The Nashville Files - Excess office space adds up sublease market, pushes down rent prices

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Excess office space adds up sublease market, pushes down rent prices

January 16, 2009

AS businesses downsizes, Nashville’s office landlords are increasingly finding themselves competing with their own tenants.

The amount of office space available for sublease in the Greater Nashville market jumped by more than 150,000 square feet in the last half of 2008, and there’s little doubt that trend will continue in the coming year, says Richard Fulton, chairman of Grubb & Ellis/Centennial.

National and regional players have closed offices, and local companies have reduced the size of their offices along with their workforce.

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