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

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Cushman & Wakefield | Southeast Industrial Labor Report