Dave Sansom, Managing Principal, Nashville, Cushman & Wakefield

In an interview with Invest:, Dave Sansom, managing principal of Nashville at Cushman & Wakefield, discussed the firm’s growth over the past year, and the strength of Nashville’s market fundamentals. “With a relatively low cost of living, low real estate taxes, and a low cost of doing business, it’s a place where talent wants to be,” he said.

What milestones stand out for Cushman & Wakefield over the past year?
Since stepping into the managing principal role here in Nashville, recruitment has been a major focus, building a culture and team that collaborates and wins together.

A key highlight was hiring Sarah Pettigrew to lead our office landlord platform in Nashville. Her track record speaks for itself. She’s a landmark hire, not just locally, but across our Southeast region. Her appointment at the start of 2025 reflects our ongoing commitment to strengthening our reputation.

As of 2023, we were ranked the top leasing team per the Nashville Business Journal, and we plan to maintain that position. With Sarah’s leadership and professionalism, I’m excited to grow our culture and team.

We also had a strong 2024 in-office investment sales. Led by Crews Johnston, our team bucked the national trend, completing high-profile transactions like Truist Plaza and the McEwen office building — a testament to our ability to deliver strong client results.

Our retail investment sales team, led by Evan Halkias, is also doing excellent work. 

At the core of all this is our focus on people and culture, which continues to drive client success. Another standout was our asset services team — or property management — securing a partnership with Chicago-based Convexity on their Five City project, a major mixed-use development in Midtown. That was a significant win and a strategic relationship we’re excited to grow.

It was a very active and successful 2024. The market has responded well, in transactions and talent alike.

How would you describe the state of the commercial real estate market in Nashville?
There’s a lot of opportunity in Nashville. That said, we’re not immune to the macroeconomic challenges affecting other markets.

In office, the flight-to-quality trend is very real. Trophy-grade office space continues to perform well, with strong demand. The return-to-work mandate is gaining traction, but there are ongoing challenges for B-grade assets, both in terms of product quality and location.

Industrial remains strong, though the challenge is a lack of available products and a limited development pipeline. Vacancy rates remain low.

Retail demand is also strong, particularly for well-located, high-quality properties. All in all, we’re optimistic. 2024 was a stronger-than-expected year in office investment activity, retail and industrial continue to perform strongly, and the landscape looks positive moving forward.

Considering that growth, what role is Cushman & Wakefield playing in shaping the city’s commercial landscape going forward?

We like to think it’s a significant one. As a comprehensive real estate services provider, we are constantly offering expertise across all product types and providing both consultancy and brokerage services.

Whether it’s an institution looking to sell or reposition an asset, we have the experience and a strong track record. For example, in buildings like the one I’m sitting in — Gulch Crossing — or at Gulch Union, we’ve had a meaningful impact through our client advisory, especially with the data we provide to support real-time, informed decision-making.

Our impact is tangible: our portfolio of commercial real estate that we help lease and manage has grown and continues to grow, and we also continue to serve a diverse client base across a broad spectrum of asset types.

How does Cushman & Wakefield leverage research and data to support its clients?
Our robust in-house research platform, led by the outstanding Jordyn Stallings where we produce thought leadership insights that are both innovative and forward-thinking. She does a fantastic job of approaching research like an asset manager — thinking like an owner and identifying trends before they become mainstream, then delivering that insight to our clients.

This proactive approach is a key differentiator for us. Our research platform is globally respected and highly valued by our investor clients here in Nashville.

Especially in today’s market, where volatility is still a factor, access to reliable, real-time data is more important than ever. And that need is only growing. We strive to be at the forefront of thought leadership and to offer our clients that strategic edge.

How would you describe the economic outlook for Nashville’s commercial real estate market?
Nashville has strong fundamentals. Economically, it’s a great place to do business and to relocate a corporate headquarters.

We continue to benefit from those fundamentals. We finished 4Q24 as the fifth-lowest unemployment market in the country and maintained a steady flow of job creation. By the end of 2024, Nashville was ranked the fourth-best business climate in the United States and the fourth-best city to locate a corporate headquarters.

With a relatively low cost of living, low real estate taxes, and a low cost of doing business, it’s a place where talent wants to be. People want to relocate to Nashville. That energy continues to propel the city forward.

Of course, we’re not immune to macroeconomic challenges — the volatility and uncertainty that are impacting the office environment across the country. But even with those headwinds, we feel confident. There’s still plenty of investor interest, especially in office products, and we continue to buck the national trend in that sector.

Looking ahead, what are your top priorities for the firm in the next couple of years?
Our top priority is strategic growth. By that, I mean recruitment. That continues to be our main focus, aligned with Cushman & Wakefield’s broader vision as a firm. We’re very intentional about the people we bring on and the culture we’re building.

In 2025, we’ll continue the momentum from 2024 and don’t plan to slow down. We’re targeting key sectors — office, retail, multifamily — where we see opportunity and where we can expand our expertise to better serve our clients.

Second, we’re continuing to lead through data and thought leadership. That research capability is a real value driver for our clients, and we want to stay at the forefront.

If I had to give you a five-year outlook, we aim to maintain our positioning as the top commercial real estate services firm locally — across all sectors. We’re confident in our capabilities to stay at the top of the market as we navigate the landscape alongside our investor clients.

What are some areas of growth you’re paying close attention to right now?
The need for real-time data has never been more critical. In terms of areas for potential growth, flex space continues to see strong demand. The supply pipeline there is a bit limited, which presents opportunities. When we talk about flex, we’re often referring to light industrial — sub-50,000 or even up to 100,000 square feet.

Another macro trend we’re seeing emerge here is mixed-use development. It’s relatively new to Nashville but becoming more prominent. I look out my window and see Gulch Union, a vibrant, mixed-use development that combines multifamily and retail. Projects like Nashville Yards, Five City, Neuhoff, and Peabody Union are prioritizing that work-live-play environment.

Our strategic priorities remain focused on recruitment, growth, and continuing to build a strong, collaborative culture.