Nashville, TN remains a top tourist destination and a target for corporate office relocations in 2023. The city’s roots as a music and live entertainment destination have generated interest on a global scale that continues to gain steam. In response to the incoming growth, several new neighborhoods are currently under construction while several more are being planned. Notable major projects slated to open in 2023 include The Neuhoff Block, The Landings @ River North and the T3 Finery.

SP+ is committed to providing innovative technology to aid in the management of this growth. The SP+ Sphere platform has been deployed at over 40 locations in Nashville, and new gated license plate enforcement camera operations are set to start in 2023. We offer this solution in both a gated and ungated model to offer the best product to fit each property’s needs.

In the commercial sector, the unemployment rate in Nashville is well below the US Average of 3.7%, resulting in a high level of interest in employee parking needs despite the shift to hybrid working in most office-based jobs. 61% of companies already have or plan to shift to a hybrid work schedule, with employees predominantly in the office between Tuesday-Thursday. Office tenants are looking for smaller spaces overall, with 37% seeking space under 10,000 sq ft.

In the hospitality industry, there are 1,552 hotel rooms currently under construction, adding to our existing count of 11,677. There are 17 hotels currently in the planning stages. Average hotel occupancy for 2022 was 75% across the city, compared to 55% in 2020.

In the residential sector, Nashville continues to rank in the top 5 of residential construction projects, including multi-family buildings. Despite new supply, Nashville boasts a 95.8% occupancy rate over the last 3 years in multi-family buildings. Projections show that an additional 3.5 million units will be needed by 2035 to keep pace with demand.

In large venues, the Tennessee Titans are still working through approvals to secure funding for a new stadium downtown. If approved, major events will be possible, such as the Superbowl, Final 4, College Football Playoffs, and Wrestlemania. The Ryman finished 2022 ranked as the #8 theatre in the U.S. (Pollstar) with gross sales at $7,742,287 on 121,000 tickets. Geodis Park begins events in February 2023 with the U.S. Women’s National Team, adding major concerts to the schedule, such as Pink, Shania Twain, and Guns and Roses.