The Louisville industrial market experienced the highest quarter of net absorption in market history with 3,798,500 sq. ft. In addition, the market had over 10 million sq. ft. of positive net absorption in 2018, an annual total that exceeds the previous highest annual total set in 2015 by over 7.2 million square feet.
- Annual net absorption for 2018 was 10,150,583 sq. ft., which is over 248% higher than the previous highest year of annual net absorption, recorded in 2015.
- Vacancy rate fell 130 bps to 4.7%.
- Average asking lease rate rose $0.10 per sq. ft. to $3.85 per sq. ft.
- Six new buildings were delivered in the fourth quarter
- 2018 had the most buildings ever constructed in the market
- First year in which a new building was completed in each submarket