The Louisville Office market was impacted again by downsizing in the fourth quarter, which resulted in the first year of negative net absorption since 2011.
- Marketwide net absorption was 1,604 sq. ft.
- CBD net absorption was (18,826) sq. ft. and Suburban net absorption was 20,430 sq. ft.
- The Class A CBD vacancy rate decreased to 12.6%.
- The Class A Suburban vacancy rate decreased to 10.0%
- The marketwide leasing activity increased by over double to 381,360 sq. ft.
- Class A CBD average asking lease rates grew $0.05 per sq. ft. to $19.87 per sq. ft.
- Class A Suburban average asking lease rates gained $0.26 per sq. ft. to $21.35 per sq. ft.