N
ashville's office rents are surging, particularly in top-tier buildings. Average asking prices reached nearly $60 per square foot in the third quarter, a 5% increase from last year, according to Avison Young. This puts Nashville ahead of major Southern cities like Dallas and Charlotte. Local landlords are unlikely to lower rates soon due to steady demand for quality space.

    While out-of-state tenants see Nashville's prices as relatively affordable compared to markets like New York and California, local businesses may be feeling the pinch. Brennan Forster of Avison Young notes that interest rates and the presidential election will bring more clarity to the market, but rents are expected to continue rising.

    Despite a slowdown in leasing activity, demand remains strong, with new tenants seeking over 800,000 square feet of office space. Notable leases this year include TikTok's expansion into the Moore Building, which more than doubled its local footprint. A major financial services firm is also reportedly searching for 500,000 square feet of space.