Skip to main content Skip to footer

Industrial Market Report Q4 2022

Download Report

Another Strong Quarter for Nashville's Industrial Market

Key Takeaways

  • Industrial absorption exceeded positive 3.0M square feet for Q4 2022, bringing the total 2022 absorption to a record 7.6M square feet
  • Market vacancy stands at 3.2%, remaining under 4% over the last 13 consecutive quarters
  • Nashville development total remains elevated, with over 4.2M square feet under construction


According to data from Oxford Economics, Nashville's annual job growth rate of 5.8% exceeded the US growth of 4.1% in 2022. The market is forecasted to see job growth of 1.5% in 2023 and an average job growth rate of 0.8% in 2024 through 2027, above the forecasted US rate of 0.5%. Looking at job performance by industrial-space users, Nashville's trade, transportation, and utilities sector increased by 2.9% from December 2021 to December 2022 while manufacturing grew 1.5% in the same time frame. Nashville's industrial market had a solid Q4 performance, with move-ins exceeding 3.0M SF and leasing activity totaling 1.87M square feet. Average rental rates continue to hit new records, and vacancy has remained under 4% since 2019. The continued rise of e-commerce demand, and Nashville's geographical position of being a day's drive to half of the country's population, have kept demand for industrial space above historical norms. 

Nashville Industrial Market Report Card_1

Industrial Market Report Q4 2022

Download Report
Related Experts

Katie Lester

Research Director



Katie joined Colliers in the fall of 2014. She works closely with her advisors, third-party data sources, sales associates and members of the marketing staff to conduct high quality and accurate market analysis, research and reporting for the company and Colliers USA.

Katie plans and executes the company’s research strategy including database creation, management and maintenance, data interpretation, presentation, and marketing of the data, economic and financial analysis, and Colliers International Quarterly Reports. In addition, she is responsible for obtaining the market and industry data for market report production and distribution and executes web searches for pertinent data and information related to research and analysis of local, regional and national trends that influence the commercial real estate market.


View expert