Memphis Commercial Real Estate
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Memphis Commercial and Office Space Overview
Located along the Mississippi River in southwest Tennessee, Memphis’ contribution to American industry, culture, and finance is as historic as it is robust. Second fiddle to only Nashville in the state’s music scene, Memphis drives significant tourist attention toward that industry, but has nationwide status in cuisine and art as well.
On the business side, Memphis is considered one of the more opportune cities to start and run a small business or startup. Thanks to its long history in logistics, shipping, and air cargo, Memphis is a dream for those seeking a manufacturing or distribution hub in the southeastern United States. The second largest air cargo airport in the world, Memphis International Airport, distributes 3.9 million metric tons of cargo each year. Furthermore, the city boasts the nation’s 3rd largest rail center and is one of four U.S. cities with five Class 1 railroads.
Those seeking commercial real estate in Memphis will have plenty to consider. There are hundreds of available listings at a median rate of $23 per square foot/year and a median size of 560 square feet, making it a viable market for startups and large-scale enterprises looking to expand their operations.
Economy of Memphis
Fueled by industry, logistics, and shipping, Memphis continues to be an economic powerhouse in the southeastern United States. Aside from the aforementioned Memphis International Airport and the expansive rail distribution system in place, Memphis is home to FedEx, Autozone, and International Paper Company - all requiring a significant amount of manufacturing and shipping to find success. Carrier, Nike, and Williams-Sonoma hold a continued presence in Memphis thanks to its distribution capabilities and history in manufacturing.
Memphisians’ median household incomes are lower than the national average, sitting at $38,230, but the influx of new jobs, technology sectors, and a wealth of new graduates from nearby Tennessee State University, Maryville University, and University of Memphis have dramatically grown the qualified talent pool for companies hoping to do business in Memphis and the surrounding area.
Trends of Memphis
With over 100 projects underway in downtown Memphis accounting for nearly $3.3 billion in spending, the city’s core corridor is undergoing a dramatic change in its landscape. Residential lofts and convention space make up most of the new real estate, but millions of square feet of fresh commercial space are on the horizon for this rapidly growing city.
Beyond the real estate market, Memphis is transitioning away from its traditional industries, hoping to structure its future based on other similarly sized metropolises that have pivoted to new technology, healthcare, and finance. In December, an agriculture technology startup announced it would bring over 700 high paying tech sector jobs to the Memphis area and relocate its headquarters to the city.
Where to Lease Commercial Real Estate in Memphis
Thanks to Memphis’ long tradition as a shipping and transportation hub, there are a seemingly endless number of large-scale industrial and warehouse facilities available throughout the city. Those looking for quick access to the I-240 corridor should consider Midtown or East Memphis-Colonial-Yorkshire for available space; otherwise, Downtown Memphis should be suitable for any company hoping for a high-visibility presence in this dynamic city.
Memphis has 1,734 commercial real estate spaces for lease, representing 29,793,603 sqft space.
741 buildings are available for sale.
In the past 30 days, Memphis has had 806 spaces leased and 76 new spaces come on market.