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Nashville Bits and Pieces


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On 11/22/2018 at 10:41 AM, Binbin98 said:

I wish everyone a happy thanksgiving as well and am crossing my fingers for continuing future responsible growth and development. I can’t eat anything this time around because of an ongoing colorectal issue lol but instead i will be thankful that this forum is still active and full of wonderful people.

Our thoughts and prayers are with you.

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3 hours ago, markhollin said:

Here's one of the reasons corporations are looking at relocating to Nashville:

Five Most Expensive Office Markets – Total Operating Expenses:

  1. New York City, New York $12.95 per square foot (psf)
  2. San Francisco, California $11.65 psf
  3. Washington, D.C. $10.94 psf
  4. Boston, Massachusetts $10.24 psf
  5. Oakland, California $9.87 psf

Five Least Expensive Office Markets – Total Operating Expenses:

  1. Salt Lake City, Utah $6.08 per square foot (psf)
  2. Nashville, Tennessee $6.14 psf
  3. Orlando, Florida $6.15 psf
  4. Phoenix, Arizona $6.25 psf
  5. Cincinnati, Ohio $6.34 psf

    More here:

    https://www.boma.org/BOMA/Research-Resources/3-BOMA-Spaces/Newsroom/Press_Room/2018/PR111918.aspx

That survey is comparing the total operating cost for the owner of the real estate.     With demand pushing rental rates higher,  you can see why Nashville is a great market to invest in commercial real estate.       Of course, a portion of the operating costs are passed through to tenants, which factors into rental rates in the market, although probably not as much as demand.     But, even with our downtown Class A rental rates pushing mid-30's/psf, Nashville still compares favorably to many peer markets for tenants seeking to relocate.   

"Total operating expenses incorporate all expenses incurred to operate office buildings, including utilities, repairs and maintenance, roads and grounds, cleaning, administration and security."

 

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Knoxville has been hit hard by last year’s purchase of Regal by Cineworld and Scripps Interactive Networks by Discovery, Inc. I know eachbretains a presence in Ktown but loosing C-Suite positions is devastating. These were two local standouts.

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1 hour ago, jmtunafish said:

I did some number crunching about job growth in Tennessee in the last year using figures from the Tennessee Department of Labor, and as can be expected, the Nashville-Clarksville area had about 2/3 of the job growth of the entire state.  What was surprising to me was that Memphis and Chattanooga contributed a lot to the state's job growth, too, although Chattanooga's job growth is tempered by Cleveland's horrendous job losses.  Knoxville and Johnson City have also lost jobs in the last year.  In fact, most of Tennessee has lost jobs.  The areas that gained jobs are, in order:  Nashville, Memphis, Chattanooga, Clarksville, Kingsport-Bristol, and Cookeville.  The areas that seem particularly plagued with chronic job loss are NW Tennessee (Dyersburg and Union City), NE Tennessee (Johnson City and Greeneville), and McMinnville.  I was actually surprised to see that Kingsport-Bristol has gained employment since popular perception has Johnson City as the Tri Cities' rising star.

 

Thanks for the number crunching.  Do the DOL numbers capture the non-metro and micro portions of the state (the rural remainder)?  You might find this site by MTSU that my office sponsors interesting.  It includes county level data for jobs as well as a lot of other indicators for MSA, micros, and counties. MTSU Tracking Tennessee's Economy

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11 hours ago, Nashville Cliff said:

Thanks for the number crunching.  Do the DOL numbers capture the non-metro and micro portions of the state (the rural remainder)?  You might find this site by MTSU that my office sponsors interesting.  It includes county level data for jobs as well as a lot of other indicators for MSA, micros, and counties. MTSU Tracking Tennessee's Economy

Yes, the DOL tracks the entire state.  As a whole, Tennessee gained 21,300 jobs between Oct 2017 and Oct 2018.  They have statistics for every county.  What I did was take their stats for October 2018 and compare to their stats from October 2017.  Granted, what the DOL tracks is the number of people who have jobs, not the number of actual jobs within each county, so I wasn't really being accurate when I said the Knoxville MSA lost 1,100 jobs.  What I should've said was there were 1,100 fewer people with jobs in the Knoxville MSA.

In addition, the numbers won't quite add up since many of the jobs created in the Memphis and Chattanooga MSAs were likely in different states, especially in the case of Memphis where its fastest growing suburbs are in Mississippi.  In fact, I just checked, and Shelby County had 4,240 more people with jobs in Oct 2018 than in Oct 2017 compared to 7,900 for the entire metro area even though Shelby County accounts for something like 80% of the MSA's population.   By contrast, the number of people with jobs in Davidson County grew by only 710, meaning the overwhelming majority of Nashville's employment growth is from suburbanites.  The jobs may very well be in Davidson County, but the people with those jobs live elsewhere.  Likewise, the majority of the Kingsport-Bristol area's job growth was from outside of Sullivan County which saw an increase of only 70, compared to 570 for the entire MSA.

Here's the Oct 2017 file:  https://www.tn.gov/content/dam/tn/workforce/documents/Oct 17 County Labor Force Estimates .pdf

And here's the Oct 2018 file:  https://www.tn.gov/content/dam/tn/workforce/documents/LaborEstimates/LaborForceEstimatesOct18.pdf

And I have absolutely NO idea what happened in Cleveland.  With a large Amazon distribution center in Cleveland, and with VW just down the road in NE Hamilton County, I would've thought that the number of people with jobs in Cleveland would've grown, or at least remained stable.

McMinnville is another interesting case.  For years it was the premier city in the Upper Cumberland, but after the interstates were built it slipped into relative insignificance as Cookeville and, more recently, Crossville outpaced it.  And once Carrier closed its huge factory there in 2004, putting 1,300  people out of work, it just hasn't been able to regain its footing.  There are 1,630 fewer people with jobs in Warren County (McMinnville) today than there were just 2 years ago and nearly 3,000 fewer than when Carrier was still open.

TDOL does have a neat interactive tool where you can look up employment numbers for every county in the state all the way back to 1970.  It's fun to play with.

https://www.jobs4tn.gov/vosnet/analyzer/results.aspx?enc=HofuwY22SoLTS/uC+bpmizGZkm52zV+sR+lKAe/bUj0=

11 hours ago, nashville_bound said:

Knoxville has been hit hard by last year’s purchase of Regal by Cineworld and Scripps Interactive Networks by Discovery, Inc. I know eachbretains a presence in Ktown but loosing C-Suite positions is devastating. These were two local standouts.

Very true.   I think the ongoing consolidations of Knoxville's hospitals  have also taken a toll on the employment numbers. 

Edited by jmtunafish
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5 hours ago, jmtunafish said:

I did some number crunching about job growth in Tennessee in the last year using figures from the Tennessee Department of Labor, and as can be expected, the Nashville-Clarksville area had about 2/3 of the job growth of the entire state.  What was surprising to me was that Memphis and Chattanooga contributed a lot to the state's job growth, too, although Chattanooga's job growth is tempered by Cleveland's horrendous job losses.  Knoxville and Johnson City have also lost jobs in the last year.  In fact, most of Tennessee has lost jobs.  The areas that gained jobs are, in order:  Nashville, Memphis, Chattanooga, Clarksville, Kingsport-Bristol, and Cookeville.  The areas that seem particularly plagued with chronic job loss are NW Tennessee (Dyersburg and Union City), NE Tennessee (Johnson City and Greeneville), and McMinnville.  I was actually surprised to see that Kingsport-Bristol has gained employment since popular perception has Johnson City as the Tri Cities' rising star.

metropolitan area...Oct '18 employment...unemployment %...1-yr change...% change
Jackson...62,270...4.0%...280...0.5%

micropolitan area...Oct '18 employment...unemployment %...1-yr change...% change
Dyersburg...15,410...4.8%...-620...-3.9%
Martin...15,280...4.3%...270...1.8%
Paris...13,500...4.7%...250...1.9%
Union City...13,150...5.7%...-630...-4.6%

Yup, NW TN needs something.  Although, Martin did post a positive gain.  Nearby Jackson and Paris did as well.

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The Nashville school board is beginning the process of finding surplus properties to sell in order to overcome a $13 million budget gap this year.

Metro Nashville Public Schools, under the city's 2018-19 budget, was expected to sell some of its property to find money to operate or risk cuts to the school system.

The Nashville school board is beginning the process of finding surplus properties to sell in order to overcome a $13 million budget gap this year.

Metro Nashville Public Schools, under the city's 2018-19 budget, was expected to sell some of its property to find money to operate or risk cuts to the school system.

The board will need to decide between seven properties to sell.

The seven locations stretch across the entire district and are a mix of undeveloped and developed properties. They are:

  • 11.73 acres of vacant land at 0 Brick Church Pike.
  • A vacant 0.75 acres parcel at 2795 Pennington Bend Road.
  • The former Walter Stokes Middle School property at 3701 Belmont Boulevard.
  • The former Brookmeade Elementary School property at 1015 Davidson Road.
  • The former Hickman Elementary School site at 3125 Ironwood Drive.
  • A portion of the 273-acre Hope Park site purchased for a new Hillwood High School. Metro parks was originally slated to pay $4 million from its operating budget to develop a park on the excess property.
  • The former Murrell School property at 1400 14th Ave. S.

The board will need to declare the properties surplus by Dec. 11. The Metro Council will need to then green light the sales.

More at The Tennessean here:

https://www.tennessean.com/story/news/education/2018/11/29/nashville-schools-capital-list-and-cuts-fund-schools/2136609002/

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Poor Memphis.

This made me think of the article in the NBJ this week regarding Cook Systems opening a software development training program in Nashville.  The founder also said the Cook Systems headquarters may move from Memphis to Nashville in the future saying, “half the people in the Memphis market want to move here,”

Ouch.

https://www.bizjournals.com/nashville/news/2018/11/28/memphis-company-launches-tech-program-in-nashville.html

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1 hour ago, Hey_Hey said:

Poor Memphis.

This made me think of the article in the NBJ this week regarding Cook Systems opening a software development training program in Nashville.  The founder also said the Cook Systems headquarters may move from Memphis to Nashville in the future saying, “half the people in the Memphis market want to move here,”

Ouch.

https://www.bizjournals.com/nashville/news/2018/11/28/memphis-company-launches-tech-program-in-nashville.html

Shows you how hot Nashville is. Memphis is close to becoming an It City itself.

 

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This is an interesting report from CBRE on the apartment market in the cities of the Southeast including Nashville of course.  Plus it shows where the most people are moving from no surprises there but Asia is a huge source for many cities in the southeast including Nashville and Charlotte.    Average rents, vacancy stats for every market in the each Southeastern state.  

download your report here

https://www.cbre.us/research-and-reports/Southeast-Viewpoint---Southeast-Multifamily-A-Story-of-Growth--Opportunity

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On 12/1/2018 at 6:32 PM, Dale said:

Shows you how hot Nashville is. Memphis is close to becoming an It City itself.

 

I don't really see Memphis becoming an 'it' city like Austin or Charlotte or Nashville as far as extremely rapid growth, however, I can see Memphis growing in a slow and steady way that fits the city. In fact it has been growing in that way for years. There are a lot of developments going on in Memphis that shows that the city's growth and trajectory is just fine, and the growth it has doesn't really hinders or helps Nashville because of how far apart they are geographically, even though they are both in Tennessee.

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