Already the most populated city in Tennessee, Memphis is gaining recognition as one of the most up-and-coming cities in the U.S. Known for being a hub for blues and barbeque, the city has seen increased development, with a growing business community and revitalization projects across the downtown area. Major companies, architecture firms, and investors are all working to make Memphis the next “it” city in the image of cities like Austin, Nashville, or Denver. With an average of 218 sunny days annually and a comfortable Southern climate, Memphis is flourishing into an increasingly popular city to live and work.
Memphis already has a lot of things going for it. The Memphis in May International Festival features the Beale Street Music Festival, international events featuring a different country each year, and the World Championship Barbeque Cooking Contest. The city has always had a thriving music scene, including venues on world-famous Beale Street and iconic destinations like Graceland and the STAX Museum of American Soul. Trendy gathering places are developing like Loflin Yards and Railgarten, where groups can enjoy Memphis’ mild Southern climate outdoors with friends. Memphis is also home to world-class craft brewers and distilleries. We have various colleges and universities, and enough sports teams (pro and college) to suit any sports fan’s taste. Probably most importantly, the city is continually attracting new industry, and large companies that have been in Memphis are growing, developing, and thriving.
Local employers are stepping up. ServiceMaster is moving its headquarters and building a new 20,000 square-foot technology center downtown. FedEx, headquartered in Memphis, has pledged one billion dollars to modernize its Memphis SuperHub. Methodist University Hospital has a $275 million tower under construction. St. Jude’s Children’s Research Hospital recently announced plans for a $412 million research center, part of its $1 billion downtown expansion.
Many of our older buildings are being repurposed by world-class designers, bringing market-rate apartments to attractive communities. The old Sears distribution center, Tennessee Brewery, and the Hotel Chisca are all classic Memphis properties that have been revitalized. According to Cushman & Wakefield Commercial Advisors, $13 billion has been invested in Memphis over the last four years in over 250 revitalization projects.
In a Yelp Local Economic Outlook report, Memphis ranked 12th in the United States for economic opportunity, making it a great place to invest or start a new business. Expanding industry as well as increased tourism in Memphis is a promising sign for the city’s blooming economy. Memphis’ growth is good news for residents and investors. Reedy and Company Realtors, LLC has opportunities for both property investors and tenants looking for rentals to take advantage of Memphis as the city flourishes. For more information, visit https://www.reedyandcompany.net/.
