Nashville, TN | 2016 Top #CRE Markets to Watch: Retail

Posted on August 24, 2016 by SVN

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Retail Markets to Watch. Not the largest or the most actively contested markets, the 2016 Retail Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Retail Market to Watch: Nashville, TN

Nashville’s economy continues to boom, as employment sets new record highs with continued 4.0% annualized growth that has brought the unemployment rate to a low of 3.7% as of January ‘16, according to the Bureau of Labor Statistics. This corresponds with a 6.7% increase in population from 2010 to 2014, according to the Census Bureau. This growth is putting pressure on retail real estate as fundamentals improve in face of steady growth; a trend expected to persist in 2016 and beyond. The fastest growing employment sector is Mining, Logging, and Construction followed by Professional and Business Services, then Financial Activities and Information, with annualized growth rates of 9.4%, 8.7%, 4.5%, and 4.4%, respectively. This type of broad-based job growth is sure to boost all real estate sectors including retail.

Advisor Insights: SVN | The Genesis Group in Nashville, TN

SVN’s Nashville-based Advisors at SVN | The Genesis Group have some retail market highlights to share. Here’s what to look out for in Nashville’s retail market in 2016:

Strong demand for retail space
Declining vacancy
High rents
Competition for space
Very little inventory

Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

To read more on other top retail markets, download the full version of the 2016 Retail Market Outlook report here.

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Nashville, TN | 2015 Top #CRE Markets to Watch: Multifamily

Posted on August 10, 2015 by SVN

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Multifamily Markets to Watch. Not the largest or the most actively contested markets, the 2015 Multifamily Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Multifamily Market to Watch: Nashville, TN

The Nashville metro area added more than 25,000 jobs in 2014, with the largest gains in construction (up 10.1% year-over-year) and professional services (up 7.1%). The recent announcement that Google Fiber will expand to Nashville promises to breathe additional momentum into the already hot tech industry. Unemployment sits at just 5.0% in one of the nation’s post-crisis secondary market success stories. With a healthy outlook for demand, Nashville’s challenges are overwhelmingly on the supply side. With nearly 4,500 new apartment units expected by the end of 2015, largely at the top-end of the market, rent growth is projected to slow in the near-term. For buyers with a long investment horizon, the robust outlook for Nashville’s demand drivers and its relatively higher cap rates may present opportunities to capitalize on a short-term slowdown in fundamentals that will give others pause.

Not to be ignored, there are emerging concerns about affordable housing opportunities in an area where nearly 1 in 5 residents lives below the poverty line. A grassroots affordable housing alliance is pushing for Nashville to adopt inclusionary housing measures, working to ensure that a share of new housing units are reserved for low- and middle-income tenants. The implications for market-rate multifamily development remain unclear, but the public debate bears monitoring over the next year.

To read more on Nashville and other top multifamily markets, download the full version of the 2015 Multifamily Market Update report here.

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest com

Nashville, TN | 2015 Top #CRE Markets to Watch: Retail

Posted on June 24, 2015 by SVN

Sperry Van Ness International Corporation’s (SVNIC) 2015 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Retail Markets to Watch. Not the largest or the most actively contested markets, the 2015 Retail Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Retail Market to Watch: Nashville, TN

Nashville’s road to recovery has been longer than for most other markets. In the immediate aftermath of the recession, vacancy rates trended above 10%, according to Chandan Economics, and have only recently narrowed the gap. Heading into 2015, the vacancy rate across all retail property subtypes was 6.6%, according to CoStar, approaching the long-term market average of 6.4%.

As property income trends have improved, new development is getting underway. Current projects include mixed-use development with street-level retail, such as developments by local grocer-cum-real estate developer H.G. Hill in Hillsboro Village and Sylvan Heights. Additionally, the opening of First Tennessee Park, the new 10,000-seat ballpark for the Triple-A affiliate Nashville Sounds, is expected to spur new retail investment into the Sulphur Dell neighborhood, just north of the Capitol. As competition for space in established retail hot spots like the Gulch, Green Hills, and Belle Meade intensifies, local retail investors are turning to the Main Street and Gallatin Avenue corridor of East Nashville for lower prices and a burgeoning local retailer scene that could support upside appreciation. Florida-based supermarket chain Publix has reportedly shown interest in a smaller urban concept near Music Row, satisfying growing demand for grocery store options from residents of newly built downtown submarket apartments and condos.

To read more on Nashville and other top retail markets, download the full version of the 2015 Top Retail Markets to Watch report here.

It’s a different world out there.

Nashville, TN | 2014 Top CRE Markets to Watch : Retail

Posted on October 20, 2014 by SVN

Sperry Van Ness International Corporation’s (SVNIC) 2014 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2014. Today we are delving into the 2014 Top Retail Markets to Watch. Not the largest or the most actively contested markets, the 2014 Retail Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that are driving the economy and commercial real estate performance in markets across the country.

TOP RETAIL MARKET TO WATCH : Nashville, Tennessee

A state capital with a skilled workforce and diverse economy, Nashville is staging a strong comeback in its retail fundamentals. The vacancy rate dropped by 100 basis points year-over-year in 2013 and is poised to enter single-digit territory this year. Absorption has been positive across all retail subsectors and has been most pronounced in the city’s malls, which accounted for nearly a third of net absorption. Mall fundamentals have firmed up markedly in the past 18 months, reining in vacancies from a rate in the mid-teens to more closely match the citywide rate near 10 percent. With little new space delivered in 2013 and a scant supply in the pipeline, fundamentals are on track for further improvement this year. As Nashville enters the radar screens of more investors at the national level, competition could help to preserve and enhance value as interest rates rise.

To read more on Nashville, and other top retail markets, download the full version of the Top Retail Markets to Watch report below.

It’s a different world out there.

Download the Top Trends and Markets to Watch Reports

Retail Trends and Markets to Watch

Commerical Real Estate Trends and Markets to Watch

Apartment Trends and Markets to Watch

Office Trends and Markets to Watch

Industrial Trends and Markets to Watch

5 for Friday with Carnell Scruggs of SVN/The Genesis Group

Posted on May 17, 2013 by Diane Danielson

Today’s 5 for Friday features Nashville’s Carnell Scruggs, CCIM, Managing Director at Sperry Van Ness/The Genesis Group.

Carnell Scruggs, Managing Director, SVN/The Genesis Group

1. What is your geographic market and product specialty?

I’m licensed in Tennessee and Alabama and work the Southeast.

2. What’s your latest best practice tip that you can share?

I recommend communicating with your clients regularly, either on a weekly or monthly basis. Always look for the opportunities that nobody else wants.

3. What’s been the biggest change over on how you run your business in the past decade?

I have become more efficient by using technology. Also, forming alliances and joint ventures throughout the country to obtain more business.

4. What business book do you like to recommend to your colleagues?

Dig Your Well Before You’re Thirsty by Harvey Mackay

5. What’s a fun fact that not everyone knows about you?

I was a competitive baseball player through college and semi-pro.

*All Sperry Van Ness® Offices are Independently Owned and Operated.

Five for Friday: A lesson in real estate taken from West Point

Posted on April 19, 2013 by SVN

Learn how a West Point education is still helping John Snyder, CPM, SIOR, with his business at Sperry Van Ness/Investec Realty Services today in this week’s Five for Friday blog.

John Snyder, CPM, SIOR, Managing Director at Sperry Van Ness | Investec Realty Services

1. What is your geographic market and product specialty?

Our firm has offices in both Memphis and Nashville, Tenn., serving those regions as well as areas of Mississippi. We service a variety of clients from large institutional owners of office parks to local investors and regional banks. On the tenant representation side, our clients range from Fortune 100 firms with needs of 275,000 square feet to small not-for-profit organizations. Due to our SVN affiliation, we have been able to partner with other SVN professionals to add value to our clients’ portfolios. We also offer property management and consulting services.

2. What’s your latest best practice tip that you can share?

As referrals and relationships are the focus of our business, we strive to develop personal relationships with our clients. Being in a smaller market and providing a wide range of real estate services, establishing that personal relationship is paramount to our business. We also try to qualify our clients early in the process, following Patrick Lencioni’s Getting Naked business fable. When we match with our clients, our successes expand and referrals grow.

3. What’s been the biggest changeover on how you run your business in the past decade?

With the explosion of real estate information that is readily available to clients, we are faced with a re-education and prioritizing of data that is germane to a successful transaction. The experienced, knowledgeable, ethical real estate professional who continues to study, improve skill sets, and collaborate will remain a sought after advisor from the owners and users of real estate.

4. What business book do you like to recommend to your colleagues?

Napoleon Hill’s Think and Grow Rich is a basic primer for personal development and goal setting and it has never failed me! John C. Maxwell offers a library of leadership and team development education. His latest, Everyone Communicates, Few Connect provides invaluable techniques for business practice improvement. Lencioni also has several books that help with improvements in teamwork, consulting, leadership, and personal development, including Death By Meeting.

5. What’s a fun fact that not everyone knows about you?

Here’s a few. I learned to accurately determine distances for measuring real estate (office buildings and golf courses) while walking more than 50 hours of punishment tours prior to graduation from the United States Military Academy at West Point. As a U.S. Army Corps of Engineer officer, I was qualified to both jump out of perfectly good aircraft and deploy and detonate tactical nuclear devices. For fun, I continue to officiate soccer matches at the collegiate, high school, and youth competitive levels. With more than 2200 matches completed, I have run farther than Forrest Gump – and I appreciate all the unsolicited advice and expertise provided by the uninformed coaches, players, and spectators!

*All Sperry Van Ness® offices are independently owned and operated.