Memphis is one of the top logistics and distribution markets in the US, anchored by FedEx World Headquarters and significant air cargo capacity. The market has approximately 65 million square feet of commercial space, predominantly industrial. Office is relatively modest in size.
By Angel Campa, Founder · Updated March 2026
Commercial Space
65M sq ft
Avg Office Rent
$16–$25/sq ft
Vacancy Rate
12%
Avg Lease Term
5–15 years
Memphis industrial leases are almost exclusively NNN with annual 2–3% bumps. FedEx and logistics tenants negotiate large build-to-suit structures with 10–20 year terms. Low vacancy gives landlords strong leverage.
Tennessee Landlord–Tenant Guide
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Memphis industrial leases are driven by air cargo and FedEx logistics. Build-to-suit leases for distribution facilities often include specialized loading dock, clear height, and refrigeration provisions.
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