Commercial real estate investors and new business owners are coming to Nashville, Tennessee, in record numbers. This is just one reason Nashville was ranked 11th on a list of the best US cities to start a business in 2020. Today, Music City thrives with commercial real estate developments, population growth, company relocations, and investor activity.
Recent data released by the Bureau of Labor and Statistics indicates that Nashville has made substantial strides in the business and employment sector, with the recovery of 75% of jobs lost in the spring of 2020. Business and professional service jobs have regained over 100% of the positions lost last year. These factors are sure to continue to drive the commercial real estate investment market in a positive direction. Keep reading to understand why commercial real estate in Nashville is a wise investment.
What are the Hottest Commercial Industries in Nashville, TN?
There has been a massive influx of private and institutional commercial real estate investments made here, with numerous entities willing to deploy capital. Recently, a major tech giant made a $1.2 billion investment in the city, adding another 8,500 new jobs to Nashville's workforce. This is just one of the growing sectors, with other major industries including:
- Health Care Management
- Automobile Production
- Higher Education
- Printing & Publishing
- Music Production
- Community Health Systems
However, these are only the strongest and fastest-growing industries situated and prospering here. Let's delve into some other contributors to the bustling commercial real estate scene in Nashville, Tennessee.
The Expansion of Commercial Real Estate in Nashville
The city took quite a few wise steps to ensure that it could sustain itself during the world crisis of the past year and a half. Not only has the community sustained, but it is experiencing meteoric rises. Much of this has been made possible by the expansion of the Nashville International Airport to the tune of $1.4 billion.
With more availability for direct international and domestic flights, the city enjoys greater global accessibility. Businesses here relish the convenience of reaching nearly 75 percent of the US market with a short two-hour flight. This allows Nashville to be an ideal place to meet escalating shipping and logistics needs, making commercial real estate citywide a hot proposition with loads of earning potential.
A Population Boom is Creating Remarkable Opportunities in Commercial Real Estate
Some estimates show that about 82 people are moving to Nashville every day. With more people moving here from other states, a more robust workforce continually boosts interest in commercial real estate.
Purchasing and leasing activities are exceeding levels at rates never seen before, reflecting confidence in the market here. The low cost of living, exceptional educational institutions, and no state income taxes are further appeals for newcomers looking to live, start a business, or invest in commercial properties in Nashville.
Discover Real Estate Investment Options in Nashville
With the success and growth in the last decade in this vibrant city, the local economy will continue to recover and is likely to gain momentum for years to come. For investors ready to deploy capital in commercial real estate or relocate to Nashville, the future is certainly looking bright.
New commercial real estate investors should consult with a commercial real estate expert and a reputable broker. It is also a good idea to talk to existing members of the business community to get a personal feel for the fantastic opportunities in Nashville, Tennessee.
The Ashton Real Estate Group of RE/MAX Advantage
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