A recent study by the National Association of Realtors has listed Nashville, Tenn., among the nations leaders in future retail growth and warehouse demand; growth is also predicted in the multifamily market.
Nashville is listed among the top 10 cities in the country projected to experience retail growth within the next 12 months. Only seven cities in the survey were projected to have a stronger growth rate in 2005 than Nashville, which is projected to see retail occupancies increase between 2 percent and 3 percent.
“The commercial real estate market in Greater Nashville has seen some very positive signs over the past year,” said Tom Miller, president of the Greater Nashville Association of Realtors Commercial Investment Division. “The fact that this area is mentioned so positively in the recent reports by the National Association of Realtors is an indication that we are becoming noticed by more and more firms throughout the country and the world. Now that we are in this position, the challenge will be to maintain and build on that position.”
The report also projects Nashville will experience growth in its demand for warehouse space over the next four years. Out of 53 cities surveyed, Nashville is among the top 13 projected to experience an 11 percent or greater increase in demand of warehouse space between now and 2008.
The NAR survey also found that Nashville saw positive growth in multifamily occupancy levels in the first half of 2004, compared to the last half of 2003 with up to a .24-percent increase. Only six cities exceeded Nashville by experiencing higher increases.
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