The Louisville Office market had a strong quarter of positive net absorption, offsetting most of the negative net absorption from the previous three quarters.
- Net absorption marketwide was negative 234,375 sq. ft.
- CBD posted negative net absorption of 1,586 sq. ft. and Suburban submarkets had 235,961 sq. ft. of positive net absorption.
- The marketwide leasing activity was 489,294 sq. ft., which was 160,000 sq. ft. higher than third quarter.
- Class A CBD average asking lease rate decreased $0.79 to $19.41 per sq. ft.
- Class A Suburban average asking lease rate decreased $0.46 per sq. ft. to $21.92 per sq. ft.
- The 435 Building at ShelbyHurst began construction this quarter in the Hurstbourne Parkway/Shelbyville Road submarket. The 119,650-sq.-ft. project should be completed in late 2020 or early 2021.