REGIONAL
OUTLOOK
SOUTH
Nashville's Big Deal
Á
M I D W E S T
"After a relatively
Midwest Industrial Stats,
quiet first quarter,
Then and Now
investors jumped back
METRIC
2010
2Q13
into the Manhattan
Vacancy
10.0%
8.5%
market in the second
Net absorption
2.8 msf
10.3 msf
quarter yielding an
Asking rents
$3.88
$3.85
Source: Cassidy Turley
increase in commercial
property sales volume
of more than 30%.
W E S T
Á
… The prices paid for California Office
properties increased Development to Increase
dramatically in the
Nearly half the ofce developers surveyed in the San Francisco Bay Area
quarter, especially for plan to begin a new project in the coming year, while only one-third of
office properties and Southern California developers are planning new ofce construction,
according to the Allen Matkins/UCLA Anderson Forecast California
Commercial Real Estate Survey. Te May survey suggests "a slower but
development sites."
— Eastern Consolidated Real Estate
Investment Services
42
September | October | 2013
still positive growth rate of nonresidential construction in 2016 and 2017
as the new ofce space is absorbed."
Commercial Investment Real Estate
Westend61 Photography/Veer
E A S T
Ä
In June, Nashville cut the ribbon on Tennessee's most expensive municipal
project: the $600 million Music City Center. With the new 1.2-msf convention
center, Nashville hopes to corner the market on trade shows and events, adding
to its already $4.2 billion tourist trade. Along with the six-block-long center, more
than 1,000 hotel rooms have been built, with 3,000 more planned, and 1 msf of
additional commercial space expected, according to Cassidy Turley. Already the
center has booked 123 meetings, representing more than 1 million hotel rooms,
according to The Tennessean.