The numbers are in for Cool Springs - with 2.1 million more square feet of office space than downtown Nashville, it’s the perfect area to relocate new businesses or expand current businesses. With a total of 9,230,650 square feet of premium office space, the Cool Springs area has low vacancy rates at around 7% and rental rates that are 10-15% higher than downtown Nashville. CAP rates in this market range between 6% and 7.5%, relatively low due to lack of supply as well as the demand from various industries in the area, such as health care, insurance and banking. The average office lease rate currently hovers between $19 and $21 per foot.
Because Cool Springs is the fastest growing commercial area in Middle Tennessee, office and retail space are in high demand. There are approximately more than 32,000 people now living and working in Cool Springs and the area recently ranked as Nashville’s fastest growing suburban corridor. With 5,200,480 feet of retail space available in Cool Springs, it’s still not enough with 500,000 more under construction. The vacancy rate is a low 3.1% and the average lease are around $16 to $25 per foot.