Shopping Centers Today

JUL 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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46 S C T / J U L Y 2 0 1 8 S I T E S & C I T I E S according to the latest U.S. Census data. Moreover, Nashville's thriving music scene helps draw nearly 15 million tourists each year. "All of these dynamics have converged at the right time, and we have seen rather explo- sive growth for the last several years," Atchison said. e vibrant employment picture, a lower-than-average cost of living and some comparatively low tax rates have joined to create a powerful population magnet, according to Katie Barton, locally based director of research for Colliers International. "You have a really strong, diverse economy, and there also is a talent pool that is very good for businesses, with 18 colleges and universities," said Barton. About 60 percent of the graduates of these educational institutions stay and work in Nashville, sources say. "You have a young, educated workforce here, and a lot of them are congregating down- town, so it's no surprise that it has been a hotbed of development for retail and entertainment here in Nashville." e retail vacancy rate has hovered at about 3.4 percent for the past three years, according to Colliers. Currently, slightly less than 1 million square feet of retail space is under construction, more than half of which is in or directly adjacent to the downtown. "Not unlike a lot of cities, we're experiencing that urban migration with a lot of residen- tial growth," said Atchison. "Combine that with our tourism that really grav- C ountry music helped put Nashville on the map as a popular destination. But these days Tennessee's capital city is experiencing a surge in population and job growth well beyond what it has long been realizing through its famous Grand Ole Opry. People are calling Nashville one of the "it" cities, notes David Atchison, vice president of retail services at the Nashville office of Toronto-based Colliers International. According to the Nashville Area Chamber of Commerce, Nashville has ranked among the top 10 U.S. cities in job-growth terms for the past six years. And the metro area grew at an average rate of 94 people per day from 2016 through July 2017, Nashville's growth is music to retail developers' ears By Beth Mattson-Teig Turning up the volume Downtown Nashville is seeing a residential renaissance

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