The Louisville industrial market experienced its eighteenth consecutive quarter of positive net absorption in the third quarter.
- The market recorded 814,012 sq. ft. of positive net absorption.
- Market vacancy rate decreased 50 bps to 4.4%.
- Average asking lease rate increased $0.03 per sq. ft. to $3.88 per sq. ft.
- Market availability remained unchanged at 6.8%.
- Two new speculative warehouse projects were begun which total over 1,865,240 sq. ft. and a 100,000 sq. ft. build-to-suit manufacturing facility this quarter.
- Total under construction nearly doubled over the second quarter to 3.4 million sq. ft.