LOUISVILLE, Ky. (Oct. 19, 2016) – The Louisville office market remains healthy with Class A CBD vacancy moving down to 11 percent after experiencing 16,666 s.f. of positive absorption, according to CBRE’s Office MarketView.
While Class A product in the CBD experienced positive absorption, Class A suburban vacancy rates increased slightly to 10.1 percent this quarter and the overall Suburban vacancy rate increased 110 bps to 12.3 percent for the quarter
Despite over 150,000 sq. ft. of negative absorption, year-to-date net absorption remains positive for the entire market with 238,795 square feet.
Other highlights of the report include:
• Seven Counties Services leased over 40,000 square feet at Thornton Park Plaza in the Hurstbourne Parkway/Shelbyville Road submarket. The move will consolidate several locations by March 2017.
• Humana vacated four floors this quarter in Waterfront Plaza at 325 Main Street, adding 54,960 square feet to the market.
• Remove entire bullet Overall leasing activity in the CBD was 32,834 square feet for the quarter with 27,386 square feet of the activity occurring in Class A properties and 5,448 square feet occurring in Class B properties.
• A lease for 31,000 sq. ft. was completed at 500 North Hurstbourne in the Hurstbourne Parkway/Shelbyville Road submarket.
To read the entire report, please click here.