Vince Lefler, Executive Managing Director, Newmark

In an interview with Invest:, Vince Lefler, executive managing director at Newmark, discussed the city’s evolving role as a standalone market, investor confidence, and the resilience of its real estate sector. “The message is clear: Nashville is a growing, dynamic market,” he said. “The future looks incredibly promising.”

What changes over the past year have most impacted Newmark?

At a regional level, there’s been a shift in leadership. Nashville has evolved into more of a standalone market, rather than being directly tied to Atlanta. We now have our own budget, P&L, and growth plans, with leadership fully supporting that direction. This change reflects Nashville’s broader growth. The market is no longer viewed as a satellite office — it’s seen as a core, independent presence. That bodes well for recruiting, expansion and the overall trajectory of Newmark in Nashville. We’ve even added a new group focused on valuation and advisory services across all real estate classes. Our office and industrial teams have also expanded. That said, we still have a long way to go. From my perspective, we’re a small but growing team in Nashville. We’ve brought in strong personnel, and with new leadership and a refreshed mandate, there’s optimism that we’ll accelerate our growth this year.

What trends are shaping the multifamily market in Nashville?

The multifamily market is very much a recovery story. Nashville had been in an oversupply situation, but that’s shifting quickly. We’re now past peak supply in the suburbs, and fundamentals are improving. There are fewer concessions, positive rent growth, stronger absorption and improving occupancy rates. The suburban markets are getting healthy fast, which is attracting significant investor interest, and rightly so. Even during oversupply, Nashville’s suburbs have remained one of the most reliable investment options. Downtown and infill markets are still navigating through supply pressures, but they’re making progress. Remarkably, over the past 12 months, Nashville experienced its highest absorption year on record, even surpassing the post-COVID spike. That timing is ideal, given the current volume of available units, and it’s helping the market stabilize faster than anticipated.

What impact is the current economic landscape having on commercial real estate?

Nationally, there’s a lot of uncertainty. Competing forces are at play, and the overall picture remains to be seen. Locally, however, Nashville remains very strong. Our market benefits from a diverse economic base, a solid mix of cyclical and non cyclical sectors, which keeps things steady. We’re still in a high-growth phase, not just in real estate, but across multiple industries, with ongoing job creation. Investor interest is extremely high. It’s probably stronger than ever. Compared to peer markets like Austin, Charlotte and Raleigh, Nashville continues to attract more attention and capital. We’re seeing more investor visits, more capital sources evaluating deals, and it’s very encouraging.

How are public-private partnerships and new financing models shaping development feasibility?

While I wouldn’t call myself an expert in the public-private space, I can say that debt markets have been tough. There’s plenty of liquidity and options, but financing isn’t as inexpensive as it once was. That’s slowing down new investment. Even so, a large, complex multifamily deal was just announced last week. That signals that the right projects, in strong locations with compelling narratives, are still moving forward. It’s a positive sign. On the public-private front, I’ve been impressed with Mayor O’Connell’s vision, particularly around housing and transportation. His ability to get a transit plan passed is a meaningful first step. While it’s not as comprehensive as I’d prefer, it lays important groundwork for future improvements.

As Nashville grows, preparing for associated challenges like traffic and congestion becomes more important. Compared to other cities I’ve lived in or traveled to, Nashville is still relatively easy to navigate. The city benefits from a strong infrastructure system, including major highways and surface roads beyond the interstates. Regarding housing, we still need innovative solutions. It’s a complex issue, but local groups are making progress. One example is Ramston Capital , which is doing impressive work on privately funded attainable housing. These initiatives meet a major community need and reflect a commitment to both economic viability and social impact. I find that very encouraging.

What property types or formats appear most resilient or opportunistic in the current environment?

It comes down to real estate fundamentals. Properties with strong demand drivers such as jobs, amenities, and schools always rise to the top in challenging markets. The flight to quality still holds true. Suburban markets with stable fundamentals are already showing solid performance. At the same time, I remain very bullish on downtown, even with the oversupply and ongoing construction. Downtown is still the engine of our growth. It continues to draw the most jobs, attention, and energy of any part of Nashville. From a residential standpoint, the oversupply downtown is actually a sign of needed progress. The city needs more housing. Right now, the suburbs are getting a lot of attention due to their improving health and stability. But in downtown, everything that’s happening has been coming for a long time, and it’s positioning the area for lasting strength.

What are your top strategic priorities over the next few years?

In a market like this, the focus is on relationships — taking care of clients and providing real value. It’s about being more consultative, not just handling investment sales. Right now, people are looking for guidance on how to navigate volatility and uncertainty, both nationally and within Nashville. That’s where I can help most. The priority is to deepen those relationships and offer the best advice possible. From there, the transactions will follow. I’d love to grow the team and do more deals, but that will come naturally if we stay focused on doing right by our clients.

The message is clear: Nashville is a growing, dynamic market. We’re going through some growing pains with new construction and projects that take time, but the future looks incredibly promising.

Looking ahead, I genuinely believe Nashville will become one of the most walkable, livable and exciting downtowns in the country within the next five years. There are five major, game-changing mixed-use projects in the pipeline. These developments will bring services and experiences that haven’t previously existed here in a comprehensive way. Once delivered, they’ll make downtown an exceptional place to be. There’s been a lot of talk over the years about Nashville being “the next big city,” and each phase of growth has only reinforced that momentum. What’s coming next is even more exciting, which makes me incredibly optimistic about Nashville’s local trajectory.