Office market review nashville area 2011

Office Market ReviewNashville Area2011

NASHVILLE OFFICE MARKET – 2011 Nashville’s Vacancy Decreases to 10.2%

Dear Friends and Clients,

Nashville’s overall Office Market has continued to strengthen in 2011. The market ended the first quarter of 2011 with a vacancy rate dropping to 10.2% from 10.6% at the end of 2010, as companies continue to take space off the market and appear to have better visibility going forward.

Some of the more notable transactions were Jackson National Life Insurance moving into 154,737 square feet at One Greenway Centre; Griffin Technology moving into 40,000 square feet at 700 Benton Ave; and Sherrard & Roe moving into 29,947 square feet at The Pinnacle at Symphony Place. HealthSpring continued their growth and consolidation in MetroCenter, recently signing on for an additional 75,000 square feet to bring the total to 175,000 square feet for the two phase project developed by Southeast Venture.

Two buildings were delivered to the overall Nashville market in the first quarter totaling 58,000 square feet, with 424,667 square feet still under construction.

We at Southeast Venture are fortunate to be located in such a great city, and truly appreciate the opportunities our clients have afforded us. We look forward to serving you in the future.

Best Regards,Southeast Venture, LLC

Todd C. AlexanderDirector of Brokerage Services - Principal

Southeast Venture Brokerage Team

Southeast Venture is a fully integrated real estate services company with six disciplines including Brokerage,

Development Management, Property Management, Architecture, Interior Design and Landscape Management.

Direct Phone Email

615.250.8670 [email protected]













From Left to Right

Axson West, CCIM

Coleman Boyd

Jon Petty

Jimmy Pickel

Tarek El Gammal

JT Martin, CCIM

Todd Alexander

John Cavin

Gilbert Smith

Alan Treadway

Michael Finucane

Greg Coleman, CCIM

Ashley Bishop (not pictured)

SOUTHEAST VENTURE’S RECENT TRANSACTIONSSOUTHEAST VENTURE’S RECENT TRANSACTIONSSaint Thomas Health Services 62,000Tennessee Lottery 65,056J.E. Crain & Son, Inc. 67,132US Postal Service 86,360Central Woodwork 100,000Department of Human Services 133,363Healthspring 173,352Department of Labor 242,000

Art of Aesthetics (Dental Lab processing Company)Liberty Mutual PAI Medical GroupCenter for Spine, Joint, and Nueuromuscular RehabilitationCenter for Spine, Joint, and Nueuromuscular RehabilitationElite AudiologyTotty ChiropracticFoster Dental GroupThe Wills CompanyDigital Reasoning Systems Inc.Kemberton Healthcare ServicesMedia CompleteCFO Business SolutionsRW BairdAOLIrby InvestmentsBrunco, LLCCrichton GroupGenises Career GroupProvence & HaleySolidus Endodontic AssociatesLogans Roadhouse

SOUTHEAST VENTURE’S RECENT TRANSACTIONSSOUTHEAST VENTURE’S RECENT TRANSACTIONSRaymon-Donco 1,350Advantage Human Resources 1,500Renasant Bank – Green Hills 1,608Two Moon Gallery 1,614Gulfwestern, Inc. 1,825SHI International Corp. 1,903Herron Travel Agency 2,075New Constructs 2,259All Tech Electric 2,400Covenant Partners 2,492Turnberry Homes 2,884Social Security Administration 3,288RPM & Associates 4,000Renasant Bank – Cool Springs 4,012Rodefer Moss 4,471Gluck Orthodontic Practice 5,600Health Infotechnics 5,772Nashville Humane Association 6,000Pinnacle Bank 6,400Aquaeter, Inc 6,436Procter & Gamble 6,693Cumberland Consulting Group 6,734Dr. Lou Laratta 6,736Sterling Primary Care 9,000CTC, Inc. 9,500Lakeview Properties 10,868ENSAFE 11,944EEOC 12,943AECOM 13,646Fresenius Medical 13,897Frank Moore Holdings 14,522Cross Country Education 16,879Policy Studies, Inc. 18,272NORTEL 20,129Lead Academy 20,493Brown & Caldwell 22,698Saint Thomas Hospital 26,000Lakeview Properties 34,248Cenwood 35,000Nashville School of Law 35,000Aegis Laboratories 35,000Pinnacle Business Products 40,000Accredo Health 50,000

Office Case Studies

Office Market Overview - Nashville MSA

“We at Northwestern Mutual found Southeast Venture, LLC to be instrumental in our success with the leasing, management and disposition of our office property located in Nashville, TN. We would not hesitate in recommending their team for any assignment.”

- Paul Gregory Director, Field Asset Management Northwestern Investment Management Company

“I wanted to say ‘Thank You’ for your hard work and professionalism! I cannot think of a TEAM that I would rather work with or have represent Sony. I’m looking forward to the next time I can call you and say, ‘...time to go to work - we have a new project’. Many thanks, indeed!”

- Perry Neilson Sony Corporation of America Real Estate Department

Total Office Market StatisticsTotal Office Market StatisticsExisting InventoryExisting Inventory VacancyVacancyVacancy YTD Net YTD Under Quoted

Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Airport North 249 5,954,365 527,204 595,044 10.0% (5,682) 0 34,052 $17.82

Airport South 701 6,765,667 913,918 943,478 13.9% 48,946 34,000 0 $14.79

Brentwood 173 6,686,158 459,471 482,742 7.2% 84,908 0 23,000 $20.86

Cool Springs 371 9,104,178 961,924 1,038,173 11.4% 58,667 0 0 $21.60

Downtown 285 12,941,446 1,855,913 2,111,110 16.3% 79,900 0 0 $18.98

Green Hills/Music Row 570 5,693,173 263,251 277,446 4.9% 17,584 0 34,900 $18.92

MetroCenter 89 2,677,899 126,304 142,304 5.3% (2,395) 0 52,000 $17.37

Rivergate/Hendersonville 565 4,762,154 431,545 431,545 9.1% 12,898 24,000 0 $15.73

West End 379 8,975,453 494,085 509,255 5.7% 12,236 0 202,114 $22.02

Totals 3,382 63,560,493 6,033,615 6,531,097 10.2% 307,062 58,000 346,066 $18.67

Source: CoStar Property®

NashvilleAreaOfficeSubmarkets

1 - Airport North & South 2 - Brentwood 3 - Cool Springs 4 - Downtown 5 - Green Hills / Music Row 6 - MetroCenter 7 - Rivergate / Hendersonville 8 - West End

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BELLEMEADE

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Office Market Review - Nashville MSA

AIRPORT NORTH & SOUTHMarket Conditions 2011

Building Address Building Name City Year Built

Rentable Building

(SF)

Total Available

Space (SF)

% Leased

Avge Rent

($PSF)3001 Armory Dr Armory Oaks Nashville 1998 34328 4471 86.98 Neg5505 Edmondson Pike Edmondson Pike Medical Center Nashville 2002 34406 8166 76.27 $13.502875-2889 Elm Hill Pike MAC Business Ctr I Nashville 1999 35412 30880 100 $13.50211 Donelson Pike Cameron Park Nashville 1985 38136 5516 87.55 $10.87750 Massman Dr Building E Nashville 1969 41000 1825 95.55 $9.86320 Plus Park Blvd Nashville 1987 41136 41136 0 Neg3055 Lebanon Pike Building 2 Nashville 1988 43341 3384 94.85 $16.502105-2107 Elm Hill Pike Elm Hill Professional Bldg Nashville 1999 44000 5700 87.05 $15.502950 Kraft Dr Nashville 1998 45000 15120 66.4 $15.00811 Royal Pky MAC Business Ctr II Nashville 1990 45217 45217 100 $13.25828 Royal Pky Metropolitan Airport Ctr II Nashville 1997 51064 2588 94.93 $16.751451 Elm Hill Pike Park Elm Plaza Nashville 1974 55000 8503 94.55 $10.2151 Century Blvd Century City Plaza I Nashville 1986 56161 11801 78.99 $17.50719 Thompson Ln 100 Oaks Office Bldg Nashville 1968 58085 28460 100 $22.0053 Century Blvd Nashville 1988 60000 2942 95.1 $16.502630 Elm Hill Pike Lakeview Ridge II Nashville 1998 61806 12921 79.09 $17.503354 Perimeter Hill Dr Perimeter Park II Nashville 1986 64337 4434 93.11 $15.46301 S Perimeter Park Dr Perimeter Park I Nashville 1982 65348 4331 93.37 $13.503343 Perimeter Hill Dr Perimeter Centre (Per Prk III) Nashville 1985 66214 4213 100 $15.001 Bridgestone Pky Career Education Corp. Building Nashville 1988 66263 22087 100 $17.00801 Royal Pky Metropolitan Airport Ctr I Nashville 1996 75506 10525 90.5 $16.75616 Marriott Dr Highland Ridge IV Nashville 1985 79492 22664 80.73 $18.501161 Murfreesboro Rd Executive South Nashville 1974 81743 50094 38.72 $12.002501 McGavock Pike Two Rivers Corp Centre - Bldg III Nashville 2002 91851 16245 85.41 $16.255653 Frist Blvd Hermitage 1994 91925 4917 94.65 $18.00441 Donelson Pike Point Place I Nashville 1984 93089 11068 88.11 $9.003011 Armory Dr Armory Hill Nashville 1999 96000 4402 95.41 $19.26397 Wallace Rd Southern Hills Medical Center Nashville 1988 99460 19216 84.88 $16.50301 Plus Park Blvd 301 Center Nashville 1972 103392 80000 22.62 $16.923901 Central Pike Summit Outpatient Center Hermitage 1999 109483 28288 74.16 $19.0015 Century Blvd Two Lakeview Place Nashville 1988 114592 43776 84.56 $18.5025 Century Blvd One Lakeview Place Nashville 1986 116677 64551 62.56 $17.42402 BNA Dr Building 100 Nashville 1984 116750 19662 90.08 $17.50404 BNA Dr Building 200 Nashville 1984 116750 15714 86.54 $17.503055 Lebanon Pike Building 3 Nashville 1988 128674 12639 100 $16.502 International Plaza Dr International Plaza Nashville 1975 134000 45252 75.03 $15.652636 Elm Hill Pike Lakeview Ridge III Nashville 1998 134132 7850 94.15 $18.002451 Atrium Way Landers Plaza Nashville 1986 134265 14726 95.86 $15.5022 Century Blvd Three Lakeview Place Nashville 2000 149700 30225 91 $19.502501 McGavock Pike Two Rivers Corp Centre - Bldg I Nashville 2002 153816 53408 66.58 $16.25545 Marriott Dr Highland Ridge III Nashville 1984 164349 24034 96.2 $17.59555 Marriott Dr Highland Ridge II Nashville 1984 171733 19967 88.37 $18.00100 Centerview Dr Commerce Center East Nashville 1984 235000 25382 97.26 $14.00535 Marriott Dr Highland Ridge Tower Nashville 2000 309947 6272 97.98 $21.50


BRENTWOODMarket Conditions 2011 Building Address Building Name City Year

BuiltRentable Building

(SF)

Total Available

Space (SF)

% Leased

Avge Rent

($PSF)5214 Maryland Way Gardner Building Brentwood 1985 47000 4890 89.6 $19.50500 Wilson Pike Cir Brentwood 1998 47250 16204 65.71 $15.005110 Maryland Way Center Court Bldg Brentwood 1986 58638 11916 93.73 $21.25101 Winners Cir EMI/Sparrow Bldg Brentwood 1982 59656 100 -101 Westpark Dr Harpeth on the Green I Brentwood 1984 60200 1444 97.6 $22.00105 Westwood Pl Harpeth on the Green V Brentwood 1998 65755 100 -278 Franklin Rd Synergy Building IV Brentwood 1986 67121 1702 97.46 $19.50214 Centerview Dr Synergy Building VI Brentwood 1996 67610 11786 82.57 $20.00216 Centerview Dr Synergy Building VII -- Natchez Brentwood 1998 67732 17629 78.42 $20.50215 Centerview Dr Synergy Building III Brentwood 1984 67798 3240 100 $19.50783 Old Hickory Blvd Brentwood Highlands Brentwood 1975 69479 5685 91.82 $18.005310 Maryland Way Maryland Farms Office Park Brentwood 1994 69617 100 -214 Overlook Cir Overlook I Brentwood 1988 70210 4009 94.29 $19.255141 Virginia Way Virginia Way Plaza Brentwood 2001 76457 15725 88.71 $21.55100 Winners Cir Brentwood 1988 76676 31647 58.73 $20.50109 Westpark Dr Harpeth on the Green II Brentwood 1984 78641 4170 94.7 $20.00105 Westpark Dr Harpeth on the Green III Brentwood 1987 79522 9536 88.01 $20.005880 Nolensville Pike Nashville 1989 82000 82000 100 $16.00201 Summit View Dr The Summit Building Brentwood 1983 82000 1967 100 Neg105 Continental Pl Quorum I Brentwood 1994 82399 100 -5409 Maryland Way Gateway Plaza 1 Brentwood 1996 84081 25159 73.52 $20.505001 Maryland Way Brentwood 1995 84339 100 -2 Maryland Farms Eastpark II Brentwood 1978 85821 8871 94.75 $19.505300 Virginia Way Brentwood 2001 88162 100 -750 Old Hickory Blvd Brentwood Commons II Brentwood 1984 93000 8354 94.6 $20.50750 Old Hickory Blvd Brentwood Commons I Brentwood 1984 93000 13854 92.27 $20.505200 Virginia Way Park Center at Maryland Farms I Brentwood 2001 95256 100 -5250 Virginia Way Park Center at Maryland Farms II Brentwood 2001 95280 3525 96.3 $24.00111 Westwood Pl Westpark Building Brentwood 1982 96853 42269 100 $19.259020 Overlook Blvd Horizon Center Brentwood 1999 105046 4398 95.81 $21.50103 Powell Ct Highwoods Plaza II Brentwood 1996 105191 100 -5200 Maryland Way Parklane Building Brentwood 1981 110347 11258 90.18 $20.5010 Cadillac Dr Creekside Crossing II Brentwood 1999 116390 1712 98.53 $22.005500 Maryland Way Gateway II Office Complex Brentwood 2007 117000 100 -6 Cadillac Dr Creekside Crossing I Brentwood 1998 117382 18856 83.94 $22.008 Cadillac Dr Creekside Crossing III Brentwood 2006 125186 100 -12 Cadillac Dr Creekside Crossing IV Brentwood 2007 126697 14504 94.48 $23.13210 Westwood Pl Westwood South Brentwood 1999 127324 66085 48.1 $22.007101 Executive Center Dr Synergy Building V Brentwood 1987 131084 100 -155 Franklin Rd The Ramparts of Brentwood Brentwood 1990 131087 100 -320 Seven Springs Way Seven Springs I Brentwood 2001 133885 32364 75.83 $23.00


COOL SPRINGSMarket Conditions 2011

Table 1


Rentable Building

(SF)

Total Available

Space (SF)

% Leased

Avge Rent

($PSF)512 Autumn Springs Ct Franklin 1999 23100 3094 86.61 $14.506640 Carothers Pky Eight Corporate Centre Franklin 2006 165061 82767 89.44 $22.957100 Commerce Way Cool Springs Commons - Bldg I Brentwood 1983 250000 2179 99.53 $19.50341 Cool Springs Blvd Aspen Grove Office I Franklin 1999 85928 2384 97.23 $22.00342 Cool Springs Blvd Cool Springs Business Plaza Franklin 1999 15787 4109 73.97 $15.00720 Cool Springs Blvd Cool Springs I Franklin 1999 159840 27399 82.86 $23.00725 Cool Springs Blvd Cool Springs III Franklin 2006 157369 54697 86.77 $23.33730 Cool Springs Blvd Cool Springs II Franklin 2001 209221 10440 97.39 $23.00741 Cool Springs Blvd 741 Cool Springs Blvd Franklin 1998 60737 13285 78.13 $20.00751 Cool Springs Blvd Alliant Center Franklin 2010 33500 15534 69.45 $16.001000 Corporate Center Dr One Meridian Brentwood 1997 130681 7192 94.5 $23.00501 Corporate Centre Dr Two Meridian Franklin 1997 149319 20415 98.93 $23.00800 Crescent Centre Dr Three Corporate Centre Franklin 1998 133460 80128 83.63 $22.57810 Crescent Centre Dr Four Corporate Centre Franklin 1999 132479 15825 88.05 $22.75830 Crescent Centre Dr Six Corporate Centre Franklin 2000 150045 42790 80.27 $22.75840 Crescent Centre Dr Seven Corporate Centre Franklin 2001 131390 42918 94.94 $22.751897 Gen George Patton Dr Patton's Corner Franklin 1999 18056 4034 100 $14.00206 Gothic Ct Mallory Station IV Franklin 2000 23731 16769 29.34 $14.508119 Isabella Ln Liberty Place Brentwood 2007 36000 5513 84.69 $18.50370 Mallory Station Rd Mallory Station V Franklin 2001 27316 2649 90.3 $13.752000 Meridian Blvd Franklin 2007 41835 4134 92.15 $24.331650 Murfreesboro Rd Offices Reserve at Cross Creek Franklin 2004 30000 6311 88.2 $22.70225 Noah Dr Franklin 1999 20000 10000 50 $14.00235 Noah Dr Franklin 2002 22500 18000 20 $14.50357 Riverside Dr 357 Office Building Franklin 1980 42202 19400 54.03 $16.19377 Riverside Dr Energy Park I Franklin 1983 46537 30379 79.18 $16.50381 Riverside Dr Energy Park II Franklin 1997 54453 9147 83.2 $17.50302 S Royal Oaks Blvd Franklin 1988 21242 21242 0 $13.00113 Seaboard Ln Dover Centre A Franklin 1999 40000 1785 95.54 $19.25113 Seaboard Ln Dover Centre B Franklin 1999 41541 17921 76.23 $19.25113 Seaboard Ln Dover Centre C Franklin 1999 36687 18386 49.88 $19.25117 Seaboard Ln Dover Centre D Franklin 2001 38058 18186 100 $19.25117 Seaboard Ln Dover Centre F Franklin 2001 32823 5702 82.63 $19.25300 Seaboard Ln Autumn Springs Franklin 1996 19797 10534 46.79 $12.14325 Seaboard Ln Aspen Corporate Ctr 100 Franklin 2005 47168 10471 77.8 $14.00105 Southeast Pky Southeast Business Center Franklin 1987 24120 1443 94.02 $9.14145 Southeast Pky Franklin 1998 22622 9380 58.54 $15.501612 Westgate Cir Westgate Plaza Office Condos Brentwood 2004 23343 1260 97.6 $23.171620 Westgate Cir Protective Life Bldg Brentwood 1998 31634 9137 85.88 $22.501624 Westgate Cir Westgate Commons I Brentwood 2001 20861 8761 77.24 $18.503351 Aspen Grove Dr Building 3 Franklin 2008 20046 2950 100 Neg


DOWNTOWNMarket Conditions 2011


Rentable Building

(SF)

Total Available

Space (SF)

% Leased

Avge Rent

($PSF)210 12th Ave S The Scene Nashville 1987 21395 1000 95.33 $22.50444 James Robertson Pky Nashville 1969 24077 5481 77.24 Neg105 Broadway Basin Alley Bldg Nashville 1935 27243 7500 100 $16.00306 Gay St Realtors Building Nashville 1980 27908 14523 70.16 $14.54631 2nd Ave S Litterer Laboratories - VU Nashville 1895 30000 14046 53.18 $18.00221 4th Ave N Nashville Bank of Commerce Nashville 1900 31703 11723 63.02 $17.50101 Church St One Church Street Nashville 1881 34144 16600 100 $14.25161 Rosa L. Parks Blvd Historic Frost Building Nashville 1916 36929 36929 0 $17.00144 2nd Ave N Pilcher Bldg Nashville 1915 37620 9000 78.73 $12.60213 Rosa L. Parks Blvd Freedom Center Nashville 2000 39063 13660 65.03 $16.00530 Church St Cornerstone Square Nashville 1900 40609 5000 87.69 $11.78501 Union St 501 Union Bldg Nashville 1974 44275 6200 100 Neg814 Church St M Capital Ctr Mastrapasqua Nashville 1935 47483 40500 14.71 $15.001101 McGavock St Nashville 1948 51000 12000 100 $21.50211 7th Ave N David G. Stone Building Nashville 1982 55013 28091 87.81 $16.52111 10th Ave S Baggage Building Nashville 1898 58250 7973 100 $16.00214 N Second Ave Nashville 1900 60240 12331 79.53 $15.25124 S 12th Ave Braid Office Building Nashville 1961 62997 10849 100 $25.00500 Church St St. Cloud Corner Nashville 1800 76588 21913 71.39 $17.20150 2nd Ave N Nashville Sash & Door Nashville 1906 77712 25486 67.2 $14.00230-232 4th Ave N Wachovia Plaza Nashville 1974 78000 39781 49 $15.63172 2nd Ave N Nashville 1882 80000 43700 45.38 $12.79200 4th Ave N Noel Place Nashville 1929 82477 5330 93.54 $15.00700 12th Ave S Terrazzo Nashville 2009 95000 51746 45.53 $24.71807 Demonbreun St Nashville 1957 106014 29361 100 $15.34315 Union St Nashville Trust Building Nashville 1926 108000 8000 92.59 $14.00611 Commerce St Renaissance Tower Nashville 1987 111000 9876 92.55 $18.44330 Commerce St 330 Commerce Street Nashville 1986 118082 28673 75.72 $18.00701 Broadway Customs House Nashville 1879 142711 29834 80.72 $13.28222 N 2nd Ave Nashville 1890 167501 39437 76.46 $15.25214-222 2nd Ave N Washington Square Nashville 1890 202292 57739 72.1 $15.25404 James Robertson Parkway Towers Nashville 1968 204574 14364 92.98 $12.00211 Commerce Ctr Commerce Center Nashville 2000 228567 36240 84.14 $23.50201 4th Ave N Fourth & Church Building Nashville 1968 250566 96264 61.58 $18.00401 Church St L & C Tower Nashville 1955 276818 12358 95.54 $16.50401 Commerce St SunTrust Plaza Nashville 2007 338000 61047 85.08 $25.63150 4th Ave N One Nashville Place Nashville 1985 392217 48418 87.66 $22.25209 10th Ave S Cummins Station Nashville 1910 400000 82704 86.35 $18.05414 Union St Bank of America Plaza Nashville 1977 436399 77421 89.62 $17.69300-350 Deaderick St Public Square Nashville 1975 437360 20812 100 $13.87511 Union St Nashville City Center Nashville 1988 480224 38177 92.05 $23.39424 Church St Fifth Third Center Nashville 1986 488853 149513 71.78 $20.30


GREEN HILLSMarket Conditions 2011


Rentable Building

(SF)

Total Available

Space (SF)

% Leased

Avge Rent

($PSF)2325 Crestmoor Rd Crestmoor Bldg Nashville 1971 23500 950 95.96 $22.002400 21st Ave S Nashville 23520 100 -2135 Blakemore Ave Nashville 1975 23705 100 -2207 Crestmoor Rd Hillsboro View Nashville 1971 23994 6000 74.99 $21.004235 Hillsboro Rd GS&F Building Nashville 1974 24000 100 -3811 Bedford Ave Nashville 2008 24000 3927 100 Neg2400 Crestmoor Rd Nashville 1974 24872 1330 94.65 $22.501300-1302 Division St Young Executive Building Nashville 1978 25010 100 -34 Music Square E Nashville 1965 26430 100 -1 Music Cir N Nashville 1990 27000 100 -2505 21st Ave S Wright Travel Building Nashville 1985 27500 9019 100 $21.003825 Bedford Ave Bedford Commons II Nashville 2006 28160 100 -2 Music Sq W ASCAP Building Nashville 1992 30413 100 -8 Music Sq W Sony Publishing Nashville 1973 30413 100 -2323 21st Ave S Linden Building Nashville 1983 30500 2033 93.33 $17.001207 17th Ave S 1207 Building Nashville 1984 32800 100 -2021 Richard Jones Rd Econotech Building Nashville 1985 33000 2638 92.01 $19.492401 21st Ave S Nashville 1973 33150 100 -25 Music Sq W Nashville 1997 33535 100 -1001 Hawkins St Nashville 1980 34867 100 -3817 Bedford Ave Bedford Commons I Nashville 2006 35200 100 -4212 Stammer Pl Nashville 1975 35408 100 -18 Music Sq E Nashville 1994 37037 100 -1025 16th Ave S Nashville 1987 39052 100 -55 Music Sq W Nashville 1971 39665 100 -54-60 Music Sq E Nashville 1985 40879 3214 92.14 $24.504301 Hillsboro Rd Nashville 1975 41919 100 -2000 Glen Echo Glen Echo Bldg Nashville 1981 43975 3123 95.32 $18.2450 Music Row United Artist Tower Nashville 1974 45000 42000 6.67 $18.002416 21st Ave S Nashville 1975 47000 13459 71.36 $17.5040 Music Sq W Nashville 1995 49864 100 -1001 19th Ave S Kern Building Nashville 52904 100 -3810 Bedford Ave Freeman Webb Building Nashville 2009 55196 100 -2021 21st Ave S Nashville 1902 55424 100 -49 Music Square W Nashville 1975 60407 4893 100 Neg2000 Richard Jones Rd Century Plaza Nashville 1972 61672 15926 74.18 $23.264205-4219 Hillsboro Rd Hillsboro Hobbs Buildings Nashville 1975 70000 100 -2002 Richard Jones Rd Green Hills Office Park Nashville 1973 87944 52899 39.85 $30.391500 21st Ave S Village at Vanderbilt - Office Nashville 1989 97482 100 -30 Burton Hills Blvd Burton Hills II Nashville 1987 100630 11555 94.45 $27.501 Burton Hills Blvd Burton Hills I Nashville 1985 114570 2550 97.77 $27.0020 Burton Hills Blvd Burton Hills III Nashville 1997 116000 100 -220-2200 21st Ave S Kinnard's Corner Nashville 1982 132576 13065 90.15 $18.00

METROCENTERMarket Conditions 2011


HealthSpring Ground Breaking Ceremony


Rentable Building

(SF)

Total Available

Space (SF)

% Leased

Avge Rent

($PSF)220 Athens Way Plaza I Nashville 1985 134111 20108 100 $17.50260 Cumberland Bnd Nashville 1979 15042 15042 0 $10.95227 French Landing Dr Heritage Place Nashville 1985 107782 6198 94.25 $16.75501 Great Circle Rd First Image Building Nashville 1985 109288 25178 76.96 $15.00545 Mainstream Dr Riverview Office Bldg Nashville 1982 86676 11286 98.78 $13.102200 Rosa L Parks Blvd Nashville 1987 125650 42403 83.54 $15.131 Vantage Way Nashville 1974 146240 19618 90.01 $16.3544 Vantage Way Vantage Place Nashville 1981 166656 89961 92.92 $16.5050 Vantage Way Nashville 1976 45000 14223 68.39 $15.002208 9th Ave N Nashville 2000 35645 20800 41.65 Neg810 Dominican Dr The Filmhouse Building Nashville 1996 33386 2000 94.01 Neg220 Venture Cir Nashville 1982 16000 16000 100 Neg


RIVERGATE / HENDERSONVILLEMarket Conditions 2011 Building Address Building Name City Year


(SF)

Total Available

Space (SF)

% Leased

Avge Rent

($PSF)

100 Bluegrass Commons Blvd Bldg II Hendersonville 2005 41873 14803 89.74 $18.50

207C N Broadway Portland 16000 1300 91.88 $7.38

100 Country Club Dr Club Place Hendersonville 2007 31000 4362 85.93 $18.13

100-148 Cude Ln Rivergate Business Center Madison 1988 65120 12154 81.34 $12.00

113 Cumberland Ave Madison 1973 16678 16678 0 $9.75

3250 Dickerson Rd Skyline Professional Center Nashville 1973 27972 5800 79.26 $12.00

1160 Due West Ave Due West Professional Bldg Madison 1966 48910 8220 86.87 $12.45

1994 Gallatin Rd N Rivergate Park Office Building Madison 1975 24810 11900 92.34 $14.00

110 Glancy St Rivergate Office Condos Bldg 1 Goodlettsville 1989 20000 5328 100 $10.58

110 Glancy St Rivergate Office Condos Bldg 2 Goodlettsville 1989 20000 2412 100 $8.00

107 Imperial Blvd Hendersonville Pro Associates Hendersonville 1980 21000 5506 73.78 $13.50

165 Indian Lake Blvd Indian Lake Professional Building Hendersonville 25315 3284 87.03 $16.21

800 Main St Nashville 1969 110000 110000 100 $14.50

270-278 E Main St Brooks Building Gallatin 1958 19781 9724 50.84 $10.00

919 W Main St Lakeview Plaza Hendersonville 1975 15800 4000 74.68 $13.00

130 N Maple Dr N The ShoLodge Building Hendersonville 1997 39180 4200 89.28 $18.00

1000 Northchase Dr One Northchase Nashville 1988 51680 9005 82.58 $17.50

131 Saundersville Rd Parkside Plaza I Hendersonville 2008 50118 3795 100 $21.50

121 Village Dr Portland 1996 15392 14500 5.8 Neg

100 Bluegrass Commons Blvd Bldg I Hendersonville 2003 50000 1164 100 Neg

610 W Due West Ave Memorial Office Towers Madison 1970 227000 1210 100 Neg

604 Gallatin Ave Nashville 1978 57845 15000 74.07 Neg


WEST ENDMarket Conditions 2011 Building Address Building Name City Year


(SF)

Total Available

Space (SF)

% Leased

Avge Rent

($PSF)121 21st Ave N 21st Plaza Nashville 1980 25893 1890 92.7 $15.89210 25th Ave N Parkview Towers Nashville 1976 125262 21744 82.64 $21.51110 29th Ave N Centennial Plaza Nashville 1984 21540 1268 94.11 $19.00206-210 30th Ave N 30 North Nashville 2010 36000 31050 13.75 $21.501700-1704 Charlotte Ave Midtown Millworks Nashville 1900 46436 4946 89.35 $8.001919 Charlotte Ave Meharry Medical Arts Center Nashville 2003 38194 1650 95.68 $20.002300 Charlotte Pike Charlotte 2300 Pro Office Center Nashville 1927 26900 9718 63.87 $18.001506 Church St Nashville 1948 10835 2200 79.7 $17.001800 Church St Plaza 18 Nashville 1984 33501 12765 61.9 $18.501900 Church St Signature Center Nashville 1989 50235 12405 76.06 $19.502010 Church St Mid-State Medical Building Nashville 1960 107233 25941 75.81 $20.001600 Division St RoundAbout Plaza Nashville 2004 205000 10806 97.1 $28.502214 Elliston Pl Elliston Place Nashville 2004 24000 4100 82.92 $24.004525 Harding Pike Nashville 1975 49000 3500 92.86 $25.004535 Harding Pike Nashville 1984 26000 2200 96.15 $23.361700 Hayes St Nashville 1920 16000 10100 36.88 $16.501916 Patterson Doctor's Pavilion Nashville 1979 59917 10629 82.26 $19.501817 Patterson St Nashville 1984 13459 5606 58.35 $12.001900 Patterson St Nashville 1978 22308 4423 80.17 $23.002400 Patterson St Physician's Park MOB Nashville 1992 197504 3807 98.79 $23.002908-2910 Poston Ave Nashville 12000 4000 79.17 $26.132222 State St 2222 State Nashville 1973 18336 2904 84.16 $22.001701 West End Bill Hudson Associates Nashville 1950 22000 9094 100 $15.151720 West End Ave Nashville 1962 55000 16259 75.48 $18.851801 West End Ave Palmer Plaza Nashville 1986 243056 37112 88.53 $23.212100 West End Ave Nashville 1983 128500 20840 90.38 $24.002817 West End Ave Park Place Nashville 1985 30100 1560 94.82 $22.003100 West End Ave One American Center Nashville 1986 208596 30489 93 $26.613102 West End Ave Two American Center Nashville 1998 204012 73668 98.52 $28.503212 West End Ave Westpark Bldg Nashville 1984 33041 7533 77.2 $20.003301 West End Ave Nashville 1910 10000 1800 100 $16.003310 West End Ave Nashville 1981 107137 18020 97.74 $21.003401 West End Ave Nashville 1982 277706 26426 90.48 $24.0085 White Bridge Rd Nashville 2007 34907 19782 43.33 $18.5095 White Bridge Rd Cavalier Building Nashville 1966 75935 17134 80.28 $16.50102 Woodmont Blvd Woodmont Centre II Nashville 1989 99648 15142 100 $24.003200 West End Ave Nashville 1975 17689 13200 100 Neg3322 West End Ave Nashville 1986 215666 627 99.71 Neg

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Office market review nashville area 2011

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