JLL Research Show Louisville Office Vacancy Decreasing, but Large Blocks Remain
In Louisville’s 2018 Q4 office market, vacancy is decreasing but large block remain
LOUISVILLE, Jan 9, 2019 – New JLL research shows the Louisville office sector ended 2018 with net absorption up significantly year-over-year, and total vacancy down over one percentage point.
Several key transactions impacted these results. 500 W. Jefferson officially transferred to New York-based Somera Road with the expectation that the buyer will spend the capital needed to update the asset so it can compete within the downtown market. In-Rel Properties increased their footprint in Louisville with the purchase of the 16-story Kaden Tower for $10.5 million, showing continued demand for available office product. Also, online retailer Chewy, Inc. announced plans to occupy 25,000 square feet at 3621 Fern Valley Road.
Lease conditions in the downtown market remain favorable for tenants. Asking rents are up 3.8 percent year-over-year as they currently sit at $18.36. Vacancy is down seven basis points year-over-year as it’s currently at 10.6 percent.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com