Nashville will be one of 2008's Top 10 industrial markets to watch, a leading commercial brokerage firm says.
Sperry Van Ness, a national commercial real estate brokerage firm, makes the claim in its industrial edition of its "2008 Top 10 Markets To Watch" report, which examines economic factors that impact future industrial investment real estate.
Sperry Van Ness cites the top industrial investment markets to watch as Austin, Texas; Charlotte, N.C.; Fort Lauderdale, Fla.; Fort Worth, Texas; Nashville; Oakland/East Bay, Calif.; Inland Empire, Calif.; Orange County, Calif.; and suburban Virginia.
The report focuses on future trends and the markets that show the greatest potential for income growth based on these economic movements, rather than current market data.
Jerry Anderson, president of Sperry Van Ness International, says the report helps people review a matrix of forward-looking economic factors when they are deciding where to acquire property.
The firm says each market selected for the report had distinct dynamics that helped it rise into the Top 10.
Sperry Van Ness says many large manufacturing companies, such as Nissan Motor Co. and Bridgestone/Firestone, Inc. have chosen Nashville because of its tax incentives, low labor costs and low utility costs.
Because of this, vacancy will continue to decline from 8.6 percent in 2006 to 7.5 percent in 2008, Sperry Van Ness officials say.
In compiling this report, Sperry Van Ness analyzed more than 40 primary, secondary and tertiary markets, examining economic factors that impact future office investment real estate. The market rankings in this report were focused on dynamics including industrial-job growth and inventory, vacancy factors and rental trends. The report is online.
Founded in 1987, Sperry Van Ness has more than 900 advisors in over 150 locations.
Based in Irvine, Calif., the firm operates internationally and provides brokerage, consultation, asset management, property management, leasing, accelerated marketing, and auction services.