From Q1 2023 through Q1 2026, the Nashville office market absorbed 2.8 million sq. ft., while vacancy remained essentially flat, edging down from 18.3% to 18.2%. Over the same period, availability increased 2.5 percentage points to 25.3%, even as average asking rents rose 19.4% to $38.24 per sq. ft., indicating that more space was being offered to the market despite stable vacancy and rising rents.
In Q1 2026, net absorption totaled 128,000 sq. ft., representing a 275,000 sq. ft. improvement from the prior quarter. Vacancy declined to 18.2%, while availability eased to 25.3%, and average asking rents increased to $38.24 per sq. ft. Space under construction totaled 235,000 sq. ft., down sharply from a year earlier following 1.3 million sq. ft. of deliveries in 2025.