Southeast Industrial Labor Report_Q1 2024
NASHVILLE, TN
ABSORPTION, NEW SUPPLY, & VACANCY RATES
5%
0 1 2 3 4 5 6 7 8 9 10
MSF
4%
3%
ABSORPTION, NEW SUPPLY & VACANCY RATES
2%
1%
Overall Net Absorption Construction Completions Overall Vacancy Rate
0%
2018
2019
2020
2021
2022
2023
DEMOGRAPHICS
Population
2,165,984
Projected Population Change (5-Year)
9.5%
Working Age Population (Ages 18-64)
1,370,821
• Nashville’s leasing activity remained strong as smaller deal sizes were preferable. Robust construction deliveries drove vacancy higher, but strong move-ins into those newer constructions are expected to lower this figure throughout 2024.
Labor Force
1,247,499
Median Household Income
$70,810
Educational Attainment: % of Total Pop. Age 25+ with High School to Associates Degree
46.5%
• The metro’s population is projected to grow by 9.5% over the next five years—almost three times more than the national growth rate.
Target Blue Collar Demographic Volume
175,013
Target Blue Collar Demographic Concentration
0.8
• Due to Nashville’s central location and expansive modes of transportation, it continued to experience an influx of diverse tenant types. This process is expected to continue in tandem with Nashville’s growing population as companies look to capitalize on a rising consumer base.
MATERIAL MOVING OCCUPATIONS
PRODUCTION OCCUPATIONS
INDUSTRIAL LABOR
2024 Employment Volume
40,897
76,370
Worker Concentration
1.1
1.2
• Nashville’s industrial labor force is among the most well-paid in the Southeast.
Projected 5-Year Employment Growth
7.5%
4.9%
Average Wages
$21.93
$22.86
Source: Cushman & Wakefield Research, Economic Research Institute, Experian
Wage Index
103
104
Demographics include Nashville-Davidson-Murfreesboro-Franklin Metro, Lewisburg Micro, and Shelbyville Micro
/ 15
Cushman & Wakefield | Southeast Industrial Labor Report
Made with FlippingBook Online newsletter creator