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Tennessee Commercial Real Estate
BuildingSearch.com has a wide variety of Tennessee commercial real estate listings ranging from office space and retail to industrial properties and anything in between. Tennessee is located in the southern region of the United States. In 1796, it became the sixteenth state to join the union. The capital is Nashville, and the largest city is Memphis. Tennessee borders eight states: Kentucky, Virginia, North Carolina, Georgia, Alabama, Mississippi, Arkansas, and Missouri. Tennessee is tied first in the country for bordering the most states. The state is divided into three major sections by the Tennessee River. These divisions are East Tennessee, West Tennessee, and Middle Tennessee. The location and proximity to other states is a benefit some companies see useful and an advantage to relocating or opening their business using Tennessee commercial real estate.
Most of the state has a humid subtropical climate. The Gulf of Mexico is the dominant factor in the climate of the state, with the winds from the south being responsible for most of the state’s precipitation. Tennessee has hot summers and cool winters, with rain throughout the year. During the summer the average temperature is 90 degrees. The state is situated to not receive any direct contact with a hurricane, but it does feel the affect of tropical cyclones. The center of the population in Tennessee is located in Rutherford County. The estimated population of the state is 6,038,803.
Tennessee has the 18th largest economy in the nation. Major outputs for the state are textiles, cotton, cattle, and electrical power. Major corporations headquartered using commercial real estate in Tennessee are FedEx, AutoZone Incorporated, International Paper, Eastman Chemical Company, and Nissan.
Tennessee is composed of two major markets: Memphis and Nashville. Memphis has a generally strong commercial real estate market. Memphis’s office market consists of 36.644 million square feet. The market vacancy rate continues to decline as a result of steady demand for limited space. Last year there was positive absorption of over 153,000 square feet. The Nashville commercial market had another terrific year with 1.4 million square feet of positive net absorption, 1.1 million square feet of new inventory, and a 9.7 percent vacancy rate. Nashville’s commercial real estate market continues to expand, as many new buildings and projects are being finished.
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