When it comes to real estate in the Memphis area, industrial vacancies are becoming hard to come by. Current vacancy in the Memphis real estate industrial market fell to 10.8 percent, the lowest point since early 2000. Class B spaces of 20,000 to 110,000 square feet are seeing strong activity due to expansions and new companies coming to Memphis. As far as industrial absorption, the CBRE Memphis reports it is at 897,829 square feet, a large portion of which is attributed to the construction of a 541,980-square-foot, build-to-suit, flagship distribution center for Home Décor and Jimco Lamps at 699 Research Drive. According to these findings, searching for industrial space and commercial warehouse areas in Memphis is becoming an increasingly difficult task for companies in the area looking to switch up office space, or outside companies looking to come to the region.

And for the office absorption? There are 54,989 square feet, making this past quarter the third straight one for positive absorption. Memphis vacancy rate for offices fell to 13.8 percent, marking the first time in 10 years that it has fallen below 14 percent. If you are looking to lease office space in Memphis, it is better to act sooner than later, as available space is quickly depleting from the available inventory on the local market.