With just over 2 million sq. ft. of positive net absorption recorded in Q2 2021, the Louisville industrial is on track for 2021 to exceed 2020 as the second highest year of positive net absorption.
- The market recorded 2,025,752 sq. ft. of positive net absorption.
- Two new speculative project and one build-to-suit construction project were finished and multiple new construction projects broke ground during the quarter.
- Market vacancy rate decreased 90 bps to 3.4%.
- Average asking lease rate increased $0.08 per sq. ft. to $4.23 NNN per sq. ft., a new market record high asking rate.