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 2020
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 2020
Louisville
Industrial Insight
The Louisville industrial market closed 2020 with another quarter of strong leasing
activity. With just over 3.5-million s.f. of net absorption, the market weathered a
turbulent year. Based on current market activity, it is our expectation that
absorption levels for 2021 will match or outpace 2020.
Speculative construction continued in Louisville with Core5 breaking ground on
the largest spec building in Louisville’s history, breaking its own record set last
year. Core5 also broke ground on the 326,720-s.f. Bullitt 1 Logistics Center in
Bullitt County. Additionally, developers filed plans for two Amazon last mile
facilities.
On the delivery side, Browning delivered its 908,600-s.f. building in Bullitt County
and VanTrust completed its 702,800-s.f. building in Southern Indiana. Total
construction completions in 2020 exceeded 5.7 million s.f. and we expect that
number to approach over 5 million s.f. in 2021 based on existing projects.
Institutional buyers continue to scout Louisville for well located assets with any
Class A opportunity receiving multiple bids. In Q4 Black Creek purchased the two-
building portfolio on Glengarry Road that totaled 235,000 s.f. for just over $18.5M
and Thackeray Partners purchased the 161,779-s.f. Republic National building at
2300 Stanley Gault for $11.1M. Moving into 2021, several offerings are in play and
we anticipate continued cap rate compression to generate record pricing.
Outlook
The Louisville industrial market showed its resilience and strength in 2020 as it
survived a year unlike any we have seen. We expect the market to remain strong
into 2021 as institutional buyers and developers continue to circle the market
looking for opportunities. In 2020 alone, we had Core5, Prologis, VanTrust, XEBEC,
Black Creek and Dermody, just to name a few, expand their presence via
acquisition or development.
• Core5 commenced construction on a 1,044,600 s.f. speculative building
in Bullitt County
• VanTrust and Browning delivered speculative facilities of 702,800 s.f. and
908,600 s.f.
• Vacancy rate increased due to speculative deliveries coming online, but
is expected to decrease in early 2021
Strong end to 2020, with high expectations for 2021
Fundamentals Forecast
YTD net absorption 3,528,755 s.f. ▲
Under construction 3,712,538 s.f. ▼
Total vacancy 8.41% ▼
Sublease vacancy 850,690 s.f. ▲
Direct asking rent $4.13 p.s.f. ▶
Sublease asking rent $3.92 p.s.f. ▼
Concessions Stable ▶
0
2,000,000
4,000,000
6,000,000
2016 2017 2018 2019 2020
Supply and demand (s.f.) Net absorption
Deliveries
0%
2%
4%
6%
8%
10%
12%
14%
16%
2008 2010 2012 2014 2016 2018 2020
Total vacancy (%)
$0
$2
$4
$6
2006 2008 2010 2012 2014 2016 2018 2020
Average asking rent ($ p.s.f.)
Direct Sublease
© 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.

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 25,391,591 352,800 1.4% 5.2% $4.00 604,880 1,535,857
Bullitt County 13,647,026 -267,033 -2.0% 16.0% $3.98 0 2,205,258
East 6,135,648 0 0.0% 0.9% $5.95 0 0
Riverport 12,557,133 76,200 0.6% 4.7% $3.72 0 314,500
Southern Indiana 11,935,172 0 0.0% 9.9% $3.80 150,000 916,290
Louisville Totals 69,666,570 161,967 0.2% 7.7% $3.94 754,880 4,971,905
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
1,934,181 2,059,001
2,742,889
3,029,702
3,843,783
2,568,298
5,710,124
5,241,178
3,528,755
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2012 2013 2014 2015 2016 2017 2018 2019 2020
Q4 2020
Statistics
Louisville Industrial Outlook
8.3%
7.2%
6.6%
5.7%
8.7%
11.7%
9.4%
6.9%
8.4%
2.0%
5.0%
8.0%
11.0%
14.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020
© 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Total Vacancy Rate %
Total Net Absorption
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 25,559,591 563,681 2.2% 4.1% $4.09 604,880 1,535,857
Bullitt County 13,647,026 -267,033 -2.0% 16.0% $3.98 4 2,205,258
East 6,135,648 22,000 0.4% 0.5% $5.95 0 0
Riverport 12,594,962 128,200 1.0% 4.3% $3.70 0 314,500
Southern Indiana 12,557,133 397,880 3.2% 11.5% $3.83 150,000 916,290
Louisville Totals 70,494,360 844,728 1.2% 7.5% $3.96 754,884 4,971,905
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 25,559,591 563,681 2.2% 4.1% $4.09 604,880 1,692,273
Bullitt County 13,647,026 -267,033 -2.0% 16.0% $3.98 4 2,205,258
East 6,135,648 22,000 0.4% 0.5% $5.95 0 322,831
Riverport 12,594,962 128,200 1.0% 4.3% $3.70 0 314,500
Southern Indiana 12,557,133 397,880 3.2% 11.5% $3.83 150,000 702,800
Louisville Totals 70,494,360 844,728 1.2% 7.5% $3.96 754,884 5,237,662
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 25,559,591 563,681 2.2% 4.1% $4.09 772,880 1,692,273
Bullitt County 13,647,026 -267,033 -2.0% 16.0% $3.98 0 2,205,258
East 6,135,648 22,000 0.4% 0.5% $5.95 0 322,831
Riverport 12,594,962 128,200 1.0% 4.3% $3.70 0 314,500
Southern Indiana 12,557,133 397,880 3.2% 13.2% $4.02 1,066,290 702,800
Louisville Totals 70,494,360 844,728 1.2% 7.8% $4.00 1,839,170 5,237,662
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 25,559,591 563,681 2.2% 4.1% $4.09 772,880 1,692,273
Bullitt County 13,647,026 -878,033 -6.4% 19.4% $3.98 0 2,205,258
East 6,135,648 22,000 0.4% 0.5% $5.95 0 322,831
Riverport 12,594,962 128,200 1.0% 4.3% $3.70 0 314,500
Southern Indiana 12,557,133 397,880 3.2% 13.2% $4.02 1,066,290 702,800
Louisville Totals 70,494,360 233,728 0.3% 8.5% $3.99 1,839,170 5,237,662
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 25,559,591 563,681 2.2% 4.1% $4.09 772,880 1,692,273
Bullitt County 13,647,026 -267,033 -2.0% 14.9% $3.98 0 2,205,258
East 6,135,648 22,000 0.4% 0.5% $5.95 0 322,831
Riverport 12,594,962 128,200 1.0% 4.3% $3.70 0 314,500
Southern Indiana 12,557,133 397,880 3.2% 13.2% $4.02 1,066,290 702,800
Louisville Totals 70,494,360 844,728 1.2% 7.6% $4.00 1,839,170 5,237,662
Analyzes all industrial buildings greater than 100,000s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 25,511,463 1,288,364 5.1% 2.4% $4.77 1,056,580 1,408,573
Bullitt County 14,687,184 1,847,495 12.6% 8.8% $4.13 1,296,658 908,600
East 6,135,648 22,000 0.4% 0.5% $5.95 0 322,831
Riverport 12,557,133 100,510 0.8% 3.7% $3.83 0 314,500
Southern Indiana 12,850,962 -22,120 -0.2% 15.7% $3.98 1,066,290 702,800
Louisville Totals 71,742,390 3,236,249 4.5% 6.2% $4.13 3,419,528 3,657,304
Analyzes all industrial buildings greater than 100,000s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 25,511,463 1,288,364 5.1% 2.4% $4.77 1,056,580 1,408,573
Bullitt County 14,687,184 1,847,495 12.6% 8.8% $4.13 1,296,658 908,600
East 6,135,648 22,000 0.4% 0.5% $5.95 0 322,831
Riverport 12,557,133 100,510 0.8% 3.7% $3.83 0 314,500
Southern Indiana 12,850,962 -22,120 -0.2% 15.7% $3.98 1,066,290 702,800
Louisville Totals 71,742,390 3,236,249 4.5% 6.2% $4.13 3,419,528 3,657,304
Analyzes all industrial buildings greater than 100,000s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 25,511,463 1,288,364 5.1% 2.4% $4.77 1,056,580 1,408,573
Bullitt County 14,687,184 1,714,905 11.7% 9.7% $4.11 1,296,658 908,600
East 6,135,648 22,000 0.4% 0.5% $5.95 0 322,831
Riverport 12,557,133 100,510 0.8% 3.7% $3.83 0 314,500
Southern Indiana 12,850,962 -22,120 -0.2% 15.7% $3.98 1,066,290 702,800
Louisville Totals 71,742,390 3,103,659 4.3% 6.4% $4.13 3,419,528 3,657,304
Analyzes all industrial buildings greater than 100,000 s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 26,320,057 1,651,200 6.3% 2.8% $4.79 1,533,246 1,408,687
Bullitt County 15,595,784 1,834,151 11.8% 14.2% $4.03 2,205,258 1,370,520
East 6,142,002 -69,114 -1.1% 2.2% $5.95 0 322,831
Riverport 13,553,762 134,638 1.0% 3.4% $3.86 0 610,500
Southern Indiana 12,557,133 -22,120 -0.2% 20.1% $3.99 1,769,090 0
Louisville Totals 74,168,738 3,528,755 4.8% 8.4% $4.13 5,507,594 3,712,538
Analyzes all industrial buildings greater than 100,000s.f. with a minimum clear height of 24'
Inventory
(s.f.)
2020
total net
absorption
(s.f.)
2020
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
2020
completions
(s.f.)
Under
construction
(s.f.)
Airport 26,320,057 1,651,200 6.3% 2.8% $4.79 1,533,246 1,408,687
Bullitt County 15,595,784 1,834,151 11.8% 14.2% $4.03 2,205,258 1,370,520
East 6,142,002 -69,114 -1.1% 2.2% $5.95 0 322,831
Riverport 13,553,762 134,638 1.0% 3.4% $3.86 0 610,500
Southern Indiana 12,557,133 -22,120 -0.2% 20.1% $3.99 1,769,090 0
Louisville Totals 74,168,738 3,528,755 4.8% 8.4% $4.13 5,507,594 3,712,538
Analyzes all industrial buildings 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.
Q4 2020
Sales
Louisville Industrial Outlook
This report analyzes all industrial sales > 75,000 s.f. year-to-date
© 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.
$88,679,873
4
$76
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Pinchal 250,000 $52.50 Sep-19
Exeter Medline 400,000 $52.00 Sep-19
JW Mitchell Columbia Property 303,369 $158.00 Sep-19
Exeter 134,888 $51.00 Aug-19$6,289,873Trident Capital Group
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
4500 Progress Boulevard
101 Lewman Way Gray
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 range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
12900 Plantside Drive
1065 Conestoga Parkway
Top sellers (s.f.)Top buyers (s.f.)
$13,125,000
$20,800,000
$47,900,000
$88,679,873
1,088,257 s.f.
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
$0
$50,000,000
$100,000,000
Warehouse / Distribution
Sum of Price ($) Sum of RBA (SF)
49%
28%
23%
Exeter JW Mitchell Pinchal
37%
28%
23%
Medline Columbia Property Investors Gray TCG Progress
$47,900,000
$20,800,000
$13,150,000
$6,829,873
East
Bullitt County
Southern Indiana
Airport
$88,679,873
4
$76
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Pinchal 250,000 $52.50 Sep-19
Exeter Medline 400,000 $52.00 Sep-19
JW Mitchell Columbia Property 303,369 $158.00 Sep-19
Exeter 134,888 $51.00 Aug-19$6,289,873Trident Capital Group
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
4500 Progress Boulevard
101 Lewman Way Gray
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 range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
12900 Plantside Drive
1065 Conestoga Parkway
Top sellers (s.f.)Top buyers (s.f.)
$13,125,000
$20,800,000
$47,900,000
$88,679,873
1,088,257 s.f.
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
$0
$50,000,000
$100,000,000
Warehouse / Distribution
Sum of Price ($) Sum of RBA (SF)
49%
28%
23%
Exeter JW Mitchell Pinchal
37%
28%
23%
12%
Medline Columbia Property Investors Gray TCG Progress
$47,900,000
$20,800,000
$13,150,000
$6,829,873
East
Bullitt County
Southern Indiana
Airport
$212,497,875
3
$80
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Prologis 1,302,890 $70.11 Sep-20
Stoltz Prologis 1,100,000 $99.00 Sep-20
Pinchal 256,500 $47.75 Aug-20
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
$12,247,875
Main Street Portfolio Main Street Realty
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 range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of total
Gray101 Lewman Way
900 Patrol Road
Top sellers (s.f.)Top buyers (s.f.)
$91,350,000
$108,900,000
2,659,390 s.f.
$212,497,875
0 s.f.
500,000s.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
$250,000,000
Warehouse/ Distribution
Sum of Price ($) Sum of RBA (SF)
49%
41%
10%
Prologis Stoltz Pinchal
49%
41%
10%
Main Street Realty Prologis Gray
$121,147,875
$91,350,000
Southern Indiana
Bullitt County
$222,245,875
4
$80
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Prologis 1,302,890 $70.11 Sep-20
Stoltz Prologis 1,100,000 $99.00 Sep-20
Pinchal 256,500 $47.75 Aug-20
Spears Manufacturing 154,900 $62.93 Aug-20$9,748,000Summit
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
7001 Southside Drive
$12,247,875
Main Street Portfolio Main Street Realty
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 range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Gray101 Lewman Way
900 Patrol Road
Top sellers (s.f.)Top buyers (s.f.)
$91,350,000
$108,900,000
2,814,290 s.f.
$222,245,875
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
$250,000,000
Warehouse / Distribution
Sum of Price ($) Sum of RBA (SF)
46%
39%
9%
6%
Prologis Stoltz Pinchal Spears Manufacturing
46%
39%
9%
6%
Main Street Realty Prologis Gray Summit
$121,147,875
$91,350,000
$9,748,000
Southern Indiana
Bullitt County
Airport
$113,345,875
3
$66
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Stoltz Prologis 1,100,000 $99.00 Sep-20
Pinchal 256,500 $47.75 Aug-20
Spears Manufacturing 154,900 $62.93 Aug-20
$108,900,000
Top sellers (s.f.)Top buyers (s.f.)
$12,247,875
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 range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of total
Gray101 Lewman Way
900 Patrol Road
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
7001 Southside Drive $9,748,000Summit
1,714,290 s.f.
$113,345,875
0 s.f.
500,000s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse/ Distribution
Sum of Price ($) Sum of RBA (SF)
76%
15%
9%
Prologis Pinchal Spears Manufacturing
76%
15%
9%
Main Street Realty Gray Summit
$91,350,000
$12,247,875
$9,748,000
Bullitt County
Southern Indiana
Airport
$113,345,875
3
$66
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Prologis 1,302,890 $70.11 Sep-20
Spears Manufacturing 154,900 $62.93 Aug-20
Pinchal 256,500 $47.75 Aug-20
Summit
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
7001 Southside Drive
$12,247,875
Main Street Portfolio Main Street Realty
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 range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of total
Gray101 Lewman Way
$9,748,000
$91,350,000
Top sellers (s.f.)Top buyers (s.f.)
1,714,290 s.f.
$113,345,875
0 s.f.
500,000s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse/ Distribution
Sum of Price ($) Sum of RBA (SF)
76%
15%
9%
Prologis Pinchal Spears Manufacturing
76%
15%
9%
Main Street Realty Gray Summit
$91,350,000
$12,247,875
$9,748,000
Bullitt County
Southern Indiana
Airport
$131,857,875
4
$68
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
Glengarry Portfolio Black Creek Schroering 235,000 $18,512,000 $78.77 Oct-20
Prologis 1,302,890 $70.11 Sep-20
7001 Southside Drive Spears Manufacturing Summit 154,900 $9,748,000 $62.93 Aug-20
101 Lewman Way Pinchal Gray 256,500 $12,247,875 $47.75 Aug-20
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
Main Street Portfolio Main Street Realty
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 range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of total
$91,350,000
Top sellers (s.f.)Top buyers (s.f.)
1,949,290 s.f.
$131,857,875
0 s.f.
500,000s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse/ Distribution
Sum of Price ($) Sum of RBA (SF)
67%
13%
12%
8%
Prologis Pinchal Black Creek Spears Manufacturing
67%
13%
12%
8%
Main Street Realty Gray Schroering Summit
$91,350,000
$28,260,000
$12,247,875
Bullitt County
Airport
Southern Indiana
$181,233,036
6
$69
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
857 Park Loop* Dermody Colony Capital 546,000 $38,275,161 $70.10 Dec-20
Thackeray Partners Republic National 161,779 $11,100,000 $68.61 Oct-20
Glengarry Portfolio Black Creek Schroering 235,000 $18,512,000 $78.77 Oct-20
Main Street Portfolio Prologis Main Street Realty 1,302,890 $91,350,000 $70.11 Sep-20
7001 Southside Drive Spears Manufacturing Summit 154,900 $9,748,000 $62.93 Aug-20
101 Lewman Way Pinchal Gray 256,500 $12,247,875 $47.75 Aug-20
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 range
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.)
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
Republic National Building
2,657,069 s.f.
$181,233,036
0 s.f.
500,000s.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
$200,000,000
Warehouse/ Distribution
Sum of Price ($) Sum of RBA (SF)
49%
20%
10%
9%
6%
6%
Prologis Dermody
Pinchal Black Creek
Thackeray Partners Spears Manufacturing
49%
21%
10%
9%
6%
6%
Main Street Realty Colony Capital
Gray Schroering
Republic National Summit
$129,625,161
$28,260,000
$12,247,875
$11,100,000
Bullitt County
Airport
Southern Indiana
East
*Sold as part of a larger portfolio
$181,233,036
6
$69
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
857 Park Loop* Dermody Colony Capital 546,000 $38,275,161 $70.10 Dec-20
Thackeray Partners Republic National 161,779 $11,100,000 $68.61 Oct-20
Glengarry Portfolio Black Creek Schroering 235,000 $18,512,000 $78.77 Oct-20
Main Street Portfolio Prologis Main Street Realty 1,302,890 $91,350,000 $70.11 Sep-20
7001 Southside Drive Spears Manufacturing Summit 154,900 $9,748,000 $62.93 Aug-20
101 Lewman Way Pinchal Gray 256,500 $12,247,875 $47.75 Aug-20
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 range
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.)
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
Republic National Building
2,657,069 s.f.
$181,233,036
0 s.f.
500,000s.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
$200,000,000
Warehouse/ Distribution
Sum of Price ($) Sum of RBA (SF)
49%
20%
10%
9%
6%
6%
Prologis Dermody
Pinchal Black Creek
Thackeray Partners Spears Manufacturing
49%
21%
10%
9%
6%
6%
Main Street Realty Colony Capital
Gray Schroering
Republic National Summit
$129,625,161
$28,260,000
$12,247,875
$11,100,000
Bullitt County
Airport
Southern Indiana
East
$181,233,036
6
$69
5.00% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
857 Park Loop* Dermody Properties Colony Capital 546,000 $38,275,161 $70.10 Dec-20
Thackeray Partners Republic National 161,779 $11,100,000 $68.61 Oct-20
Glengarry Portfolio Black Creek Group Schroering 235,000 $18,512,000 $78.77 Oct-20
Main Street Portfolio Prologis Main Street Realty 1,302,890 $91,350,000 $70.11 Sep-20
7001 Southside Drive Spears Manufacturing Summit 154,900 $9,748,000 $62.93 Aug-20
101 Lewman Way Pinchal & Co. Gray 256,500 $12,247,875 $47.75 Aug-20
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
Republic National Building
Top sellers (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 range
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of total
Top buyers (s.f.)
$181,233,036
2,657,069 s.f.
0 s.f.
500,000s.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
$200,000,000
Warehouse/ Distribution
Sum of Price ($) Sum of RBA (SF)
49%
20%
10%
9%
6%
6%
Prologis Dermody
Pinchal Black Creek
Thackeray Partners Spears Manufacturing
49%
21%
10%
9%
6%
6%
Main Street Realty Colony Capital
Gray Schroering
Republic National Summit
$129,625,161
$28,260,000
$12,247,875
$11,100,000
Bullitt County
Airport
Southern Indiana
East
$181,233,036
6
$69
5.25% - 5.75%
100.0%
0.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
857 Park Loop* Dermody Properties Colony Capital 546,000 $38,275,161 $70.10 Dec-20
Thackeray Partners Republic National 161,779 $11,100,000 $68.61 Oct-20
Glengarry Portfolio Black Creek Group Schroering 235,000 $18,512,000 $78.77 Oct-20
Main Street Portfolio Prologis Main Street Realty 1,302,890 $91,350,000 $70.11 Sep-20
7001 Southside Drive Spears Manufacturing Summit 154,900 $9,748,000 $62.93 Aug-20
101 Lewman Way Pinchal & Co. Gray 256,500 $12,247,875 $47.75 Aug-20
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 range
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.)
Building address Buyer company
Transactions details
Seller company
12 month sales volume $ by submarket
Sales price $
Republic National Building
$181,233,036
2,657,069 s.f.
0 s.f.
500,000s.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
$200,000,000
Warehouse/ Distribution
Sum of Price ($) Sum of RBA (SF)
49%
20%
10%
9%
6%
6%
Prologis Dermody
Pinchal Black Creek
Thackeray Partners Spears Manufacturing
49%
21%
10%
9%
6%
6%
Main Street Realty Colony Capital
Gray Schroering
Republic National Summit
$129,625,161
$28,260,000
$12,247,875
$11,100,000
Bullitt County
Airport
Southern Indiana
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 (%) 24.7%
Total speculative at delivery (s.f.) 5,507,594
Total BTS at delivery (s.f.) -
Total owner-user at delivery (s.f.) -
Total # of properties delivered 13
Asking rental rate (low - high) $3.95 - $5.25
Largest projects last 12 months
Building/Address RBA (s.f.)
Construction
Type
Current Status Delivery date
Leased at
delivery (%)
Bourbon Logistics Center 1,040,158 Speculative Leased Q3 2020 100%
Velocity 100 908,600 Speculative Available Q4 2020 0%
Gateway 700 702,800 Speculative Available Q4 2020 0%
Silver Creek Logistics Center, Bldg. A 659,790 Speculative Available Q2 2020 0%
Dermody Renaissance South 352,800 Speculative Leased Q1 2020 0%
Airport Commerce Center IV 324,416 Speculative Available Q4 2020 0%
Total pre-leased (%) 0.0%
Total speculative under construction (s.f.) 3,416,538
Total BTS under construction (s.f.) -
Total Owner-user under construction (s.f.) 296,000
Total # of properties UC 7
Asking rental rate (low - high) $3.99 - $4.95
Largest projects currently under construction
Building RBA (s.f.) Delivery date Pre-leased (%)
Bourbon Logistics Center 3 Bullitt County Core5 1,044,600 Speculative Q3 2021 0%
Logistics Airpark Airport Nicklies 931,907 Speculative Q1 2021 0%
LIC Building G Clarion 476,780 Speculative Q4 2021 0%
C5 Logistics Center 325,920 Q3 2021 0%
Blankenbaker Logistics Center 322,831 Q1 2021 0%
Greenbelt Logistics Center 314,500 Q1 2021 0%
OwnerSubmarket
Airport
Southern Indiana
Southern Indiana
Bullitt County
Bullitt County
Dermody
Clarion
VanTrust
Browning
Core5
New and historical deliveries
Completions in-depth
5,507,594
Total delivered past 12 months (s.f.)
Speculative
Submarket
Under construction
3,712,538
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
Airport Molto
Owner Construction type
Speculative
Speculative
Riverport
Bullitt County
Airport
Robinson
Core5
East Hunt Midwest
1,620,492
2,553,410 2,452,793
5,896,471
4,424,993
4,085,552
2,877,960
5,507,594
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2013 2014 2015 2016 2017 2018 2019 2020
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
2021
Owner-user Speculative
Q4 2020
Construction
Louisville Industrial Outlook
This report analyzes all industrial developments under construction & new deliveries > 100,000 s.f.
© 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.

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 2020
Construction
Louisville Industrial Outlook
4
Location: 687 Conestoga
Parkway
Square feet: 327,720
Tenant(s): None
Landlord: Core5
4
2
Location: 5540 Minor Lane
Square feet: 931,907
Tenant(s): None
Landlord: Nicklies
2
3
Address: 960 S. Preston Hwy
Square feet: 1,044,600
Tenant(s): None
Landlord: Core5
3
© 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.
1
1
Address: 7835 National
Turnpike
Square feet: 476,780
Tenant(s): None
Landlord: Clarion

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%
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 Industrial 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
-50.0
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
2016 2017 2018 2019 2020
Trade, Transportation & Utilities Manufacturing
Other Services Mining Logging & Construction
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)
-6,900
-6,500
-5,200
-3,800
-3,400
-2,100
-1,700
-1,300
-1,000
-900
-35,000 -30,000 -25,000 -20,000 -15,000 -10,000 -5,000 0
Leisure & Hospitality
Professional & Business…
Government
Educational & Health Services
Manufacturing
Financial Activities
Trade, Transportation & Utilities
Other Services
Mining, Logging & Construction
Information
Job growth*
Historical employment Job growth by sector*
Employment by industry Industrial employment*
* 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.
© 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.
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
2015 2016 2017 2018 2019 2020
Louisville U.S.

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
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specializes in real estate and investment management. Our vision
is to reimagine the world of real estate, creating rewarding
opportunities and amazing spaces where people can achieve
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through market-leading reports and services that illuminate
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challenges and opportunities. Our more than 400 global research
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© 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.