2024 Office Space Rent & Sales
- $30.82 2024 Avg. Asking Rent
- 1.18% Y-o-Y Avg. Asking Rent Change
- 17.63% 2024 Office Vacancy Rate
- $179.9M2024 Total Office Sales
- $124.06Avg. Sale Price/SF
Nashville office price per square foot in 2024 was $30.82 on average. This marked a +1.18% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.63% across all asset classes combined. The 11 transactions that closed here throughout 2024 amounted to a total sale volume of $179.9M. Nashville office space commanded an average sale price per square foot of $124.06.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2024 Average Office Rent per Square Foot
- Nashville Class A & A+ Office Space$34.63
- Nashville Class B Office Space$25.79
- Nashville Class C Office Space$18.61
- Tennessee Class A & A+ Office Space$30.18
- Tennessee Class B Office Space$23.45
- Tennessee Class C Office Space$17.82
Nashville, TN Office Asking Rents by Class
Average office rent in Nashville rested at $30.82 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Nashville averaged $34.63 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.79 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.61 per square foot, on average. Comparably, statewide Tennessee average office rents by class in 2024 were: $30.18 per square foot for class A office space; $23.45 per square foot for class B office space; $17.82 per square foot for class C office space.
2024 Office Vacancy Rates in Nashville
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| South Nashville | $38.00 | 2.39% |
| Downtown | $34.76 | 19.55% |
| Music Row - Vanderbilt | $34.42 | 14.17% |
| Green Hills - Sylvan Park | $31.91 | 19.20% |
| Far South Nashville | $30.98 | 15.81% |
| Donelson - Hermitage | $27.22 | 15.73% |
| Outlying Davidson County | $27.00 | 4.92% |
| MetroCenter | $26.86 | 20.71% |
| Airport | $20.80 | 15.04% |
Office Spaces for Rent in Tennessee
- Nashville Office Space
- Huntsville Office Space
- Brentwood Office Space
- Franklin Office Space
- Chattanooga Office Space
- La Vergne Office Space
- Mount Juliet Office Space
- Murfreesboro Office Space
- Hermitage Office Space
- Lebanon Office Space
- Antioch Office Space
- Berry Hill Office Space
- Columbia Office Space
- Madison Office Space
- Gallatin Office Space
Nashville Office Sale Price per SF
- $124.062024 Avg. Price per SF
- $179.9M2024 Office Sales Volume
- 112024 Number of Transactions
Nashville, TN Sale Price per SF Trend
- Nashville Avg. Sale Price per SF in 2024$124.06
- Tennessee Avg. Sale Price per SF in 2024$129.51
2024 Office Sales Volume
- Nashville, TN Total Office Sales Volume in 2024 $179.9M
- Nashville, TN Total Number of Office Sales Closed in 2024 11
Largest Nashville Office Sales in 2024
| Property name | Address | Date | Price |
|---|---|---|---|
| Truist Plaza | 401 Commerce Street | 4/23/2024 | $84,500,000 |
| Riverview Business Center | 501 Mainstream Drive | 5/10/2024 | $26,000,000 |
| Philips Plaza | 414 Union Street | 12/26/2024 | $17,000,000 |
| Parkway Towers | 404 James Robertson Pkwy | 12/31/2024 | $12,500,000 |
| SkyPark Business Center | 2957 Elm Hill Pike | 2/28/2024 | $7,950,000 |
Coworking Spaces in Tennessee
- Atlanta Coworking Space
- Chicago Coworking Space
- Nashville Coworking Space
- Charlotte Coworking Space
- Indianapolis Coworking Space
- Columbus Coworking Space
- Cincinnati Coworking Space
- Raleigh Coworking Space
- Alexandria Coworking Space
- Birmingham Coworking Space
- Durham Coworking Space
- Kansas City Coworking Space
- St. Louis Coworking Space
- Louisville Coworking Space
- Memphis Coworking Space
- Alpharetta Coworking Space
- Cleveland Coworking Space
- Richmond Coworking Space
- Asheville Coworking Space
- Knoxville Coworking Space
- Chattanooga Coworking Space
2024 Office Construction in Nashville, TN
- Nashville, TN Total SF completed in 2024 742,095
- Nashville, TN Total SF under construction in 2025 1,433,000
During 2024, 742,095 square feet of new office space were delivered across the market. At the close of 2024, the Nashville office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 742,095 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 1,433,000 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Peabody Union | 30 Peabody Street, 37210 | 250,000 | 2025 |
| Tennessee Oncology Flagship Cancer Center | 322 22nd Avenue North, 37203 | 200,000 | 2025 |
| The Pitch | 1621 Ensley Blvd, 37210 | 74,095 | 2024 |
| Neuhoff - Block 1, The Tower | 1320 Adams Street, | 280,000 | 2023 |
| Moore Building | 827 19th Avenue South, 37203 | 239,500 | 2023 |
| 500 28th Avenue North | 500 28th Avenue North, 37209 | 45,000 | 2023 |
| ONE 22 ONE | 1221 Broadway, 37203 | 380,229 | 2022 |
| TriStar Centennial Medical Center | 335 North 24th Avenue, 37203 | 176,000 | 2022 |
| 17th & Grand | 1001 17th Avenue South, 37212 | 166,534 | 2022 |
| Broadwest - Office Tower | 1600 West End Avenue, 37203 | 523,142 | 2021 |
Worth noting among recent office completions on the Nashville market is Peabody Union, which is currently the largest new office development in the city, at 250,000 square feet.
See reports for other markets
- Memphis Office Rent Price
- Knoxville Office Rent Price
- Brentwood Office Rent Price
- Chattanooga Office Rent Price
- Los Angeles Office Rent Price
- San Diego Office Rent Price
- Miami Office Rent Price
- Washington Office Rent Price
- Austin Office Rent Price
- Chicago Office Rent Price
- San Antonio Office Rent Price
- Houston Office Rent Price
- Seattle Office Rent Price
- Manhattan Office Rent Price
- Phoenix Office Rent Price
- Denver Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Nashville commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.