Office Rates - Review:

Located at the meeting point of the Wolf and Mississippi rivers, Memphis, TN is the largest city in the state of Tennessee with a population of 670,100 people. The population for the past decade has been at a steady growth of 7%. Memphis was ranked the 4th most dangerous city in the United States when compared to other cities of the same size. Luckily, the crime rate is said to have dropped by almost 16%. Memphis has long been identified as the central hub for transportation and the shipping industry given its strategic location along the Mississippi River. Memphis International Airport is the world’s busiest cargo airport with FedEx Express and the Northwest Airlines being its main users. Some Fortune 1000 organizations that are operating here include the FedEx Corporation, AutoZone Incorporated, International Paper, Thomas & Betts and the pharmaceutical giant, Schering-Plough Corporation. All of these factors help to keep Memphis Office Space rental rates somewhat steady. If you are confused about locking in on a floorplan (or office layout), then read our office space layout page.

Memphis Economy:

As the US economy went down due to the global financial crisis, Memphis commercial property development has also been stagnant here in the city. All the major property types have been affected by the recession. It is said that money which would have been used for commercial development was being used for debt reconsolidation by a lot of corporations thus the slow pick up in new developments. Office vacancy rates in Downtown went up to 14.3 percent but this figure is not alarming as it is almost the same as the national average so it is not too disturbing under the circumstances. Prime office rental rates are about $40 per square foot in the city and most tenants have signed on for the long haul. Analysts are looking forward to a much better prospect for at least the second half of 2010. Downtown Memphis is located along the Mississippi River between Interstate 40, Interstate 55 and I-240. The Lorraine Motel which has been turned into the National Civil Rights Museum is located here in downtown. This was the place where Martin Luther King Jr. was assassinated. Along the same area you will find Beale Street, FedEx Forum, the Pyramid, the Peabody Hotel and the AutoZone Park. Some of the high rise buildings that fill the skyline here include the 100 North Main, One Commerce Square and Sterick Building. Some of the city’s best restaurants are located along Madison and Monroe including Gril 83, Lolos, Conte’s and not to mention McEwan’s. The Madison Hotel is located here as well and is ranked among the top 100 hotels in the country. The Peabody Place which is situated here is famous for its restoration work of the old buildings.

Memphis Local Scene:

Memphis has long been known as the birthplace of Blues, Gospel and Rock n’ Roll among others. Of course, who can forget the great Elvis Presley who first started his musical career here. Other famous names include Johnny Cash and B.B. King. Incidentally, the famous author, John Grisham grew up near the Mississippi and many of his stories are set in Memphis. The economic conditions in Memphis might look bleak to landlords but should look rosy to potential tenants. With excess property, vacant buildings and decreasing move in numbers, rental rates are low and landlords are more willing to negotiate the terms of lease agreements to favor the tenant. This includes any search from an executive suite to a large retail building