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Louisville Industrial Figures Q1 2023

April 6, 2023 5 Minute Read

260 Park Loop Road Shepherdsville KY 822022

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The Louisville industrial market started the year with the second highest quarter of positive net absorption in market history, 3,478,077 sq. ft., and the 32nd consecutive quarter of positive net absorption. Brisk leasing activity totaling over 4.6 million sq. ft. across several submarkets, along with the completion of a build-to-suit project in the Bluegrass submarket, contributed to this total. As a result, the marketwide vacancy rate fell 80 basis points (bps) to post 2.9%. The marketwide average asking lease rate rose 2% quarter-over-quarter to reach above the five dollar mark for the first time in market history, landing at $5.03 per sq. ft. This rate has risen by 30% over the last three years.