Nashville Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $30.82 2024 Avg. Asking Rent
  • 2.54% 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 +2.54% 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%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Nashville market was 17.63% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Nashville was 2.39% in the South Nashville submarket, while the highest office vacancy in the market was 20.71%, recorded in MetroCenter.

Office Spaces for Rent in Tennessee

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
The sale price for office space in Nashville averaged $124.06 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Tennessee average office sale price during the same time period was $129.51 per square foot.

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
A total of 11 deals closed on the Nashville office market in 2024, adding up to a yearly sales volume of $179.9M. Notably, the largest transaction on the market saw Truist Plaza change hands for $84,500,000 on 4/23/2024.

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
Data provided by Commercial Edge

Coworking Spaces in Tennessee

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.

Largest Office Properties Recently Completed in Nashville
Office building Address SF Completed
Peabody Union 50 Peabody Street, 37210 254,500 2025
Tennessee Oncology Flagship Cancer Center 322 22nd Avenue North, 37203 200,000 2025
The Pitch 1621 Ensley Blvd, 37210 74,095 2024
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
Gulch Union 1222 Demonbreun Street, 330,346 2020

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 254,500 square feet.

Data provided by Commercial Edge

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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.