Nashville
Total Stock (million sq. ft.)
183.8
Vacancy Rate
8.1%
Availability Rate
9.9%
NNN Lease Rate
$4.74
Net Absorption (million sq. ft.)
1.1
183.8
Vacancy Rate
8.1%
Availability Rate
9.9%
NNN Lease Rate
$4.74
Net Absorption (million sq. ft.)
1.1
Metro Area Population
1.9 million
Unemployment Rate
3.3%
Annual Salary - Warehouse
$27,789
% of Pop - Associate Degree and Below
66.0%
% of Pop - Bachelor's Degree and Above
34.1%
1.9 million
Unemployment Rate
3.3%
Annual Salary - Warehouse
$27,789
% of Pop - Associate Degree and Below
66.0%
% of Pop - Bachelor's Degree and Above
34.1%
Airport
Nashville International Airport
Total Cargo (millions of U.S. tons)
0.02
Seaport
N/A
TEU Volume - 2017 (millions)
N/A
Major Highways
I-24, I-40, I-65, I-440
Number of Intermodal Rail Hubs
2
Number of Class I Rail Lines
2
What is the term of a typical lease?
5-10 years
How is the rent quoted?
Full service gross annual
What is the tenant's option for termination or break?
Typically, the tenant has the right to terminate the lease with 6 months’ notice.
Does the tenant have the option to renew? What is the length of the typical option?
Typically, the tenant has the right to renew, with an average length of 3-5 years.
How is the rent determined at renewal?
Typically, rents are determined by market rent at renewal and are generally negotiated 3 to 6 months in advance of lease expiration.
What is the typical rent-free period, if any?
3-4 months
What is the typical rent escalation?
2% annual escalations
Does the tenant have the right to sublet?
Yes, with landlord approval
5-10 years
How is the rent quoted?
Full service gross annual
What is the tenant's option for termination or break?
Typically, the tenant has the right to terminate the lease with 6 months’ notice.
Does the tenant have the option to renew? What is the length of the typical option?
Typically, the tenant has the right to renew, with an average length of 3-5 years.
How is the rent determined at renewal?
Typically, rents are determined by market rent at renewal and are generally negotiated 3 to 6 months in advance of lease expiration.
What is the typical rent-free period, if any?
3-4 months
What is the typical rent escalation?
2% annual escalations
Does the tenant have the right to sublet?
Yes, with landlord approval
What is the unit of measurement of a typical lease?
Per sq. ft. per year
Does the leasable area include the common area?
Yes
Per sq. ft. per year
Does the leasable area include the common area?
Yes
What is the average rent for a warehouse greater than 50K sq. ft.?
$4.30 per sq. ft. per yearr
What is the average rent for a manufacturing facility greater than 50K sq. ft.?
$4.70 per sq. ft. per year
Is there a rent review during the lease?
Yes
What are the average service charges (OPEX)?
$2.00-$4.00 per sq. ft. per year
Who is responsible for the service charges?
Tenant
What are the average taxes paid on the lease?
$1.50-$2.50 per sq. ft. per year
Who is responsible for the property taxes?
Tenant
Who is responsible for the utilities?
Tenant
Who is responsible for the fit-out costs, if any?
Tenant
What is the typical security deposit?
3 months’rent for lease/pre-lease,case by case for built-to-suit.
How is car/truck parking paid?
Tenant is responsible (included in rent)
Any other occupancy costs?
N/A
$4.30 per sq. ft. per yearr
What is the average rent for a manufacturing facility greater than 50K sq. ft.?
$4.70 per sq. ft. per year
Is there a rent review during the lease?
Yes
What are the average service charges (OPEX)?
$2.00-$4.00 per sq. ft. per year
Who is responsible for the service charges?
Tenant
What are the average taxes paid on the lease?
$1.50-$2.50 per sq. ft. per year
Who is responsible for the property taxes?
Tenant
Who is responsible for the utilities?
Tenant
Who is responsible for the fit-out costs, if any?
Tenant
What is the typical security deposit?
3 months’rent for lease/pre-lease,case by case for built-to-suit.
How is car/truck parking paid?
Tenant is responsible (included in rent)
Any other occupancy costs?
N/A
What are typical agency fees? Who pays them?
6% split, 4% and 2% based on the aggregate rent of the lease term.
Who is responsible for legal fees?
Each party is responsible for their own legal fees.
Any other transaction costs?
N/A
6% split, 4% and 2% based on the aggregate rent of the lease term.
Who is responsible for legal fees?
Each party is responsible for their own legal fees.
Any other transaction costs?
N/A
What is the typical land tenure?
Fee simple or a ground lease with at least 50-year term
What is the terminology of the purchase agreement?
Purchase & Sale Agreement
What is the average cost?
Warehouse: $40-$55per sq. ft. Manufacturing: $40-$60 per sq. ft.
What is the agency fee and who pays?
3%-6% paid by seller
What is the typical LTV?
65%-75%
What is the average borrowing rate?
4.50%
What is the mode of payment?
All cash or cash with financing
What are the average transaction (closing) costs?
Usually approximately 1% of purchase price
Fee simple or a ground lease with at least 50-year term
What is the terminology of the purchase agreement?
Purchase & Sale Agreement
What is the average cost?
Warehouse: $40-$55per sq. ft. Manufacturing: $40-$60 per sq. ft.
What is the agency fee and who pays?
3%-6% paid by seller
What is the typical LTV?
65%-75%
What is the average borrowing rate?
4.50%
What is the mode of payment?
All cash or cash with financing
What are the average transaction (closing) costs?
Usually approximately 1% of purchase price
What is the average clear ceiling height?
28' -32'
Average number of dock doors?
30-50
Typical column spacing?
50' x 50'
Average parking ratio?
.30-.90 / 1,000 sq. ft.
Sprinkler system?
ESFR
What is the typical power supply?
3,000 amps heavy
28' -32'
Average number of dock doors?
30-50
Typical column spacing?
50' x 50'
Average parking ratio?
.30-.90 / 1,000 sq. ft.
Sprinkler system?
ESFR
What is the typical power supply?
3,000 amps heavy
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