Nashville is as hot as its famous chicken. Whether it’s our unrivaled music scene, booming health care industry, prestigious universities or a combination of all and more, Nashville is topping everyone’s best cities list to visit, move to and start a business. And I mean everyone’s.
Time gushed over Nashville’s thriving economy and growth rate, Forbes’ ranked Nashville one of the nation’s best cities for jobs, CNN Money listed Nashville as one of the eight most business-friendly cities and MSN said it was one of the 10 most popular cities for millennials. Not to mention Condé Nast Traveler, New York Times and Travel + Leisure all named Nashville one of 2014’s top travel destinations.
Compared to other fast-growing cities like Houston, Orlando and Seattle, Nashville enjoys relatively low costs of living and even lower taxes, as Tennessee ranks 49th in taxes collected as a share of personal income. For these reasons and more, businesses are flocking to Music City. The health care industry continues to expand throughout Nashville, tech industry growth is up 43 percent, and the city’s world-renowned music community is drawing on its collaborative spirit to cultivate a substantial start-up scene.
As the economy grows, so does the real estate market. Neighborhoods like the Gulch and East Nashville are getting massive overhauls as new companies move in and set up shop. Record-busting office building and raw land investment sales coupled with strong leasing activity have made the past year Nashville’s best in commercial real estate since the Great Recession ended in 2009.
This red-hot boomtown shows no signs of cooling off, and we’re staying on top of the market by focusing on these three trends:
- New Redevelopment and Infill Markets — With prices skyrocketing in developments like the Gulch, Germantown and SoBro, we continue to keep our investors informed about hot and emerging areas of town.
- Higher Rental Rates — Nashville’s vacancy rates are historically low—last year they were one of the 10 biggest declines in the U.S. market, falling 2 percent. With the tighter market, rising rents will follow.
- Rise of Restaurants, Bars and Breweries — There’s been a significant increase in housing developments with roughly 8,000 new units coming on the market this year. With the residential influx retail and restaurant developments have been keeping pace.
Click here for a complete list of Nashville-area rankings.
Photo source: besttourism.com