best of what Nashville has to o er. 31 2ND AVENUE SOUTH
1 3RD AVENUE SOUTH 2
CHESTNUT STREET 1 5 T VNESUH 4TH AVENUE SOUTH
3 Wedgewood 6
31 4 MARTIN ST
7 9 R E E HOUSTON STREET Houston T CHESTNUT STREET 12 10
13 2ND AVENUE SO HUMPHREYS STREET 2 CHESTNUT STREET 11 HUMPHREYS STREET 8
4TH AVENUE SOUTH
32 4 3 UTH PILLOW STREET PILLOW
14 15 5
6 STREET MARTIN 19 RAINS AVENUE RAINS 16 2 1 MERRITT STREET 30 MERRITT STREET 17 MERRITT STREET 18
4TH AVENUE SOUTH ON STREET MAR STREET MARTIN HAMILT H
AMILTON STREET
HAMILTON STREET
MOORE AVENUE
MOORE AVEN MAILORY STREET
UE AVENUE RAINS 20
MOORE AVENUE
SOUTHGATE AV STREET TIN ENUE
SOUTHGATE AVENUE 25 WING 27 ROVE STR
STEWART PLACE STEWART EET
22
28 PLACE ALLISON
CARVELL AVENUE CARVELL RAINS AVENUE RAINS
26
23 WEDGEWOOD AVENUE WEDGE WO OD AVE NUE
7 WEDGEWOOD AVENUE 21 24 29 2ND AVENUE SOUTH
COMPLETED UNDER CONSTRUCTION
T VNESUH 4TH AVENUE SOUTH No. Site Information Property Type Building SF AC No. Site Information Property Type Total SF AC Notes Rendering
1 Johnson School Education 50,361 4.05
Twelve60 Martin Apartments 2,700 SF 41 Condo units with ground-level commercial 2 3rd & Chestnut Apartments Multifamily 8,864 0.44 1 Multifamily 0.92 Martin Street & Merritt Avenue Retail space 3 St. Patrick Catholic Church Church 18,200 1.25
4 Dudley Park Park/Recreation N/A 6.44
5 Dudley Head Start Child Care Education N/A 1.73 Merritt Six10 Apartments 4,200 SF 12 Flats, 14 townhouses, and 4,200 SF 2 Multifamily 0.85 Merritt Avenue & Martin Street Retail ground-level commercial space 6 1211 4th Avenue S Mixed Use Mixed-Use 83,719 2.18 2ND AVENUE SO 7 Houston Station Mixed-Use 93,335 1.58 PROPOSED 8 Merritt Mansion Music 3,093 0.31 No. Site Information Property Type Total SF AC Notes Rendering
4TH AVENUE SOUTH 9 United Records Pressing Music 28,006 1.02
UTH 10 Music Imprints Music 13,920 0.39 Outpost Nashville Mixed-Use Will include residential, retail and 1 Development Mixed-use 450,000 SF 5.2 entertainment space 11 Gabby’s Burgers & Fries Restaurant 863 0.17 4th Avenue South & Chestnut Street Greer Stadium - Former Home to 12 Park/Recreation N/A 16.41 Nashville Sounds 13 Fort Negley & Adventure Science Center Education/Park N/A 31.37 462 Humphreys To be renovated for creative oces or retail 2 Oce/Retail 6,416 SF 0.21 14 Vanderbilt Warehouses Industrial 123,385 5.50 Humphreys Street & Martin Street space
15 David Lusk Gallery & Dozen Bakery Retail 10,018 1.68
4TH AVENUE SOUTH 16 American Hotel Liquidators Warehouse 6,375 0.40 Multifamily Development 3 Multifamily 127,500 SF 1.25 5 Stories with 150 units Not Available 17 Thirty Tigers Studio Music 11,000 0.24 Humphreys Street & Brown Street
18 Colliers & McKeel Distillery Industrial 10,860 0.38
19 Corsairs Distillery Industrial 18,601 0.68 Live/Make Condominiums Mix of light manufacturing, artisan and 4 Multifamily 0.80 Not Available 20 Stirrup Nashville Restaurant Restaurant 1,344 0.21 Martin Street residential spaces MAILORY STREET 21 TN Fairgrounds Government N/A 128.58
22 Nashville Public Television Studio Oce 57,615 5.21 Commercial/Restaurant Excellent space for freestanding restaurant 23 Fall-Hamilton Elementary School Education N/A 8.30 5 Retail 0.45 Not Available MOORE AVENUE Martin Street & Gray Street or retail space 24 Smokin Thighs Restaurant Retail 2,276 0.29
25 SoHo Commons Condos Multifamily N/A 0.33 Future Multifamily/Mixed-Use W Can accommodate up to 490 residential INGROVE 26 Tennessee Antique Mall Retail 8,050 N/A 6 Development Multifamily 3.23 Not Available STREET units and 80,00 SF of commercial space Merritt Avenue 27 Border States Electric Oce 87,321 6.49
28 Summit Constructors Oce 14,858 2.56 Wedgewood Lofts 29 Grin Technologies Oce 37,552 1.49 7 Wedgewood Avenue, across from Multifamily 10,000 SF 1.25 150 units with up to 10,000 SF street retail 30 Tin Dog Tavern Restaurant 2,254 0.22 Martin Street
31 Woodstock at Chestnut Hill Multifamily N/A 1.26
32 Nashville Craft Distillery Restaurant 3,700 N/A DRYDEN ARCHITECTURE AND DESIGN Dryden Architecture and Design is an award-winning architecture and interior design studio based in Nashville, Tennessee, established in 2001. They are dedicated to making meaningful human places that mindfully engage local resources and operate simultaneously as habitat and create a lasting memory.
They have completed a variety project types ranging from neighborhood master-plans, mixed-use developments, adaptive reuse projects, private residences, boutique retail, restaurants and corporate oces. The focus has been on projects that have signicantly impacted neighborhoods and helped contribute to a healthy ¥ora of the communities they work within at all levels.
ST. ROCH MARKET The St. Roch Market is the rst Southern food hall of its kind featuring talented chefs, food purveyors, and entrepreneurs. First opened in New Orleans, the market oers both prepared and fresh foods with an emphasis on locally-sourced and crafted materials. Shoppers may utilize the market for traditional, seated dining or as a grocery.
After a successful launch in Louisiana, co-creators Will Donaldson and Barre Tanguis began the search for the next location of this unique market and landed upon Nashville’s May Hosiery Redevelopment. St. Roch Market will occupy the 431 Chestnut building, providing May Hosiery tenants with one of the most unique markets in the state. THE HISTORY From Knickers to Body Stockings Chestnut Square is on Chestnut Street just east of Fort Negley. There By 1908 May and his partners opened for business on Chestnut are eleven buildings in the complex, some connected by tunnels, with Street. In the following years, May Mills counted as customers more than 198,000 square feet of space. The landmark buildings are Marshall Field, Montgomery Ward, Spiegel, Woolworth, Kress, Boy and widely known as the May Hosiery Mill which employed generations of Girl Scouts, as well as Nashville wholesalers J.S. Reeves, Neely- Nashville families and was the oldest sock mill in the South. Harwell, W.S. Riddle, and Eskind & Greenspan. In the 1930’s May was one of the rst licensees of Walt Disney, and the company was a The six-and-a-half-acre property was acquired by Jacob May and prime contractor in mortar fuses during World War II. his partners in 1908. May served as president and then as chairman of the board until his death; his sons Mortimer and Dan operated the During the years before World War II, Jacob and Mortimer May made mill after that. The company was noted for the quality of its socks. ve trips into Hitler’s Germany and managed to rescue more than The crew of Apollo 2, which landed on the moon in 1969, wore socks 200 Jews before the ¥ow of visas was cut o. Mortimer became made by May Hosiery under contract to NASA. connected with the network of underground movement in Europe and succeeded in saving some intellectual Jews which the Nazis German-born Jacob May, 18 years old, came to America in 1879 in were eager to liquidate. After the war Mortimer helped to establish a steerage. He arrived in this country without speaking knowledge of the Jewish homeland in Israel. language and with only seven dollars in his pocket. He began peddling dry goods from a pack on his back. When he had earned enough he The family sold the plant to Wayne-Gassard Company of Chattanooga peddled the New England area by horse and wagon. He later married in 1965. Renfro Corporation bought the plant in the summer of 1983 and settled in Laconia, New Hampshire, a hosiery mill town, where from Wayne-Gassard but closed it soon after (in 1985) when sock he opened a store. On buying trips for the store he sold his suppliers sales were slow, displacing 147 employees. Today, the expanse of hosiery from the mill town. unrenovated buildings still retains the aura of the hosiery mill. It is headquarters for a variety of enterprises including Tennessee An advertisement in a Boston newspaper brought Jacob May to Repertory Theatre, art and photography studios, video productions, Nashville. He and a friend successfully bid a Tennessee prison labor scenic design, drapery fabrication, stained glass manufacturing, food contract—50 men at approximately 50 cents a day. May moved products, and more. his family and several French-Canadian xers (knitting machine repairmen) to Nashville and started the Rock City Hosiery Mills in the Written by Doris Bryce for www.civicscope.com old Church Street penitentiary in 1895.
SiteSite Plan Plan
425
427
429
1201
431 Dye Room
510 THE BUILDINGS 427 Chestnut Street A B C D A B C D Address 427 Chestnut Street 22' - 10" 22' - 6" 22' - 10" 22' - 10" 22' - 6" 22' - 10"
69' - 9" 69' - 9" Available Contiguous 38,734 SF 8 8 DN First Floor 9,365 SF 20'- 11" 20'- 11" Second Floor 9,572 SF 7 7 UP Third Floor 9,676 SF 20'- 11" 20'- 11" 16' - 9"11"- 11' 12' - 7"
DN DN Fourth Floor 9,723 SF 6 6 5' - 4" UP Stories 4 Stories 13'-10 3/8" 13' - 8 1/8" 20'- 11" 20'- 11" 17' - 9 1/8" 10' - 3 1/2"
5 5 20'- 11" 20'- 11" 148' - 1 1/8" 148' - 1 1/8"
4 4 20'- 11" 20'- 11"
3 3 20'- 11" 20'- 11"
2 2 11' - 5 1/2" 11' - 5 1/2" 20'- 11" 20'- 11" ELEV ELEV 10' - 1 3/4" 1 10' - 1 3/4" 1
UP UP 15' - 0" 15' - 0" TO 14' - 11" - 14' 14' - 11" - 14' DN DN ROOF .5 .5 CONNECTION TO HOUSTON ST. BUILDING SECOND FLOOR FIRST FLOORFIRST FLOOR SECOND FLOOR 0 8' 16' 32' 0 8' 16' 32'
427 CHESTNUT STREET 427 CHESTNUT STREET NASHVILLE, TENNESSEE NASHVILLE, TENNESSEE SCALE: 1/16" = 1'-0" 2015.03.05 SCALE: 1/16" = 1'-0" 2015.03.05 429 Chestnut Street
A B C 429 Chestnut Street A B C Address 30' - 3" 30' - 3" 30' - 3" 30' - 3" 62' - 3" 62' - 3"
11 11 Available Contiguous 18,029 SF 17' - 5" 17' - 5" First Floor 8,875 SF 10 10 16' - 10" - 16' 16' - 10" - 16' Second Floor 9,154 SF 9 9 17' - 0" 17' - 0" Stories 2 Stories 8 8 16' - 10" - 16' 16' - 10" - 16'
7 7 148' - 9" 148' 148' - 9" 148' 13' - 2" 13' - 2" 6 6 13' - 2" 13' - 2" 5 5 13' - 2" 13' - 2" 4 4 13' - 2" 13' - 2" 3 3 13' - 2" 13' - 2" 2 2 13' - 2" 13' - 2" 1 1
FIRST FLOOR SECOND FLOOR LOWER LEVEL MAIN LEVEL 0 4' 8' 16' 0 4' 8' 16'
429 CHESTNUT STREET 429 CHESTNUT STREET NASHVILLE, TENNESSEE NASHVILLE, TENNESSEE SCALE: 1/16" = 1'-0" 2015.03.05 SCALE: 1/16" = 1'-0" 2015.03.05 431 Chestnut Street
A B C D E F G H I J K L M N O Address 431 Chestnut Street
14' - 6" 15' - 0" 15' - 0" 15' - 0" 15' - 0" 15' - 0" 15' - 0" 15' - 0" 15' - 0" 15' - 0" 15' - 0" 15' - 0" 15' - 0" 14' - 6"
210' - 10 1/4" Available Contiguous 12,669 SF 5
First Level 12,669 SF 3.1
2 Stories (main level retail)
61' - 1 1/2" 61' - 1 Stories
2.1 19' - 8 3/4"19' - 8 3/4" 19' - 8 3/4" 19' - 8
DN 1
1ST FLOOR CONNECTOR ABOVE 19' 6" -
FIRST LEVELLOWER LEVEL
0 8' 16' 32'
431 CHESTNUT NASHVILLE, TENNESSEE
SCALE: 1/16" = 1'-0" 2015.03.05 510 Houston Street
A B C D E F G H I J K L M N O P Address 510 Houston Street 217' - 9"
13' - 10 5/8" 15' - 2 3/8" 14' - 11" 14' - 11" 14' - 11" 13' - 10" 13' - 10" 14' - 4 3/4" 14' - 4 3/4" 14' - 4 3/4" 14' - 4 3/4" 14' - 4 3/4" 14' - 4 3/4" 14' - 4 3/4" 14' - 4 3/4" Available Contiguous 12,599 SF 4
9' - 8" TO EXTERIOR FIRE ESCAPE 3.5 20' 0" - 3.2 Second Level 12,599 SF 3 CONNECTOR TO ADJACENT BUILDING 1' - 0"
19' - 11" 2.6 60' - 9 1/2" 60' - 9 Stories 2 Stories (main level retail) 2 7' - 3" 8' - 0" 1.5 19' 2" -
1
SECOND LEVEL
510 HOUSTON STREET SECOND FLOOR PLAN
SCALE: 1/16" = 1'-0" 2015.03.13 1201 Brown Street HATCHED WINDOW OPENINGS HAVE BEEN FILLED WITH CMU OR OTHER MATERIALS. 134' - 9" Address 1201 Brown Street
FEF EF Available Contiguous 30,758 SF
- '51 ' - 9 " 22 ' - 8 " 49 ' - 4 " - 3" 49' -
ELEC (10) 2x10 BEAM @10'-9" UNDERSIDE - 0" 17' -
DUMPSTER First Level 15,379 SF 132' - 9"
CLG DECK @12'-4" (ON 2X10 JSTS)
ABANDONED TLT 3" - 100' (7 WC'S, 1 SINK) 7' - 10"7' SP SP NOT ACTIVE Second Level 15,379 SF 156' - 7 1/4" WOOD FLOOR ELEV CONC STAIR
WOOD FLOOR SLA B - 6" 47' - Stories 2 Stories - 0" 39' - - 6" 38' -
218 '61 - 8 "2/1 '45 - 2 "2/1 51 ' - 3 " 29 ' - 0 " '71 - 6 "2/1 - 5" 24' -
CHUTE 10'-10" TO UNDERSIDE OF BEAM LIF T
197' - 8FIRST 1/2" LEVEL
FIRST FLOOR PLAN 1201 BROWN STREET NASHVILLE TENNESSEE 0 8' 16' 32' SCALE: 1/16" = 1'-0" 2015.03.18 103' - 7 1/4" - 3" 49' -
132' - 9" 27' - 3 1/2" 27' HATCHED WINDOW OCCUPIED SPACES OPENINGS HAVE BEEN FILLED WITH CMU OR OTHER MATERIALS. 11' - 10"
150' - 9" ELEV
3
8'
3 -
1
/ 2 " - 2" 27' -
- 3" 35' - STAIR OCCUPIED SPACES - 5" 24' - 29' - 7" 153' - 8 1/2" - 7" 18' -
16' - 10" 6' - 1" LIFT
SECOND LEVEL
SECOND FLOOR PLAN 1201 BROWN STREET NASHVILLE TENNESSEE 0 8' 16' 32' SCALE: 1/16" = 1'-0" 2015.03.18 510 Houston Photos 510 Houston Photos Intro to
Declared “It City” by the New York Times in 2013, Nashville has since earned a Nashville is lmed locally and is broadcast to audiences worldwide. Taylor Swift Nashvillestream of accolades that includes 2016 recognition from the Brookings Institute as a was discovered at local Bluebird Cafe and historic RCA Studio B sits in midtown top-10 US city for job growth and prosperity. Nashville has been recognized among Nashville, but show business is not the city’s only dening characteristic. Over the the nation’s “Top 25 Art Destinations” by AmericanStyle magazine and as the “#7 last decade, the area has experienced tremendous growth across the healthcare, Best Place for Artists in the US” by Business Week. Travel + Leisure reported that tourism, publishing, and technology industries. High-prole businesses from across Nashville, known internationally as “Music City,” beat contenders like Australia and the country and the globe have moved to the Nashville MSA, including Nissan, Cuba in the magazine’s 2015 poll of readers’ favorite vacation destinations. Oreck, Backyard Burgers, Warby Parker, the Consulate-General of Japan, and Lyft.
Nightly, music of every genre is performed at venues as dierent as “honky-tonk” Nashville is the capital of Tennessee and serves as a transportation, business and Tootsies World Famous Orchid Lounge, indie-centric bar 12th & Porter, and the tourism hub for the region. Nashville’s diverse economic market, nestled in the elegant Schermerhorn Symphony Center. Critically-acclaimed ABC musical drama state’s geographic center, comprises 10 counties with a total population exceeding 1.7 million. The city supports many innovative and aggressive local programs to #15 university in the nation by US News & World Report. MBA programs at Belmont recruit workers to the region. The business environment is characterized by a and Lipscomb Universities were also named among the nation’s best by Bloomberg. favorable geographic location, quality workforce, lower taxes and growth opportunities enhanced by a diverse economy. In addition to oering a cost of living below the national average and a climate that remains mild year-round, Nashville’s features dozens of municipal parks and golf Many of Nashville’s most valuable workers come from the area’s vast educational courses. The city’s rich landscape is spotted with natural attractions like Elm Hill system, which includes 18 accredited four-year and postgraduate institutions. These Marina and Percy Priest Lake. schools deliver 17,000 graduates to the market each year, 60% of which choose to stay in the region after graduation. In the Nashville MSA, 44.9% of adults at least 25 years and older have one or more years of college education and more than 45,000 people have graduate or professional degrees. Vanderbilt University is ranked the Nashville, TN Market Market Overview Sizable and Growing Population. With a population of 1.8 million in the Nashville MSA, Nashville is the largest MSA in a ve-state area. Only the Austin, Raleigh and Denver MSAs grew faster than Nashville between 2010 and 2015.
Diverse Mix of Industries. Health care, corporate operations, advanced manufacturing, music and entertainment, and supply chain management are the leading industries that drive the Nashville economy. Some of the nation’s most notable corporations are headquartered in Nashville, such as Nissan North America, Bridgestone Americas, Dollar General, Hospital Corporation of America and Gibson Guitar.
Favorable Geographic Location. 50% of the U.S. population (150 million people) lives within 650 miles of Nashville, with 40 million people within 300 miles. 75% of U.S. markets are within a two-hour ¥ight.
Skilled Workforce. The area is home to more than 118,000 students, with 17,000 graduating each year and 10,000 of those graduates remaining in the Nashville area and providing a strong pipeline of educated talent.
High Quality of Life. The U.S. Chamber of Commerce’s Enterprising States report named Tennessee a top state for low business taxes and regulations. Tennessee also has the second lowest state and local tax burden per capita, and no income tax on wages. Nashville, Tennessee – Population Growth
• Based on U.S. Census data, the 14-county Nashville MSA gained 30,875 people a year Populationbetween Growth July 2010 and 2015. That translates into an annual average 1.8 percent Based ongrowth, U.S. Census which data, the is14-county more Nashville than MSA double gained the30,875 0.8 people percent a year between national July 2010 growth and 2015. rate That overtranslates the into an annualsame average period. 1.8 percent growth, which is more than double the 0.8 percent national growth rate over the same period.
Top MSAs for Population Growth, 2010-2015 Nashville MSA Population Growth, 2000-2015
3.5% 3.2% 2. M 3.0% 1.83 M 1.79 M 2.4% 1.8 M 1.76 M 2.5% 1.71 M 1.73 M 2.0% 1.68 M 2.0% 1.8% 1.8% 1.5% 1.6 M 1.5% 1.0% 0.8% 1.0% 0.7% 1.4 M 1.31 M 0.5% 0.3% 0.0% 1.2 M
1. M
2000 2010 2011 2012 2013 2014 2015
Nashville Net Migration, 2011-2015 120,000 105,958 Net migration of over 100,000 100,000 between 2011 80,000 and 2015
60,000
40,000 26,062 22,198 21,438 23,922 20,000 12,338
0 2011 2012 2013 2014 2015 Total 36 Source: U.S Census Bureau, 2016 JLL Hotel Market Spotlight: Nashville Nashville, Tennessee - Employment Landscape
• Nashville boasts a diverse and Job Growth by Sector growing economy with no single (12-month change as of October 2016) -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000
sector accounting for more than Educational and Health Services 6,800 19% of overall employment. Over Manufacturing 4,700 Employment Landscape Mining, Lodging and Construction 3,400 the past 12 months, Nashville has Leisure & Hospitality 2,700 Nashville boastsexperienced a diverse and growing job growtheconomy with in no 9single out sector of accounting for more thanGovernment 19% of overall employment.1,700 Over the past 12 months, Nashville has experienced job growth in 9 out of 10 of its industry super-sectors.Financial The biggest Activities job growth has been1,400 in Education & Health 10 of its industry super-sectors. Other Services 1,000 Services and Manufacturing. Information 800 The biggest job growth has been in Professional & Business Services 600 Nashville, Tennessee - Employment Landscape Trade, Transportation & Utilities -600 The top employersEducation in the Nashville & Healtharea operate Servicesin a mix of industries, and including education, healthcare, manufacturing and retail. Manufacturing. Job Growth by Sector Number of • Nashville boasts a diverse and Company Employees (12-month change as of October 2016) growing economy with no single • The top employers in the Nashville Vanderbilt University 22,105 area operate-1,000 in 0 a 1,000 mix 2,000 of 3,000 industries, 4,000 5,000 6,000 7,000 8,000 Nissan North America 10,050 sector accounting for more than Educational and Health Services 6,800 HCA 7,000 19% of overall employment. Over includingManufacturing education, healthcare,4,700 Saint Thomas Health 7,000 Mining, Lodgingmanufacturing and Construction and retail. 3,400 Randstad 3,785 the past 12 months, Nashville has Leisure & Hospitality 2,700 Electrolux Home Products 3,200 Government 1,700 Community Health Systems 3,092 experienced job growth in 9 out of Financial Activities 1,400 Cracker Barrel Old Country Store 3,012 10 of its industry super-sectors. Other Services 1,000 Shoney's 3,000 Information 800 The Kroger Co. 2,554 The biggest job growth has been in Professional & Business Services 600 Middle Tennessee State University 2,200 Education & Health Services and Trade, Transportation & Utilities -600 General Mot ors 2,139 Maury Regional Medical Center 2,135 Manufacturing. UPS 2,012 Number of National HealthCare Corp. 2,000 Company Employees Dollar General Corp. 2,000 • The top employers in the Nashville Vanderbilt University 22,105 Ingram Content Group 2,000 Nissan North America 10,050 Ama z on. c o m 2,000 area operate in a mix of industries, HCA 7,000 A.O. Smith Corp. 1,900 including education, healthcare, Saint Thomas Health 7,000 Bridgestone Americas 1,855 Randstad 3,785 manufacturing and retail. Source: Nashville Cha er o Co erce, Bureau o La or Statistics, 2016 JLL Hotel Market Spotlight: Nashville Electrolux Home Products 3,200 37 Community Health Systems 3,092 Cracker Barrel Old Country Store 3,012 Shoney's 3,000 The Kroger Co. 2,554 Middle Tennessee State University 2,200 General Mot ors 2,139 Maury Regional Medical Center 2,135 UPS 2,012 National HealthCare Corp. 2,000 Dollar General Corp. 2,000 Ingram Content Group 2,000 Ama z on. c o m 2,000 A.O. Smith Corp. 1,900 Bridgestone Americas 1,855
Source: Nashville Cha er o Co erce, Bureau o La or Statistics, 2016 JLL Hotel Market Spotlight: Nashville 37 Oce Market
• Growth in the Nashville economy has led to tremendous increase in both demand and supply of commercial oce real estate. The last year Nashville built more supply than it absorbed was in 2009, when the market was 14% vacant. Since then, 2.9 million square feet have been built and 5.6 million square feet have been absorbed.
• The oce vacancy rate has fallen steadily over the past three years, ending Q3 2016 at 4.7%, down from 6.2% at the beginning of the year. Class A vacancy, at 2.6%, has been below 5% for three years. This level is considered optimal for providing opportunities for growth.
• Developers are working to address the undersupply, but many of the buildings completed in 2016 were built-to-suit or almost fully leased at completion. Four buildings were delivered in the fourth quarter of 2016, adding 1 million square feet of inventory, but only 229,000 square feet was available at completion.
• Rents have increased due to the demand and lack of supply. Class A weighted, full-service asking rents for the Metro area for the third quarter are $26.42 per square foot, up from $24.76 at the beginning of the year. Highest Class A rates are in Midtown at $34.94, followed by $30.39 in Green Hills and $27.91 in the CBD.
• There are 20 buildings under construction in the market, with approximately 2.5 million square feet expected to come online in 2017. Colliers International 523 3rd Avenue South, Nashville, TN 37210 MAIN 615 850 2700 FAX 615 244 2957 colliers.com