Market Segments
in Downtown Memphis . . .
Hospitality
Office
Residential
Retail
View a list of . . .
Residential
Properties and Occupancy
Rates in Downtown
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market segment: residential
The Downtown Memphis residential market boasts one of the highest occupancy rates in the metro area, thanks to such draws as 300-plus acres of parks, 100-plus restaurants, countless museums and cultural events, and the mighty Mississippi River.
Downtown's diverse population is made up of upper-income residents, young professional singles, tourism/service-related employees, families, empty-nesters, and college students. Of the more than 80,000 people who work Downtown, 31 percent call Downtown home. The downtown employee is an ideal candidate for Downtown residency, and as new businesses open and new attractions are developed, this market will continue to grow.
Multi-family construction stats Downtown are the highest in the Shelby County, as are the square foot lease rates and monthly occupancy rates. Average apartment rental is $733 per month ($0.82 per square foot), compared to metro Memphis at $635 per month ($0.58 per square foot). In 2000, the average sales price of a downtown residential property was $192,092 ($108 per square foot), compared to metro Memphis at $127,170 ($63.25 per square foot).
The current residential base within the downtown core exceeds 4,000 units. More than 1,000 units ($150+ million investment) are under construction, which is estimated to add more than 2,000 residents in the near future. Plenty of property is still available for development.
Downtown Amenities:
Schools (K-12)
A $14 million elementary school for 750 students in grades K-6 is currently under construction.
The Maria Montessori School in Harbor Town is at full capacity with 225 students in grades K-8.
The Foreign Language Immersion Center provides bilingual education for children under the age of five.
Downtown has 12 daycare facilities.
Shopping:
Several convenience stores and five grocery stores and make food shopping convenient.
There are more than 450 retail stores, selling apparel, home furnishings/antiques, gifts, greeting cards, souvenirs, and sundry items.
Dining/Entertainment:
Downtown offers 100-plus restaurants/bars.
Beale Street is a vibrant urban entertainment center and Tennessee's top tourist attraction.
Peabody Place Entertainment and Retail Center is anchored by a 22-screen movie theater, along with Jillian's, Tower Records, Ann Taylor Lofts, The Gap, and several restaurants.
The Pyramid Arena and Orpheum Theatre offer world-class concerts and theatrical productions.
Other:
Some 20 public parks, including the four-mile riverfront greenway, offer outdoor recreation.
Secured parking is available throughout Downtown.
The downtown trolley system currently travels a five-mile loop through the Downtown Core and riverfront, with expansion to the Medical District underway.
Four police substations are located in various residential and public buildings, serving as the base for downtown mounted and bike patrols. A special 40-person Entertainment District Unit is dedicated to patrolling the Sports and Entertainment District.
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