BY THE NUMBERS
LOUISVILLE—Demand continues to drive up asking lease rates in the Louisville industrial market. In the second quarter rates rose $0.07 per square foot to $3.51, according to CBRE's latest Industrial Marketview. However, even with a positive absorption of 655,428 square feet, vacancy rose in the region to 7.7% as developers delivered 1.5 million square feet of speculative construction. Users want new, class A space, and developers expect to deliver another 1.3 million square feet of speculative construction in the second half of this year. “There is strong demand for new product and we expect this new space to be absorbed quickly,” says Tom Sims, senior vice president in CBRE's Louisville office. “The fundamentals are very strong right now in the Louisville market and developers are attempting to capitalize on this.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
