Tech and Office Sectors Drive Employment Prospects
- Nashville's office absorption posted negative 341,051 square feet in Q2
- Market vacancy increased this quarter due to large blocks of sublease space being put on the market
- Construction projects reached 3.3M square feet at the close of Q2 2022
Nashville’s economy is hitting its stride, having grown at a similar growth rate that it was experiencing prior to the pandemic. According to Oxford Economics, the metro’s net job growth of 4% from Q1 2020 to Q2 2022 ranks 5th highest of the 50 largest metros. Of note, Nashville’s office market has grown by 9% in the same time frame, largely led by the tech, finance, and management consulting industries. Nashville is projected to see annual growth of 1.8% from 2022 to 2026, above the U.S. forecasted growth of 1.3% over the same time frame, based on data from Oxford Economics. The Wall Street Journal and Moody’s Analytics ranked Nashville as the #2 hottest job market in America in . The employment pipeline is strong in Nashville, an indicator for a healthy office market.