An in-depth look at the Louisville office market. Analysis includes sales, leasing, construction and employment.

1. Office
Outlook
An in-depth look at the
Louisville office market.
Analysis includes sales,
leasing, construction and
employment.
Louisville | Q4 2020
JLL Research

2. Q4 2020
Louisville
Office Insight
Louisville’s office market experienced a very turbulent 2020. For most of the
year, COVID-19 forced a large portion of the workforce into the new reality of
working from home. Because of that, most potential expansions or relocations
by companies were put on temporary hold in order to get beyond initial virus
spikes and the ensuing regulations while awaiting the emergence of successful
vaccines.
Despite the relatively slow year, there were several large deals that highlight
interesting trends to watch in 2021 with respect to the market. In the Central
Business District, Dismore & Shohl, Intrado (previously West Corp) and Baird
all committed to long-term leases, despite opportunities to relocate to the
suburbs. Our expectation is there will be more tenants committing to the CBD
in 2021, as multiple large block availabilities allow for tenants to pursue
aggressive lease terms including abated rent, greater tenant improvement
allowances and potential cost savings in the form of compressed rental rates.
In the suburban market, the successes of Fenley’s new delivery, Two Olympia,
and continued success of the ShelbyHurst campus confirms there is still
demand for new, Class A construction in the East-End submarkets.
Outlook
The past 12-months have been difficult for the Louisville office market.
However, it is our expectation that there will be a bounce back in 2021. There
is likely pent-up demand from tenants who were evaluating options in 2020
and waiting to send employees back to work until a mass scale vaccine rollout.
It is our expectation that the first quarter will be somewhat slow and that
activity will start to pick up during the second quarter, leading to a much more
robust second half of 2021. Research from interviews with local and regional
employees shows a demand from both employees and employers to return to
the office and that as a whole the “remote work” model is less preferable than
the traditional office model.
Year ends with market uncertainty, but optimism remains
• Despite headwinds both the CBD and suburban markets had positive absorption
for the quarter
• Somera Road completed its acquisition of 500 W. Jefferson
• Suburban sublease vacancy continues to trickle up as occupiers evaluate space
needs
Fundamentals Forecast
YTD net absorption -69,446 s.f. ▶
Under construction 251,850 s.f. ▼
Total vacancy 12.4% ▲
Sublease vacancy 233,680 s.f. ▲
Direct asking rent $18.69 p.s.f. ▶
Sublease asking rent $18.84 p.s.f. ▼
Concessions Increasing ▲
-200,000
0
200,000
400,000
2016 2017 2018 2019 2020
Supply and demand (s.f.) Net absorption
Deliveries
0%
3%
6%
9%
12%
15%
18%
2006 2008 2010 2012 2014 2016 2018 2020
Total vacancy (%)
$0
$5
$10
$15
$20
20062008201020122014201620182020
Average asking rent ($ p.s.f.)
Direct Sublease
© 2021 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

3. Class Inventory(s.f.)
Totalnet
absorption
(s.f.)
2020 totalnet
absorption (s.f.)
2020totalnet
absorption (%
of stock)
Direct vacancy
(%)
Totalvacancy
(%)
Averagedirect
asking rent ($
p.s.f.)
2020
Completions
(s.f.)
Under
Development
(s.f.)
CBD Totals 8,978,604 14,951 -69,636 -0.8% 14.0% 14.7% $17.95 75,000 0
CBD Totals 8,978,604 14,951 -69,636 -0.8% 14.0% 14.7% $17.95 75,000 0
Hurstbourne Totals 3,523,245 -4,732 -53,264 -1.5% 9.9% 11.5% $20.35 0 119,850
Middletown/ Eastpoint Totals 1,655,582 -186 7,611 0.5% 7.4% 12.0% $22.08 0 132,000
Plainview Totals 1,855,441 13,354 15,594 0.8% 13.8% 14.7% $17.86 0 0
RiverRoad/Brownsboro Totals 904,755 4,471 72,932 8.1% 12.3% 12.3% $24.51 135,917 0
South Central Totals 1,577,355 25,206 5,363 0.3% 5.9% 5.9% $17.00 0 0
Southeast Totals 559,752 0 -13,995 -2.5% 3.2% 5.1% $18.71 0 0
St. Matthews Totals 1,320,255 -2,535 -34,051 -2.6% 6.8% 7.1% $18.92 0 0
Suburban Totals 11,396,385 35,578 190 0.0% 9.1% 10.6% $19.86 135,917 251,850
Louisville Totals 20,374,989 50,529 -69,446 -0.3% 11.3% 12.4% $18.69 210,917 251,850
CBD A 4,422,973 5,436 -114,797 -2.6% 20.5% 21.8% $18.66 75,000 0
CBD A 4,422,973 5,436 -114,797 -2.6% 20.5% 21.8% $18.66 75,000 0
Hurstbourne A 2,860,426 -7,684 -4,849 -0.2% 9.6% 10.2% $20.89 0 119,850
Middletown/ Eastpoint A 1,079,561 5,230 14,035 1.3% 9.2% 16.2% $22.75 0 132,000
Plainview A 504,033 0 0 0.0% 0.0% 0.0% $0.00 0 0
RiverRoad/Brownsboro A 724,976 7,310 78,673 10.9% 14.5% 14.5% $25.31 135,917 0
Southeast A 505,524 0 -11,191 -2.2% 2.9% 5.1% $18.71 0 0
St. Matthews A 707,033 4,990 -6,618 -0.9% 3.6% 4.0% $22.72 0 0
Suburban A 6,381,553 9,846 70,050 1.1% 8.1% 9.8% $21.78 135,917 251,850
Louisville A 10,804,526 15,282 -44,747 -0.4% 13.2% 14.7% $19.56 210,917 251,850
CBD B 4,555,631 9,515 45,161 1.0% 7.7% 7.7% $15.50 0 0
CBD B 4,555,631 9,515 45,161 1.0% 7.7% 7.7% $15.50 0 0
Hurstbourne B 662,819 2,952 -48,415 -7.3% 11.2% 17.1% $18.78 0 0
Middletown/ Eastpoint B 576,021 -5,416 -6,424 -1.1% 4.1% 4.1% $19.43 0 0
Plainview B 1,351,408 13,354 15,594 1.2% 18.9% 20.2% $17.86 0 0
RiverRoad/Brownsboro B 179,779 -2,839 -5,741 -3.2% 3.2% 3.2% $17.69 0 0
South Central B 1,577,355 25,206 5,363 0.3% 5.9% 5.9% $17.00 0 0
Southeast B 54,228 0 -2,804 -5.2% 5.2% 5.2% $0.00 0 0
St. Matthews B 613,222 -7,525 -27,433 -4.5% 10.6% 10.6% $17.07 0 0
Suburban B 5,014,832 25,732 -69,860 -1.4% 10.4% 11.5% $17.93 0 0
Louisville B 9,570,463 35,247 -24,699 -0.3% 9.1% 9.7% $16.92 0 0
Q4 2020
Statistics
Louisville Office Outlook
© 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
2
Class Inventory(s.f.)
Totalnet
absorption
(s.f.)
2020 totalnet
absorption (s.f.)
2020totalnet
absorption (%
of stock)
Direct vacancy
(%)
Totalvacancy
(%)
Averagedirect
asking rent ($
p.s.f.)
2020
Completions
(s.f.)
Under
Development
(s.f.)
CBD Totals 8,978,604 14,951 -69,636 -0.8% 14.0% 14.7% $17.95 75,000 0
CBD Totals 8,978,604 14,951 -69,636 -0.8% 14.0% 14.7% $17.95 75,000 0
Hurstbourne Totals 3,523,245 -4,732 -53,264 -1.5% 9.9% 11.5% $20.35 0 119,850
Middletown/ Eastpoint Totals 1,655,582 -186 7,611 0.5% 7.4% 12.0% $22.08 0 132,000
Plainview Totals 1,855,441 13,354 15,594 0.8% 13.8% 14.7% $17.86 0 0
RiverRoad/Brownsboro Totals 904,755 4,471 72,932 8.1% 12.3% 12.3% $24.51 135,917 0
South Central Totals 1,577,355 25,206 5,363 0.3% 5.9% 5.9% $17.00 0 0
Southeast Totals 559,752 0 -13,995 -2.5% 3.2% 5.1% $18.71 0 0
St. Matthews Totals 1,320,255 -2,535 -34,051 -2.6% 6.8% 7.1% $18.92 0 0
Suburban Totals 11,396,385 35,578 190 0.0% 9.1% 10.6% $19.86 135,917 251,850
Louisville Totals 20,374,989 50,529 -69,446 -0.3% 11.3% 12.4% $18.69 210,917 251,850
CBD A 4,422,973 5,436 -114,797 -2.6% 20.5% 21.8% $18.66 75,000 0
CBD A 4,422,973 5,436 -114,797 -2.6% 20.5% 21.8% $18.66 75,000 0
Hurstbourne A 2,860,426 -7,684 -4,849 -0.2% 9.6% 10.2% $20.89 0 119,850
Middletown/ Eastpoint A 1,079,561 5,230 14,035 1.3% 9.2% 16.2% $22.75 0 132,000
Plainview A 504,033 0 0 0.0% 0.0% 0.0% $0.00 0 0
RiverRoad/Brownsboro A 724,976 7,310 78,673 10.9% 14.5% 14.5% $25.31 135,917 0
Southeast A 505,524 0 -11,191 -2.2% 2.9% 5.1% $18.71 0 0
St. Matthews A 707,033 4,990 -6,618 -0.9% 3.6% 4.0% $22.72 0 0
Suburban A 6,381,553 9,846 70,050 1.1% 8.1% 9.8% $21.78 135,917 251,850
Louisville A 10,804,526 15,282 -44,747 -0.4% 13.2% 14.7% $19.56 210,917 251,850
CBD B 4,555,631 9,515 45,161 1.0% 7.7% 7.7% $15.50 0 0
CBD B 4,555,631 9,515 45,161 1.0% 7.7% 7.7% $15.50 0 0
Hurstbourne B 662,819 2,952 -48,415 -7.3% 11.2% 17.1% $18.78 0 0
Middletown/ Eastpoint B 576,021 -5,416 -6,424 -1.1% 4.1% 4.1% $19.43 0 0
Plainview B 1,351,408 13,354 15,594 1.2% 18.9% 20.2% $17.86 0 0
RiverRoad/Brownsboro B 179,779 -2,839 -5,741 -3.2% 3.2% 3.2% $17.69 0 0
South Central B 1,577,355 25,206 5,363 0.3% 5.9% 5.9% $17.00 0 0
Southeast B 54,228 0 -2,804 -5.2% 5.2% 5.2% $0.00 0 0
St. Matthews B 613,222 -7,525 -27,433 -4.5% 10.6% 10.6% $17.07 0 0
Suburban B 5,014,832 25,732 -69,860 -1.4% 10.4% 11.5% $17.93 0 0
Louisville B 9,570,463 35,247 -24,699 -0.3% 9.1% 9.7% $16.92 0 0

4. $26,000,000
4
$89
8.5% - 10%
50.0%
50.0%
8.5% - 10%
7.0% - 8.0%
Notable sales transactions past 12 months
Class RBA (s.f.) $ p.s.f. Sale date
Triad East B 92,060 $6,700,000 $73 Oct-19
Paragon Place A 81,060 $10,850,000 $133 Aug-19
BT Properties B 160,672 $2,400,000 $15 Jul-19
734 W. Main TMT Ventures B 53,784 $6,050,000 $112 May-19
AOP Partnership
Calella
Building Buyer
Noltemeyer Capital
Airport Office Park
SF Partners Linn Station 001
Banyan Street Capital
Average Class A cap rate
Past 12 months sales volume $ by submarket
Urban sales volume as % of
total
Suburban sales volume as % of
total
Cap rate range
Average Class A price p.s.f.
Sales activity by building classAt a glance
Past 12 months sales volume
Number of transactions
Top sellers (s.f.)Top buyers (s.f.)
Sale price ($)Seller
Core Class A CBD
Core Class A suburban
Transactions details
$2,400,000
$6,050,000
$6,700,000
$10,850,000
South Central
CBD
Plainview
Hurstbourne
$10,850,000
$15,150,000
$26,000,000
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
Class A Class B Total
Q4 2020
Sales
Louisville Office Outlook
This report analyzes sales from the past 12 months
3
$52,260,000
6
$152
8.5% - 10%
12.0%
88.0%
8.5% - 10%
7.0% - 8.0%
Notable sales transactions past 12 months
Class RBA (s.f.) $ p.s.f. Sale date
A 74,004 $11,000,000 $149 Jan-20
A 89,004 $15,260,000 $171 Oct-19
Triad East B 92,060 $6,700,000 $73 Oct-19
Paragon Place A 81,060 $10,850,000 $133 Aug-19
Airport Office
Park
BT Properties
AOP
Partnership
B 160,672 $2,400,000 $15 Jul-19
734 W. Main Calella TMT Ventures B 53,784 $6,050,000 $112 May-19
Linn Station 001
Building Buyer
Baptist Healthcare
Lakeview Mead WMRBNA Fund III
J. Rogers Barnett Foundation
Banyan Street CapitalNoltemeyer Capital
SF Partners
Lakeview Office Park
Former PharMerica HQ
Average Class A cap rate
Past 12 months sales volume $ by submarket
Urban sales volume as % of
total
Suburban sales volume as % of
total
Cap rate range
Average Class A price p.s.f.
Sales activity by building classAt a glance
Past 12 months sales volume
Number of transactions
Top sellers (s.f.)Top buyers (s.f.)
Sale price ($)Seller
Core Class A CBD
Core Class A suburban
Transactions details
$2,400,000
$6,050,000
$10,850,000
$11,000,000
$21,960,000
South Central
CBD
Hurstbourne
St. Matthews
Plainview
$37,110,000
$15,150,000
$52,260,000
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
Class A Class B Total
$90,710,000
6
$152
8.5% - 10%
12.0%
88.0%
8.5% - 10%
7.0% - 8.0%
Notable sales transactions past 12 months
Class RBA (s.f.) $ p.s.f. Sale date
A 512,840 $44,500,000 $87 Jun-20
A 74,004 $11,000,000 $149 Jan-20
A 89,004 $15,260,000 $171 Oct-19
Triad East SF Partners B 92,060 $6,700,000 $73 Oct-19
Paragon Place
Noltemeyer
Capital
A 81,060 $10,850,000 $133 Aug-19
BT Properties B 160,672 $2,400,000 $15 Jul-19
Baptist HealthcareFormer PharMerica HQ
Airport Office Park
Core Class A CBD
Core Class A suburban
Transactions details
Top sellers (s.f.)Top buyers (s.f.)
Sale price ($)Seller
Average Class A price p.s.f.
Sales activity by building classAt a glance
Past 12 months sales volume
Number of transactions
Average Class A cap rate
Past 12 months sales volume $ by submarket
Urban sales volume as % of
total
Suburban sales volume as % of
total
Cap rate range
J. Rogers Barnett Foundation
Building Buyer
Lakeview Mead
Group RMC Ascent Properties
WMRBNA Fund III
Linn Station 001
Ascent Portfolio*
Lakeview Office Park
AOP Partnership
Banyan Street Capital
$2,400,000
$10,850,000
$11,000,000
$66,460,000
South Central
Hurstbourne
St. Matthews
Plainview
$37,110,000
$53,600,000
$90,710,000
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
$100,000,000
Class A Class B Total
*The Ascent Portfolio included the following properties: 10503 Timberwood Circle, 10507 Timberwood Circle, 10509 Timberwood Circle, 10400 Linn Station Road, 11403 Bluegrass Parkway, 10168
– 10172 Linn Station Road, and 10401 Linn Station Road.
© 2021 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
$107,670,161
5
$161
8.5% - 10%
0.0%
100.0%
8.5% - 10%
7.0% - 8.0%
Notable sales transactions past 12 months
Class RBA (s.f.) $ p.s.f. Sale date
B 31,391 $3,950,000 $126 Jul-20
A 512,840 $44,500,000 $87 Jun-20
Lakeview Mead
WMRBNA Fund
III
A 74,004 $11,000,000 $149 Jan-20
Baptist Healthcare A 89,004 $15,260,000 $171 Oct-19
Triad East SF Partners Linn Station 001 B 92,060 $6,700,000 $73 Oct-19
Building Buyer
Group RMC
Baptist Healthcare All Star Signature Properties
Ascent Properties
J. Rogers Barnett Foundation
All Star Signature Building
Ascent Portfolio*
Former PharMerica HQ
Average Class A cap rate
Past 12 months sales volume $ by submarket
Urban sales volume as % of total
Suburban sales volume as % of
total
Cap rate range
Average Class A price p.s.f.
Sales activity by building classAt a glance
Past 12 months sales volume
Number of transactions
Top sellers (s.f.)Top buyers (s.f.)
Sale price ($)Seller
Core Class A CBD
Core Class A suburban
Transactions details
Lakeview Office Park
$3,950,000
$11,000,000
$66,460,000
South Central
St. Matthews
Plainview
$26,260,000
$55,150,000
$81,410,000
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
Class A Class B Total
$108,470,161
5
$160
8.5% - 10%
0.0%
100.0%
8.5% - 10%
7.0% - 8.0%
Notable sales transactions past 12 months
Class RBA (s.f.) $ p.s.f. Sale date
A 31,391 $4,750,000 $151 Jul-20
B 512,840 $44,500,000 $87 Jun-20
Lakeview Mead
WMRBNA Fund
III
A 74,004 $11,000,000 $149 Jan-20
Baptist Healthcare A 89,004 $15,260,000 $171 Oct-19
Triad East SF Partners Linn Station 001 B 92,060 $6,700,000 $73 Oct-19
Ascent Portfolio*
Building Buyer
Group RMC
Baptist Healthcare
Former PharMerica HQ
Average Class A cap rate
Past 12 months sales volume $ by submarket
Urban sales volume as % of total
Suburban sales volume as % of
total
Cap rate range
Lakeview Office Park
All Star Signature Properties
Ascent Properties
J. Rogers Barnett Foundation
3605 Fern Valley
Average Class A price p.s.f.
Sales activity by building classAt a glance
Past 12 months sales volume
Number of transactions
Top sellers (s.f.)Top buyers (s.f.)
Sale price ($)Seller
Core Class A CBD
Core Class A suburban
Transactions details
$4,750,000
$11,000,000
$66,460,000
South Central
St. Matthews
Plainview
$31,010,000
$51,200,000
$82,210,000
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
Class A Class B Total
$76,000,149
3
$161
8.5% - 10%
0.0%
100.0%
8.5% - 10%
7.0% - 8.0%
Notable sales transactions past 12 months
Class RBA (s.f.) $ p.s.f. Sale date
A 31,391 $4,750,000 $151 Jul-20
B 512,840 $44,500,000 $87 Jun-20
Lakeview Mead
WMRBNA Fund
III
A 74,004 $11,000,000 $149 Jan-20
Ascent Portfolio*
Building Buyer
Group RMC
Baptist Healthcare
Average Class A cap rate
Past 12 months sales volume $ by submarket
Urban sales volume as % of
total
Suburban sales volume as % of
total
Cap rate range
Lakeview Office Park
All Star Signature Properties
Ascent Properties
3605 Fern Valley
Average Class A price p.s.f.
Sales activity by building classAt a glance
Past 12 months sales volume
Number of transactions
Top sellers (s.f.)Top buyers (s.f.)
Sale price ($)Seller
Core Class A CBD
Core Class A suburban
Transactions details
$4,750,000
$11,000,000
$44,500,000
South Central
St. Matthews
Plainview
$15,750,000
$44,500,000
$60,250,000
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
Class A Class B Total
$76,000,149
3
$150
8.5% - 10%
0.0%
100.0%
8.5% - 10%
7.0% - 8.0%
Notable sales transactions past 12 months
Class RBA (s.f.) $ p.s.f. Sale date
A 31,391 $4,750,000 $151 Jul-20
B 512,840 $44,500,000 $87 Jun-20
Lakeview Mead
WMRBNA Fund
III
A 74,004 $11,000,000 $149 Jan-20
Core Class A CBD
Core Class A suburban
Transactions details
Top sellers (s.f.)Top buyers (s.f.)
Sale price ($)Seller
Average Class A price p.s.f.
Sales activity by building classAt a glance
Past 12 months sales volume
Number of transactions
Average Class A cap rate
Past 12 months sales volume $ by submarket
Urban sales volume as % of total
Suburban sales volume as % of
total
Cap rate range
Lakeview Office Park
All Star Signature Properties
Ascent Properties
3605 Fern Valley
Ascent Portfolio*
Building Buyer
Group RMC
Baptist Healthcare
$4,750,000
$11,000,000
$44,500,000
South Central
St. Matthews
Plainview
$15,750,000
$44,500,000
$60,250,000
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
Class A Class B Total
83%
12%
5%
Group RMC Lakeview Mead
Baptist Healthcare
83%
12%
5%
Ascent Properties Woodlawn Capital
All Star Signature Properties

5. Total available at delivery (%) 73.3%
Total leased at delivery (%) 58.3%
Average floor plate (s.f.) 24,694
Average number of stories 4
Average asking rent ($ p.s.f.) $24.50
Notable deliveries past 12 months
Address Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
4803 Olympia Park Plaza River Road/Brownsboro 135,917 Q2 2020 49.1%
552 E. Market Street CBD 75,000 Q2 2020 75.0%
Total pre-leased (%) 64.3%
Total under construction (s.f.) 251,850
Total under renovation (s.f.) -
Average floor plate (s.f.) 31,481
Average asking rent ($ p.s.f.) $27.00
Notable projects under construction or announced
Address RBA (s.f.)
Estimated
delivery
Pre-leased (%)
3050 Terra Crossing Boulevard 132,000 Q4 2020 100%
435 N. Whittington Parkway 119,850 Q4 2020 25.0%
Upcoming deliveries by year (s.f., excludes YTD completions)
SpeculativeNTS DevelopmentHurstbourne
SpeculativeFenley Real Estate
Middletown/Eastpoint Jefferson Development Group BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
At a glance
Historical completions
Deliveries
At a glance
210,917
12- month deliveries (s.f.)
SpeculativeCampisano Capital
Spec/BTSOwner/developer
251,850
Under construction/renovation (s.f.)
251,850
0
50,000
100,000
150,000
200,000
250,000
300,000
2020
248,000
328,400
192,500
140,000
127,050
210,917
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2015 2016 2017 2018 2019 2020
Q4 2020
Construction
Louisville Office Outlook
This report analyzes all office developments under construction and new deliveries in the last 12 months > 30,000 s.f.
4
© 2021 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Total available at delivery (%) 73.3%
Total leased at delivery (%) 58.3%
Average floor plate (s.f.) 24,694
Average number of stories 4
Average asking rent ($ p.s.f.) $24.50
Notable deliveries past 12 months
Address Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
4803 Olympia Park Plaza River Road/Brownsboro 135,917 Q2 2020 49.1%
552 E. Market Street CBD 75,000 Q2 2020 75.0%
Total pre-leased (%) 64.3%
Total under construction (s.f.) 251,850
Total under renovation (s.f.) -
Average floor plate (s.f.) 31,481
Average asking rent ($ p.s.f.) $27.00
Notable projects under construction or announced
Address RBA (s.f.)
Estimated
delivery
Pre-leased (%)
3050 Terra Crossing Boulevard 132,000 Q2 2021 100%
435 N. Whittington Parkway 119,850 Q1 2021 25.0%
Upcoming deliveries by year (s.f., excludes YTD completions)
SpeculativeNTS DevelopmentHurstbourne
SpeculativeFenley Real Estate
Middletown/Eastpoint Jefferson Development Group BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
At a glance
Historical completions
Deliveries
At a glance
210,917
12- month deliveries (s.f.)
BTSCampisano Capital
Spec/BTSOwner/developer
251,850
Under construction/renovation (s.f.)
251,850
0
50,000
100,000
150,000
200,000
250,000
300,000
2021
248,000
328,400
192,500
140,000
127,050
210,917
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2015 2016 2017 2018 2019 2020

6. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
2015 2016 2017 2018 2019 2020
Louisville U.S.
23%
15%
13%12%
11%
10%
7%
Trade, Transportation & Utilities
Educational & Health Services
Professional & Business Services
Manufacturing
Government
Leisure & Hospitality
Financial Activities
Mining, Logging & Construction
Other Services
Information
Q4 2020
Employment
Louisville Office Outlook
6.7%U.S. unemployment
-6.0%U.S. 12-month job growth
5.0%Louisville unemployment
-4.8%Louisville 12-month job growth
5.6%Kentucky unemployment
-5.2%Kentucky 12-month job growth
-6,900
-6,500
-5,200
-3,800
-3,400
-2,100
-1,700
-1,300
-1,000
-900
-12,000 -10,000 -8,000 -6,000 -4,000 -2,000 0
Leisure & Hospitality
Professional & Business Services
Government
Educational & Health Services
Manufacturing
Financial Activities
Trade, Transportation & Utilities
Other Services
Mining, Logging & Construction
Information
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
2016 2017 2018 2019 2020
Professional & Business Services Information
Government Financial Activities
0%
4%
8%
12%
16%
20%
400,000
500,000
600,000
700,000
800,000
2015 2016 2017 2018 2019 2020
Employment Unemployment
Employment vs. unemployment rate
Employment by industry
Job growth (12-month change)
* Represents 12-month change in employment. All charts represent economic conditions through August 2020, which was the latest data available at the time of publishing this report.
© 2021 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Job growth*
Job growth by sector*Historical employment
Employment by industry Office employment*
5

7. Rick Ashton, CCIM
Vice President
+1 502 394 2521
rick.ashton@am.jll.com
Jeff Dreher, SIOR
Vice President
+1 502 394 2519
jeff.dreher@am.jll.com
Pat Richardson, CCIM
Vice President
+1 502 394 2515
pat.richardson@am.jll.com
Yandell Wood, SIOR
Vice President
+1 502 394 2518
yandell.wood@am.jll.com
Doug Owen, SIOR
Senior Vice President
+1 502 394 2516
doug.owen@am.jll.com
David Wood, SIOR
Vice President
+1 502 394 2510
david.wood@am.jll.com
Contact
© 2021 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Luke Bade
Associate
+1 502 394 2512
luke.bade@am.jll.com
Alex Westcott
Research Analyst
+1 502 394 2504
alex.westcott@am.jll.com