This article will help anyone looking for information pertaining to a commercial real estate and commercial lending in the State of
The state of Tennessee has a population of 6,038,803 spread
out across over 41,217 square miles. The population has been rising steadily
over the past two decades. Between 1990 and 2000 the population rose 6.2%, and
since 2000 that rate has held steady. The per capita income of the residents
of Tennessee is $30,645.
What does this mean for those who are interested in commercial real
estate in Tennessee?
The largest city in Tennessee is Memphis. This city is conveniently
located by the Mississippi River and nine major highways which makes it ideal
for transportation and shipping commerce. Not surprisingly, the industrial market
in Memphis is picking up momentum. What may be surprising is that the primary
movement in this market is among small and mid-sized industrial tenants. It
is mom and pop shops and light industrial manufacturers who are causing absorption
rates to drop. In Nashville, the industrial market is tight, and some tenants
are actually leaving for lack of industrial space. Nashville industrial space
seems to be burdened with high taxes and operating costs and unfriendly zoning.
Instead, the industrial market is booming in outlying areas such as Rutherford,
Sumner, Maury and Wilson. These counties are bagging manufacturing jobs and
expanding their industrial complexes.
The retail market in Memphis is strong due to redevelopment
in the southern parts of the city. Like many aging cities, Memphis is trying
to revitalize its urban core. There is active development of both small retail
pads and shopping complexes for big box anchor tenants. The city has an active
nightlife and in those areas, retail is strong, but the major activity is leasing
rather than purchase or development.
Nashville is the state's capital, the country music capital
of the United States, and the second largest city in Tennessee. Commercial real
estate is used for the recording industry, music venues and businesses that
cater to the 5 million tourists that visit the city each year. Besides retail,
office or flex use properties are both hot in Nashville, which boasts a large
Just outside of Nashville in Murfreesboro, housing is booming on account of
steady population growth. New development is springing up all over the place,
with a particular emphasis on what's called "new urban." New
urban incorporates small neighborhood or village planning rather than large
scale master-planned communities that typify suburban development. In "new
urban" developments there is often close cooperation with retail developers,
and small-scale retail usually gets developed alongside the housing rather than