The Louisville industrial market had steady market activity that was offset by several vacancies across the market to result in just 271,954 sq. ft. of positive net absorption in the first quarter.
- Market vacancy rate decreased 30 bps to 4.4%.
- Average asking lease rate added a penny per sq. ft. to $3.86 per sq. ft.
- Market availability rate fell by 120 bps to 6.9%.
- 1.5 million sq. ft. currently under construction, 62% is build-to-suit.