NASHVILLE-Bolstered by rising office and apartment rents in downtown Nashville, office and apartment property sales rose to new records in 2013.
Combined, office and multifamily property sales rose to $1.7 billion, according to Real Capital Analytics. Nashville office sales transactions rose 50% and apartment sales increased 35%. The national average increase for office sales was 22% and 14% for apartments, according to Dan Fasulo, managing director of New York-based Real Capital Analytics.
Office vacancies in Nashville fell to 10.4% in the fourth quarter from 12.3% a year earlier, which was among the 10 biggest declines for U.S. markets, according to CBRE Group Inc.
Nashville residential rents surged to $794 in the fourth quarter, up 4.5% from a year earlier and the seventh-largest jump in the U.S., according to a Reis Inc. (REIS) survey of 79 markets. See story at Bloomberg News.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
