The Louisville Industrial market had 1.5 million sq. ft. of net absorption in the fourth quarter which helped 2020 become the second highest year of net absorption in Louisville industrial market history. It was also the twenty-third consecutive quarter of positive net absorption.
- The market recorded 1,503,153 sq. ft. of positive net absorption.
- Total net absorption for the year was 4,380,186 sq. ft.
- Six new speculative and one build-to-suit construction projects finished.
- Market vacancy rate increased 110 bps to 5.3%.
- Average asking lease rate increased $0.15 per sq. ft. to $4.02 NNN per sq. ft.
- Market availability increased by 50 bps to 6.7%.