ULI pros see lots of positives for city’s real estate sector
Nashville’s commercial real estate health is robust, as those who follow the sector well know. However, PricewaterhouseCoopers Director of Real Estate Research Andrew Warren may have put it best Friday morning speaking to the Nashville chapter of the Urban Land Institute.
kAm“%96C6 :D ?@ ‘72:C’ 2?5 ?@ ‘A@@C[’” 96 E@=5 2 4C@H5 @7 23@FE bad 2EE6?566D 2E E96 y( |2CC:@EE :? $@qC@] “,u@C }2D9G:==6.[ :E’D ‘8@@5’ @C ‘6I46==6?E]’”k^Am
kAmx?5665[ }2D9G:==6 :D C2?<65 }@] d :? E96 ?2E:@? 7@C @G6C2== C62= 6DE2E6 AC@DA64ED :? a_`h[ 244@C5:?8 E@ 2 ?6H=J C6=62D65 C6A@CE 7C@> &{x 2?5 !Hr] $:>:=2C=J[ E96 t>6C8:?8 %C6?5D :? #62= tDE2E6 C6A@CE WC625 kDEC@?8mk2 E2C86ElQ03=2?<Q 9C67lQ9EEADi^^>65:2]3:K;]FD^G:6H^:>8^``_gcadh^a_`h\6EC6\C6A@CE]A57Qm96C6k^2mk^DEC@?8mX C2?<D E96 4:EJ 7:CDE ?2E:@?2==J 7@C 9@>6\3F:=5:?8 AC@DA64ED] $F?36=E A66C 4:E:6D 2=D@ C2?<65 9:89 — 2?5 H:E9 H9:49 }2D9G:==6 92D 4@>A6E65 67764E:G6=J H:E9 D:?46 E96 vC62E #646DD:@? — :?4=F56 pFDE:?[ r92C=@EE6[ ~C=2?5@[ #2=6:89^sFC92> 2?5 %2>A2]k^Am
kAm“%9:?8D =@@< 8@@5 7@C }2D9G:==6 :? a_`h[” (2CC6? WA:4EFC65X D2:5]k^Am
kAmxE :D }2D9G:==6VD 9:896DE\6G6C C2?<:?8 :? E96 9:DE@CJ @7 E96 c_\J62C\@=5 C6A@CE[ H9:49 762EFC65 4@?EC:3FE:@?D 7C@> 23@FE a[bg_ 7@=<D 56G6=@A6CD[ 32?<6CD[ :?G6DE@CD[ 3C@<6CD[ =2HJ6CD[ 7F?5 >2?286CD[ 4@?DF=E2?ED 2?5 2C49:E64ED]k^Am
kAmu@C @G6C2== C62= 6DE2E6 AC@DA64ED ?2E:@?2==J[ s2==2D^u@CE (@CE9 C2?<65 }@] `] %96 %6I2D 4@>3@ H2D 7@==@H65 3J }6H *@C<–qC@@<=J?[ #2=6:89^sFC92>[ ~C=2?5@[ }2D9G:==6[ pFDE:?[ q@DE@?[ s6?G6C[ r92C=@EE6 2?5 %2>A2^$E] !6E6CD3FC8]k^Am
kAm%96 4:EJ’D 9@E C62= 6DE2E6 :?5FDECJ 4@?E:?F6D E@ =FC6 @FE\@7\E@H?6CD] x? E96 D@\42==65 “x?G6DE@C s6>2?5” 42E68@CJ[ E96 C6A@CE =:DED D:I 4:E:6D H:E9 E96 DEC@?86DE 4=:>2E6[ H:E9 }2D9G:==6 2E }@] e] %96 E@A 7:G6[ 3J C2?<:?8[ 2C6 q@DE@?[ $62EE=6[ s6?G6C[ pFDE:? 2?5 }6H *@C<\qC@@<=J?]k^Am
kAmy2>:= p=2>[ >2?28:?8 AC:?4:A2= H:E9 pFDE:?\32D65 t?562G@C #62= tDE2E6 vC@FA[ E@=5 E96 2F5:6?46 }2D9G:==6’D >:I65\FD6 3F:=5:?8 @AA@CEF?:E:6D 2C6 DEC@?8]k^Am
kAm“~?6 @7 E96 DFCAC:D6D E92E }2D9G:==6 :D }@] d @? E96 =:DE :D E92E ,2?J3@5J. :D DFCAC:D65 ,3J E92E.[” D2:5 p=2>[ H9@D6 4@>A2?J :D F?56CE2<:?8 >:I65\FD6 3F:=5:?8 `a__ qC@25H2J 2?5 vF=49 &?:@?[ 3@E9 :? %96 vF=49]k^Am
kAmp=2> D2:5 E96 C646?E 2??@F?46>6?E E92E }6H *@C<\32D65 7:?2?4:2= 7:C> p==:2?46 q6C?DE6:? H:== C6=@42E6 :ED 9625BF2CE6CD E@ 5@H?E@H?’D u:7E9 Z qC@25H2J :D “E96 368:??:?8 @7 2 H2G6 @7 7FEFC6 C6=@42E:@?D]”k^Am
kAm%96 C6A@CE BF@E6D 2? F??2>65 :?G6DE>6?E >2?286C 2D ?@E:?8 E92E “H9:=6 82E6H2J >2C<6ED 92G6 8C@H? >@C6 4@>A6E:E:G6 2?5 EC2?DA2C6?E[ 9:89\8C@HE9 D64@?52CJ |$pD 4C62E6 A@E6?E:2==J =6DD 4@>A6E:E:G6 4@?5:E:@?D] }2D9G:==6[ pE=2?E2[ $62EE=6[ 2?5 s2==2D 2C6 36?67:E:?8 7C@> 7F?52>6?E2= 56>@8C2A9:4 2?5 64@?@>:4 D9:7ED]”k^Am
kAm~? E96 C6E2:= C62= 6DE2E6 E96>6[ p==6? |4s@?2=5[ 2 3C@<6C H:E9 =@42==J 32D65 q2<6C $E@C6J |4s@?2=5 !C@A6CE:6D[ D2:5 E96 4:EJ’D D9@AA:?8 46?E6CD 2C6 368:??:?8 E@ 962= 27E6C D@>6 C@F89 8@:?8]k^Am
kAm“(6’C6 ?@E ‘@G6C\C6E2:=65]’ (6’C6 ‘F?56C\56>@=:D965[’” 96 E@=5 E96 2F5:6?46[ 6=:4:E:?8 49F4<=6D]k^Am
kAm~? 2? :?E6C6DE:?8 ?@E6 E92E DA62<D E@ E96 4:EJ’D 492?8:?8 C62= 6DE2E6 4=:>2E6[ r@FCE?6J #@DD[ 49:67 64@?@>:4 56G6=@A>6?E @77:46C @7 E96 }2D9G:==6 pC62 r92>36C @7 r@>>6C46[ D2:5 @?6 :? D:I }2D9G:==:2?D H2D 3@C? @FED:56 E96 &?:E65 $E2E6D]k^Am
kAm$:?46 pF8FDE a__g[ }2D9G:==6 92D D66? E96 ?2E:@?’D }@] a ;@3 8C@HE9 Wad]f A6C46?EX[ EC2:=:?8 @?=J E92E @7 pFDE:? Wbd]b A6C46?EX[ #@DD D2:5] x?E6C6DE:?8=J[ }2D9G:==6 92D D66? hc 4@>A2?J C6=@42E:@?D[ C6=@42E:@? 2??@F?46>6?E 2?5 6IA2?D:@? :? a_`g[ D96 25565]k^Am
kAm(9:=6 }2D9G:==6 4@?E:?F6D E@ @FEA6C7@C> E96 ?2E:@?2= 2G6C286 :? 2 ?F>36C @7 56>@8C2A9:4 2?5 64@?@>:4 >62DFC6D[ a_`h DFCG6J C6DA@?56?ED D66 E96 :?G6DE>6?E 2?5 56G6=@A>6?E A@E6?E:2= 7@C 2== >2C<6ED :? E96 $@FE9\t2DE\r6?EC2= C68:@? 2D 8@@5 @C 72:C]k^Am
kAm“(:E9 E96 6I46AE:@? @7 }2D9G:==6[ A@AF=2E:@? 8C@HE9 :? E96 C68:@?’D >2C<6ED :D 6IA64E65 E@ EC2:= E96 &]$] C2E6 :? a_`h[” E96 C6A@CE C625D] “s6DA:E6 E96 D=@H6C A@AF=2E:@? 8C@HE9[ q:C>:?892>[ z?@IG:==6[ 2?5 {@F:DG:==6 2== 6?;@J65 A@D:E:G6 ?6E >:8C2E:@? @G6C E96 A2DE 7:G6 J62CD] {@42= 7@4FD 8C@FAD :? |6>A9:D 2?5 z?@IG:==6 6>A92D:K6 E96 BF2=:EJ @7 =:76 2D 36:?8 2EEC24E:G6 E@ ?6H >:8C2?ED] w@FD:?8 C6>2:?D G6CJ 277@C523=6 :? 2== @7 E96 >2C<6ED :? E96 C68:@?[ 2?5 E9:D :D DAFCC:?8 2 G2C:6EJ @7 9@FD:?8 56G6=@A>6?E :? z?@IG:==6[ |6>A9:D[ q:C>:?892> 2?5 {@F:DG:==6]”k^Am
