LOUISVILLE, Ky. (Aug. 9, 2016) – The Louisville retail market remains positive with overall market availability increasing by 80 basis points in the first half of 2016 and ongoing construction activity in several submarkets, according to CBRE’s Retail MarketView.
New retailers in Louisville included Carter’s and OshKosh, Fresh Thyme Farmers Market and Main Event.
During the first half of 2016, construction activities included the 164,000-square-foot Costco as well as a CVS Pharmacy on Bardstown Road in the South Central submarket. In addition, 24,000 square feet of space was completed at the Shops of Forest Springs in the Northeast submarket. The Xscape theater complex in the Blankenbaker Station Business Park also plans to add another 70,000 square feet to its current space.
While the first half 2016 experienced negative absorption and higher availability rates, the second half of the year is expected to return to positive market figures.
Other highlights of the report include:
• A 125,000-square-foot Kroger Marketplace will anchor Jeffersonville Commons, a new 80-acre mixed-use development on 10th Street in Jeffersonville.
• Four area Kmart stores have closed since May of 2015, shifting absorption within the market, but creating opportunity.
• The luxury 30-story, 600-room, Omni Louisville hotel project in downtown Louisville is currently under construction.
• In Jeffersonville, Indiana, nearly 140,000 square feet of retail is either planned or under construction near the River Ridge Commerce Center.