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

1. Industrial
Outlook
An in-depth look at the
Louisville industrial market.
Analysis includes leasing,
sales, construction and
employment.
Louisville | Q4 2018
JLL Research

2. © 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.
Q4 2018
Insight
Louisville Industrial Outlook
A historic 2018 came to a close with another strong quarter. Locally based
Material Handling Systems expanded within the market and took 260,000
square feet in the Airport submarket. Hydra leased over 500,000 square feet
in Southern Indiana, which will be absorbed in the 1st quarter of 2019.
Flextronics vacated 360,000 square feet; however, 120,000 square feet has
been backfilled.
Speculative construction slowed to a three year low in 2018, with just over
1,000,000 square feet of spec space currently under development. Given the
unprecedented pace of development since 2016 a slowdown was expected.
However, as more product is absorbed, we expect the development pipeline
to kick back into gear.
On the investment side, Browning sold the recently leased building at 120
Velocity Way in Bullitt County to Granite for just over $67.00-per-square foot.
Additionally, Montreal based, Perceptive Capital entered the Louisville
market with the purchase of the fully leased property at 1234 Gardiner Lane.
There remains an appetite for investment opportunities within the Louisville
market.
Outlook
The Louisville market experienced historic absorption in 2018 as over 5.7
million square feet was absorbed by users. There remain three buildings
over 450,000 square feet available in the market, and we expect that one of
those will be absorbed in the first quarter of 2019. This year has shown that
Louisville remains an intriguing option for users looking to be near the UPS
WorldPort, GE Appliance Park, the two Ford Plants, or within one-day truck
drive of two-thirds of the US population. We expect this momentum to
continue into 2019.
Fundamentals Forecast
YTD net absorption 5,710,124 s.f. ▼
QTD net absorption 612,492 s.f. ▲
Under construction 2,768,040 s.f. ▼
Total vacancy 9.41 % ▼
Average asking rent (NNN) $3.91 p.s.f. ▲
Tenant improvements Rising ▲
0
4,000,000
8,000,000
2014 2015 2016 2017 2018
Supply and demand (s.f.) Net absorption
Deliveries
Historic year continues with record absorption
6.6% 5.7%
8.7%
11.7%
9.4%
2014 2015 2016 2017 2018
Total vacancy
$3.20
$3.40
$3.60
$3.80
$4.00
2014 2015 2016 2017 2018
Average asking rents ($/s.f.)
© 2019 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.
Top trends and activity
• Granite Capital purchased the recently leased 120 Velocity Way in Bullitt
County.
• Denso leased over 310,000 square feet at 301 Logistics Drive in Southern
Indiana.
• For the first time since 2015 absorption outpaced deliveries in 2018.

3. © 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.
Inventory
(s.f.)
YTD
total net
absorption*
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 23,566,751 2,388,420 10.1% 8.5% $4.06 2,995,435 447,000
Bullitt County 13,647,026 1,507,808 11.0% 9.1% $4.06 781,013 572,000
East 5,850,720 453,452 7.8% 2.3% $4.15 289,000 150,040
Riverport 12,327,133 604,669 4.9% 17.1% $3.42 0 230,000
Southern Indiana 10,216,172 905,775 8.9% 7.5% $3.86 756,117 1,419,000
Louisville Totals 65,607,802 5,860,124 8.9% 9.2% $3.91 4,821,565 2,818,040
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
1,014,608
1,750,850
2,234,648
1,934,181 2,059,001
2,742,889
3,029,702
3,843,783
2,568,298
5,710,124
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Q4 2018
Statistics
Louisville Industrial Outlook
15.6%
12.2%
9.2%
8.3%
7.2%
6.6%
5.7% 8.7%
11.7%
9.4%
2.0%
5.0%
8.0%
11.0%
14.0%
17.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Total Vacancy Rate %
Total Net Absorption
*It is noted that YTD absorption includes the recently completed 1.3 million-square-foot building constructed by Grainger for owner-occupancy.
Inventory
(s.f.)
YTD
total net
absorption*
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 23,741,751 2,388,420 10.1% 8.8% $4.06 2,995,435 447,000
Bullitt County 13,647,026 1,357,808 9.9% 10.2% $4.09 781,013 572,000
East 5,850,720 453,452 7.8% 0.0% $0.00 289,000 150,040
Riverport 12,327,133 604,669 4.9% 17.1% $3.43 0 230,000
Southern Indiana 10,216,172 905,775 8.9% 7.8% $3.86 756,117 1,419,000
Louisville Totals 65,782,802 5,710,124 8.7% 9.4% $3.91 4,821,565 2,818,040
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption*
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 23,741,751 2,388,420 10.1% 8.8% $4.06 2,995,435 597,000
Bullitt County 13,647,026 1,357,808 9.9% 10.2% $4.09 781,013 572,000
East 5,850,720 453,452 7.8% 0.0% $0.00 289,000 150,040
Riverport 12,327,133 604,669 4.9% 17.1% $3.43 0 230,000
Southern Indiana 10,216,172 905,775 8.9% 7.8% $3.86 756,117 1,219,000
Louisville Totals 65,782,802 5,710,124 8.7% 9.4% $3.91 4,821,565 2,768,040
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'

4. © 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.
$124,725,000
11
$60
6.0-6.5%
96.0%
4.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $65 Apr-18
1150 Patrol Road Exeter Property Group Gray Industrial 200,000 $11,400,000 $57 Nov-17
Exeter Property Group
Dixie Real
Properties
380,000 $19,125,000 $50 Mar-18
7101 Distribution
Drive
IPT Riverport DC Ann Taylor 256,000 $10,250,000 $40 Oct-17
Greif Alemap 100,000 $3,700,000 $37 Sep-18
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company
4325 Robards Lane & 3865-3899
Produce Road
Sales price $
Sales volume $ by submarket
$23,500,000
$38,400,000
7601 Port Road*
*Purchased for owner-occupancy
$119,975,000
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
20%
20%
15%
12%
11%
10%
9%
3%
GLP Exeter Property Group
Sazerac Paul & Eleanor Sade Trust
MDH Partners Wen Lighting
IPT Riverport DC Greif
22%
17%
14%
13%
12%
10%
8%
4%
Van Trust New Mill Capital Holdings
Dixie Property Group Panattoni
Venture Two Holdings Ann Taylor
Gray Industrial Alemap
$54,550,000
$46,450,000
$23,725,000
Southern Indiana
Riverport
Airport
Q4 2018
Sales
Louisville Industrial Outlook
This report analyzes all industrial sales > 75,000 s.f. year-to-date
© 2019 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.
$124,725,000
11
$60
6.0-6.5%
96.0%
4.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $65 Apr-18
1150 Patrol Road Exeter Property Group Gray Industrial 200,000 $11,400,000 $57 Nov-17
Exeter Property Group
Dixie Real
Properties
380,000 $19,125,000 $50 Mar-18
7101 Distribution
Drive
IPT Riverport DC Ann Taylor 256,000 $10,250,000 $40 Oct-17
Greif Alemap 100,000 $3,700,000 $37 Sep-187601 Port Road*
*Purchased for owner-occupancy
4325 Robards Lane & 3865-3899
Produce Road
Sales price $
Sales volume $ by submarket
$23,500,000
$38,400,000
Building address Buyer company
Transactions details
Seller company
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Top sellers (s.f.)Top buyers (s.f.)
$119,975,000
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
20%
20%
15%
12%
11%
10%
9%
3%
GLP Exeter Property Group
Sazerac Paul & Eleanor Sade Trust
MDH Partners Wen Lighting
IPT Riverport DC Greif
22%
17%
14%
13%
12%
10%
8%
4%
Van Trust New Mill Capital Holdings
Dixie Property Group Panattoni
Venture Two Holdings Ann Taylor
Gray Industrial Alemap
$54,550,000
$46,450,000
$23,725,000
Southern Indiana
Riverport
Airport
$138,025,000
11
$60
6.0-6.5%
96.5%
3.5%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
2621 Technology Drive WPT Industrial REIT WPT 224,000 $17,900,000 $80 Sep-18
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $38,400,000 $65 Apr-18
1150 Patrol Road Exeter Property Group Gray Industrial 200,000 $11,400,000 $57 Nov-17
4325 Robards Lane &
3865-3899 Produce
Exeter Property Group
Dixie Real
Properties
380,000 $19,125,000 $50 Mar-18
7101 Distribution
Drive
IPT Riverport DC Ann Taylor 256,000 $10,250,000 $40 Oct-17
7601 Port Road* Greif Alemap 100,000 $3,700,000 $37 Sep-18
Sales price $
Sales volume $ by submarket
$23,500,000
*Purchased for owner-occupancy
Building address Buyer company
Transactions details
Seller company
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Top sellers (s.f.)Top buyers (s.f.)
$133,275,000
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
20%
20%
16%
12%
11%
9%
8%
4%
GLP Exeter Property Group
Sazerac Paul & Eleanor Sade Trust
MDH Partners IPT Riverport DC
WPT Industrial REIT Greif
20%
16%
13%12%
11%
9%
8%
7%
3%
Van Trust New Mill Capital Holdings
Dixie Property Group Panattoni
Venture Two Holdings Ann Taylor
WPT Gray Industrial
Alemap
$54,550,000
$46,450,000
$19,125,000
$17,900,000
Southern Indiana
Riverport
Airport
East
$138,025,000
11
$67
6.0-6.5%
96.5%
3.5%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
2621 Technology Drive WPT Industrial REIT WPT 224,000 $17,900,000 $80 Sep-18
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $38,400,000 $65 Apr-18
1150 Patrol Road Exeter Property Group Gray Industrial 200,000 $11,400,000 $57 Nov-17
4325 Robards Lane &
3865-3899 Produce
Exeter Property Group
Dixie Real
Properties
380,000 $19,125,000 $50 Mar-18
7101 Distribution
Drive
IPT Riverport DC Ann Taylor 256,000 $10,250,000 $40 Oct-17
7601 Port Road* Greif Alemap 100,000 $3,700,000 $37 Sep-18
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company Sales price $
Sales volume $ by submarket
$23,500,000
*Purchased for owner-occupancy
$133,275,000
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
20%
20%
16%
12%
11%
9%
8%
4%
GLP Exeter Property Group
Sazerac Paul & Eleanor Sade Trust
MDH Partners IPT Riverport DC
WPT Industrial REIT Greif
20%
16%
13%12%
11%
9%
8%
7%
3%
Van Trust New Mill Capital Holdings
Dixie Property Group Panattoni
Venture Two Holdings Ann Taylor
WPT Gray Industrial
Alemap
$54,550,000
$46,450,000
$19,125,000
$17,900,000
Southern Indiana
Riverport
Airport
East
$169,681,340
11
$68
5.75%-6.25%
97.0%
3.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
2621 Technology Drive WPT Industrial REIT WPT 224,000 $17,900,000 $80 Sep-18
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $38,400,000 $65 Apr-18
4325 Robards Lane &
3865-3899 Produce
Exeter Property Group
Dixie Real
Properties
380,000 $19,125,000 $50 Mar-18
7601 Port Road* Greif Alemap 100,000 $3,700,000 $37 Sep-18
1234 Gardiner Lane GSK Properties 162,000 $4,610,000 $28 Dec-18
Sales price $
Sales volume $ by submarket
$48,696,340
*Purchased for owner-occupancy
Dry Ridge Capital
$23,500,000
Building address Buyer company
Transactions details
Seller company
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Top sellers (s.f.)Top buyers (s.f.)
$164,921,340
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
22%
18%
14%
11%
11%
9%
7%
5%
Granite GLP
Sazerac Exeter Property Group
Paul & Eleanor Sade Trust MDH Partners
WPT Industrial REIT GSK Properties
Greif
22%
18%
14%
12%
11%
9%
7%
5%
Browning Van Trust
New Mill Capital Holdings Dixie Property Group
Panattoni Venture Two Holdings
WPT Dry Ridge Capital
Alemap
$48,696,340
$43,150,000
$36,200,000
$23,725,000
$17,900,000
Bullitt County
Southern Indiana
Riverport
Airport
East
$169,681,340
11
$68
5.75%-6.25%
97.0%
3.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
2621 Technology Drive WPT Industrial REIT WPT Capital Advisors 224,000 $17,900,000 $80 Sep-18
120 Velocity Way Granite Capital Browning 721,000 $68 Dec-18
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $38,400,000 $65 Apr-18
4325 Robards Lane &
3865-3899 Produce
Exeter Property Group
Dixie Real
Properties
380,000 $19,125,000 $50 Mar-18
7601 Port Road* Greif Alemap 100,000 $3,700,000 $37 Sep-18
1234 Gardiner Lane GSK Properties 162,000 $4,610,000 $28 Dec-18
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company Sales price $
Sales volume $ by submarket
$48,696,340
*Purchased for owner-occupancy
Dry Ridge Capital
$23,500,000
$164,921,340
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
22%
18%
14%
11%
11%
9%
7%
5%
Granite GLP
Sazerac Exeter Property Group
Paul & Eleanor Sade Trust MDH Partners
WPT Industrial REIT GSK Properties
Greif
22%
18%
14%
12%
11%
9%
7%
5%
Browning Van Trust
New Mill Capital Holdings Dixie Property Group
Panattoni Venture Two Holdings
WPT Capital Advisors Dry Ridge Capital
Alemap
$48,696,340
$43,150,000
$36,200,000
$23,725,000
$17,900,000
Bullitt County
Southern Indiana
Riverport
Airport
East

5. © 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.
Total leased at delivery (%) 7.5%
Total speculative at delivery (s.f.) 3,270,565
Total BTS at delivery (s.f.) 251,000
Total owner-user at delivery (s.f.) 1,300,000
Total # of properties delivered 11
Asking rental rate (low - high) $3.90 - $4.95
Largest projects delivered past 12 months
Building/Address RBA (s.f.) Delivery date
Leased at
delivery (%)
W.W. Grainger 1,300,000 Q3 2018 100%
10301 Air Commerce Drive 677,685 Q2 2018 0%
857 Park Loop Road 546,000 Q1 2018 58%
300 Hilton Drive 506,117 Q3 2018 0%
7830 National Turnpike 416,750 Q1 2018 0%
4500 Fern Valley Road 350,000 Q3 2018 0%
Total pre-leased (%) 32.6%
Total speculative under construction (s.f.) 1,001,040
Total BTS under construction (s.f.) 230,000
Total Owner-user under construction (s.f.) 1,537,000
Total # of properties UC 8
Asking rental rate (low - high) $3.90 - $5.50
Largest projects currently under construction
Building RBA (s.f.) Delivery date Pre-leased (%)
Salt River Business Park 572,000 Q2 2019 0%
Logistics River Ridge 469,000 Q2 2019 100%
Premier Packaging 318,000 Q2 2019 100%
Algood Freeport Drive 230,000 Q1 2019 100%
Eastpoint Business Center B 150,040 Q1 2019 0%Speculative
BTS
Owner Construction type
Owner-user
Boland
Algood
Premier Packaging
Niagara Bottling
Crossdock Dev.
Owner-user
Speculative
East
Riverport
Airport
Southern Indiana
Bullitt County
Construction typeOwnerSubmarket
Airport
Southern Indiana
Bullitt County
Airport
Airport
Clarion Partners
Exeter Property Group
Dermody
Molto
W.W. Grainger
Speculative
Speculative
New and historical deliveries
Completions in-depth
4,821,565
Total delivered past 12 months (s.f.)
Speculative
Speculative
Owner-user
Submarket
Under construction
2,768,040
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
Airport The Schroering Co. Speculative
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2011 2012 2013 2014 2015 2016 2017 2018
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2019
BTS Owner-user Speculative
Q4 2018
Construction
Louisville Industrial Outlook
This report analyzes all industrial developments under construction & new deliveries > 100,000 s.f.
© 2019 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.

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.
Q4 2018
Construction
Louisville Industrial Outlook
1
Location: 6022
Shepherdsville Road
Square feet: 129,000
Tenant(s): None
Landlord: Duane
1
2
Address: 4301 Produce Road
Square feet: 318,000
Tenant(s): Owner-user
Landlord: Premier Packaging
2
3
Location: 2501 Stanley Gault
Square feet: 150,040
Tenant(s): None
Landlord: Boland
3
4
Address: Logistics Avenue
Square feet: 469,000
Tenant(s): Owner-user
Landlord: Niagara Bottling
4
© 2019 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.

7. © 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.
23%
14%
14%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 2018
Employment
Louisville Industrial Outlook
3.7%U.S. unemployment
1.6%U.S. 12-month job growth
3.9%Louisville unemployment
0.7%Louisville 12-month job growth
4.5%Kentucky unemployment
0.5%Kentucky 12-month job growth
-1.0%
-0.3%
0.4%
1.1%
1.8%
2.5%
3.2%
3.9%
2014 2015 2016 2017 2018
Louisville U.S.
-3.0
2.0
7.0
12.0
17.0
22.0
2014 2015 2016 2017 2018
Trade, Transportation & Utilities Manufacturing
Other Services Mining Logging & Construction
0%
4%
8%
12%
400,000
500,000
600,000
700,000
800,000
2014 2015 2016 2017 2018
Employment Unemployment
Employment vs. unemployment rate
Employment by industry
Job growth (12-month change)
-2,400
-1,000
-1,000
-700
-200
-100
400
500
1,100
1,500
-3,500 -2,500 -1,500 -500 500 1,500 2,500
Educational & Health Services
Mining, Logging & Construction
Leisure & Hospitality
Manufacturing
Government
Information
Trade, Transportation & Utilities
Financial Activities
Other Services
Professional & Business…
Job growth*
Historical employment Job growth by sector*
Employment by industry Industrial employment*
* Represents 12-month change in employment. All charts represent the latest economic data available from the Bureau of Labor Statistics as of September 2018.
© 2019 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.

8. Andrew Batson
Vice President, Director of Research
+1 216 937 4374
andrew.batson@am.jll.com
Alex Westcott
Research Analyst
+1 502 394 2504
alex.westcott@am.jll.com
About JLL
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management. A Fortune
500 company, JLL helps real estate owners, occupiers and
investors achieve their business ambitions. In 2017, JLL had
revenue of $7.9 billion and fee revenue of $6.7 billion; managed
4.6 billion square feet; and completed investment sales,
acquisitions and finance transactions of approximately $170
billion. At the end of 2017, JLL had nearly 300 corporate offices,
operations in over 80 countries and a global workforce of 82,000.
As of December 31, 2017, LaSalle had $58.1 billion of real estate
assets under management. JLL is the brand name, and a
registered trademark, of Jones Lang LaSalle Incorporated. For
further information, visit www.jll.com.
About JLL Research
JLL’s research team delivers intelligence, analysis and insight
through market-leading reports and services that illuminate
today’s commercial real estate dynamics and identify tomorrow’s
challenges and opportunities. Our more than 400 global research
professionals track and analyze economic and property trends
and forecast future conditions in over 60 countries, producing
unrivalled local and global perspectives. Our research and
expertise, fueled by real-time information and innovative thinking
around the world, creates a competitive advantage for our clients
and drives successful strategies and optimal real estate
decisions.
© 2018 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.