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We were not, not listening to Paul Simon on our trip to Tennessee all week long. This week, we are breaking down our recent trip to Nashville, Tennessee. In doing this for a few years now, the relationships we have built continue to compound as we intend them to and it so happens a local South Florida industrial developer and land owner just wrapped up a hefty parcel in the southwest with plans to incorporate…you guessed it, truck parking. Given our business together working down here, he wanted us to get with his team onsite and buggy 350+ acres, chemical plants and all! It’s unique, let me tell you why…
But first…he’s something you haven’t seen: waterfront TP!
Tweet of the week…:
Lots of people asking what the average rate for a truck parking stall is
That's like me asking what's the average rent for a house.... there is an answer, but it's not useful.
This is real estate, it's location specific and a function of supply and demand
— Rig Hut Truck Parking (@truckpark_king)
1:48 AM • Apr 25, 2023
But first, here’s what’s happening in your neck of the 🌲 woods…
🗞📰 ""Nashville faces shortage of truck parking amid rising freight demand," published on FreightWaves on April 20, 2023, reports that the increasing demand for freight movement in Nashville has resulted in a shortage of truck parking, which could lead to safety concerns and economic losses.
🗞📰"Nashville council approves funding for truck parking facility," published on Transport Topics on April 25, 2023, reports that the Nashville Metro Council has approved funding for the construction of a new truck parking facility, which is expected to alleviate the shortage of parking spaces for trucks and improve safety.
🗞📰 "Truck parking app launched in Nashville to address parking shortages," published on FleetOwner on April 28, 2023, reports that a new mobile app has been launched in Nashville to help truck drivers find available parking spaces, which could reduce the time and fuel wasted searching for parking and improve overall efficiency.
Region Spotlight 🔦
Nashville, Tennessee and all its glory.
Why Nashville?
Nashville is home to over 2,000 manufacturing businesses, with an estimated economic impact of over $17 billion.
The largest manufacturing subsectors in Nashville are transportation equipment manufacturing, followed by fabricated metal product manufacturing and machinery manufacturing.
In 2020, the Nashville MSA (Metropolitan Statistical Area) saw over $2.2 billion in industrial development projects, including new construction and expansions of existing facilities.
The Nashville region is home to several major industrial parks, including the Nashville International Airport Business Park, the Lebanon Business Park, and the Nashville Commerce Center.
Nashville is also a major logistics hub, with a central location and access to major interstates, rail lines, and air cargo facilities.
According to the Nashville Business Journal, the Nashville industrial real estate market saw over 5 million square feet of absorption in 2020, with a vacancy rate of 3.3%.
Region saw over 7.2 million square feet of absorption in 2020, which is a new record for the market.
The overall vacancy rate for industrial space in Nashville was 3.3% at the end of 2020, down from 5.5% in 2019, according to CBRE.
The average asking rent for industrial space in Nashville was $5.68 PSF end of 2020
The Nashville region saw over 9.3 million square feet of industrial development in 2020, with over 40% of that space already leased or occupied, according to Cushman & Wakefield.
The largest industrial lease signed in 2020 in Nashville was a 1 million square foot lease by Amazon for a new fulfillment center in Mt. Juliet
Areas to know: Mt. Juliet takes the cake, LaVergne with some shiners, Lebanon and our up and comer Old Hickory
Some boots on the ground 🚛 stats…
When looking at TP, easy to watch Daddy Bezos and their new facility in Mt. Juliet. The area clearly has the strong stench of rubber and truckers delight
We came across a total of ~4 for-purpose truck lots in the area (some lining downtown and by the airport while others traditionally hugging the major intersections like I-840
Some examples? Music City Truck and Trailer and Friends of Love’s
Another free RH tip: “Immature poets imitate; mature poets steal.” Want to not lose? 1) Find your nearest Love’s, Flying J’s, or Pilot 2) Buy an abutting lot big enough for trucks 3) Stripe that sucker 4) Call us for assistance =) 5) Watch it come in.
Wondering what 🚛 rates are here…🎤: Off Major Thoroughfares we were charged $300 / Monthly Truck + Trailer (April ‘23) & $28/Day
Rig Hut Lot Spotlight: MIAMI - WE HAVE A NEW LOCATION, GRAB IT WHILE ITS HOT!
As cliche as it sounds to write this…this lot will not last!
Company Journey Update 🛠⛏🔩⚙
Our heads have been down building what we believe to be the best operating platform in the truck parking space. We understand this property type can be intensive, but we also believe technology can alleviate much of the blocking and tackling the business insists on. We know this because we manage truck parking lots ourselves, in the heart of South Florida. We are building this for people like us, truckers, fleet carriers, and property owners alike. Follow us along as we share more exciting news all summer long.
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