TAKEAWAYS
- The total availability rate increased to 20.7%, up 130 basis points from a year ago due to increased sublease space and new speculative office development which are expected to continue in 2023
- The uptick in the overall average rental rate to $31.02 per square foot (ps) and the Class A average rental rate to $33.28 psf is mostly due to newer high quality Class A office development
- Despite continued economic uncertainty. Nashville remains attractive to companies from outside the region due to its lower cost of living and doing business, as well as its growing well-educated workforce