Office Q Kentucky

CBRE: Louisville office market off to a strong start in 2019

CBRE: Louisville office market off to a strong start in 2019,ph01

The Louisville office market got off to a strong start in 2019, seeing 132,527 square feet of positive net absorption in the first quarter. And that’s just the start of the good news from CBRE’s most recent Office MarketView.

The first quarter of this year was the fourth straight in which the Louisville office market saw positive net absorption. CBRE reported that this absorption was spread between the downtown market and the Louisville suburbs. The CBD recorded 51,753 square feet of office absorption, while the suburbs notched 81,945 square feet.

“It’s a great start to the year, and it’s nice to see demand continue at a high level,” said David Hardy, managing director with CBRE, in a written statement. “We expect leasing to remain steady for the next several quarters, and it should be an active market in 2019.”

CBRE reported that the Class-A CBD office vacancy rate fell to 11.1 percent, while leasing activity for the quarter totaled 303,276 square feet.

A highlight of the quarter? The sixth building in the Old Henry Crossings development in Louisville’s East County submarket was completed. The 65,000-square-foot buildng is now the home of ARGI Financial Group, which occupies about 55,000 square feet.