An in-depth look at the Louisville Industrial Market. Including leasing, sales, construction and employment.

1. Q2 2021
Louisville Modern Bulk
Industrial Outlook

2. © 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.
The Louisville industrial market maintained its feverish pace with an
explosive second quarter, as leasing activity resulted in excess of 2.2 million
s.f. of net absorption, compressing the vacancy rate below 6% for the first
time since 2015. Additionally, we are tracking multiple occupiers who could
lease several million square feet in the coming months. Current leasing
activity is reducing supply and driving development activity.
While leasing velocity is limiting the immediate availability of space across
certain size ranges and submarkets, Louisville has a strong pipeline of
deliveries scheduled over the next 6 to 12 months to relieve this pressure.
We expect the pace of speculative construction to remain strong; however,
the significant increase in construction pricing and limited land
availabilities are forcing rent growth and material delivery delays are
extending delivery timelines.
Louisville’s overall market fundamentals and natural barriers to entry
continue to attract institutional investors, with Hines entering the market
via acquisition and LaSalle Partners purchasing its second stabilized asset
in as many quarters. These factors, combined with rent growth and cap rate
compression, have spiked Class A sale prices to record levels delivering an
average price of $95 p.s.f, a 30% increase over the average Class A sales
price in 2020.
Outlook
The Louisville market has started 2021 on a record pace and net absorption
has already surpassed total 2020 absorption. We expect total absorption to
approach the record numbers of 2018. By all metrics the market is thriving.
We are monitoring the supply constraints, which is why a vibrant pipeline is
vital for Louisville’s continued growth as a major logistics and e-commerce
hub.
Leasing activity remains strong as vacancy drops to the
lowest level in 15-years
Fundamentals Forecast
YTD net absorption 3,692,594 s.f. ▲
Under construction 5,055,752 s.f. ▶
Total vacancy 5.6%
▶
Sublease vacancy 891,246 s.f. ▶
Direct asking rent $4.08 p.s.f. ▲
Sublease asking rent $3.96 p.s.f.
▶
Concessions Decreasing
▶
0
2
4
6
2017 2018 2019 2020 YTD
2021
Supply and demand (s.f.) Net absorption
Deliveries
0%
4%
8%
12%
16%
2008 2012 2016 YTD 2021
Total vacancy (%)
$0
$2
$4
$6
2008 2012 2016 YTD 2021
Average asking rent ($ p.s.f.)
Direct Sublease
millions
Insight
• US Capital entered the market, breaking ground on two buildings
totaling over 900,000 s.f.
• For the second consecutive quarter LaSalle Partners purchased a fully
leased building developed by Core5.
• Robust leasing activity has put pressure on tenants evaluating the
market to make quick decisions.

3. The property set was updated to reflect the latest market dynamics, including the removal of functionally obsolete properties and the addition of recently completed developments.
© 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.
Statistics
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% $3.94 754,880 4,971,905
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
2,059,001
2,742,889
3,029,702
3,843,783
2,568,298
5,710,124
5,241,178
3,528,755 3,692,594
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021
7.2%
6.6%
5.7%
8.7%
11.7%
9.4%
6.9%
8.4%
5.6%
2.0%
5.0%
8.0%
11.0%
14.0%
2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021
Total Vacancy Rate %
Total Net Absorption
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ 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% $4.13 5,507,594 3,712,538
Analyzes all industrial buildings greater than 100,000 s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD 2021
total net
absorption
(s.f.)
YTD2021
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($p.s.f.)
YTD2021
completions
(s.f.)
Under
construction
(s.f.)
Airport 26,320,057 123,175 0.5% 2.3% $4.90 0 1,966,482
Bullitt County 15,595,784 702,000 4.5% 9.7% $4.02 0 2,042,198
East 6,464,833 200,000 3.1% 2.2% $5.95 322,831 0
Riverport 13,553,762 166,458 1.2% 4.5% $3.83 314,500 296,000
Southern Indiana 12,871,633 244,800 1.9% 18.2% $4.06 0 250,000
Louisville Totals 74,806,069 1,436,433 1.9% 7.1% $4.15 637,331 4,554,680
Analyzes all industrial buildings greater than 100,000s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD2021
total net
absorption
(s.f.)
YTD2021
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($p.s.f.)
YTD2021
completions
(s.f.)
Under
construction
(s.f.)
Airport 27,251,964 1,598,842 5.9% 0.4% $4.91 931,907 1,422,363
Bullitt County 15,852,284 470,406 3.0% 11.0% $4.00 0 2,484,754
East 6,464,833 322,830 5.0% 0.3% $5.95 322,831 0
Riverport 12,813,562 295,266 2.3% 3.5% $3.78 314,500 260,000
Southern Indiana 12,871,633 1,005,250 7.8% 14.3% $4.15 259,800 888,635
Louisville Totals 75,254,276 3,692,594 4.9% 5.6% $4.08 1,829,038 5,055,752
Analyzes allindustrial buildings greater than 100,000s.f. with a minimum clear height of 24'

4. This dashboard analyzes industrial sales over a 12-month period, ending March 31, 2021.
© 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.
Sales

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 (%) 38.6%
Total speculative at delivery (s.f.) 5,497,462
Total BTS at delivery (s.f.) -
Total owner-user at delivery (s.f.) -
Total # of properties delivered 11
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%
Logistics Airpark 931,907 Speculative Leased Q2 2021 100%
Velocity 100 908,600 Speculative Available Q4 2020 0%
Gateway 700 702,800 Speculative Leased Q4 2020 0%
Airport Commerce Center IV 324,416 Speculative Leased Q4 2020 0%
Blankenbaker Logistics Center 322,831 Speculative Leased Q1 2021 62%
Total pre-leased (%) 8.0%
Total speculative under construction (s.f.) 4,653,314
Total BTS under construction (s.f.) 142,438
Total Owner-user under construction (s.f.) 260,000
Total # of properties UC 13
Asking rental rate (low - high) $4.05 - $5.15
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%
Prologis Cedar Grove 6 Bullitt County Prologis 671,907 Speculative Q4 2021 0%
US Capital River Ridge US Capital 468,635 Speculative Q1 2022 0%
LIC Building G Clarion 476,780 Speculative Q4 2021 0%
US Capital Blue Lick US Capital 443,822 Speculative Q1 2022 0%
Logistix Hub Louisville (Two-Buildings) Xebec 428,643 Speculative Q2 2021 0%
C5 Logistics Center 325,920 Q3 2021 0%
Airport
East Hunt Midwest
Owner Construction type
Speculative
Bullitt County
Bullitt County
Southern Indiana
Core5
Airport
Submarket
Under construction
5,055,752
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
New and historical deliveries
Completions in-depth
5,497,462
Total delivered past 12 months (s.f.)
Owner
Submarket
Airport
Southern Indiana
Bullitt County
Airport
Bullitt County
Molto
VanTrust
Browning
Nicklies
Core5
2,452,793
5,896,471
4,424,993
4,085,552
2,877,960
5,507,594
637,331
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2015 2016 2017 2018 2019 2020 2021
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
2021
Owner-user Speculative
Construction
This report analyzes all industrial developments under construction & new deliveries > 100,000 s.f.
© 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 leased at delivery (%) 38.6%
Total speculative at delivery (s.f.) 5,497,462
Total BTS at delivery (s.f.) -
Total owner-user at delivery (s.f.) -
Total # of properties delivered 11
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%
Logistics Airpark 931,907 Speculative Leased Q2 2021 100%
Velocity 100 908,600 Speculative Available Q4 2020 0%
Gateway 700 702,800 Speculative Leased Q4 2020 0%
Airport Commerce Center IV 324,416 Speculative Leased Q4 2020 0%
Blankenbaker Logistics Center 322,831 Speculative Leased Q1 2021 62%
Total pre-leased (%) 8.0%
Total speculative under construction (s.f.) 4,653,314
Total BTS under construction (s.f.) 142,438
Total Owner-user under construction (s.f.) 260,000
Total # of properties UC 13
Asking rental rate (low - high) $4.05 - $5.15
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%
Prologis Cedar Grove 6 Bullitt County Prologis 671,907 Speculative Q4 2021 0%
US Capital River Ridge US Capital 468,635 Speculative Q1 2022 0%
LIC Building G Clarion 476,780 Speculative Q4 2021 0%
US Capital Blue Lick US Capital 443,822 Speculative Q1 2022 0%
Logistix Hub Louisville (Two-Buildings) Xebec 428,643 Speculative Q2 2021 0%
C5 Logistics Center 325,920 Q3 2021 0%
Airport
East Hunt Midwest
Owner Construction type
Speculative
Bullitt County
Bullitt County
Southern Indiana
Core5
Airport
Submarket
Under construction
5,055,752
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
New and historical deliveries
Completions in-depth
5,497,462
Total delivered past 12 months (s.f.)
Owner
Submarket
Airport
Southern Indiana
Bullitt County
Airport
Bullitt County
Molto
VanTrust
Browning
Nicklies
Core5
2,452,793
5,896,471
4,424,993
4,085,552
2,877,960
5,507,594
637,331
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2015 2016 2017 2018 2019 2020 2021
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
2021
Owner-user Speculative
Total leased at delivery (%) 38.6%
Total speculative at delivery (s.f.) 5,497,462
Total BTS at delivery (s.f.) -
Total owner-user at delivery (s.f.) -
Total # of properties delivered 11
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%
Logistics Airpark 931,907 Speculative Leased Q2 2021 100%
Velocity 100 908,600 Speculative Available Q4 2020 0%
Gateway 700 702,800 Speculative Leased Q4 2020 0%
Airport Commerce Center IV 324,416 Speculative Leased Q4 2020 0%
Blankenbaker Logistics Center 322,831 Speculative Leased Q1 2021 62%
Total pre-leased (%) 8.0%
Total speculative under construction (s.f.) 4,653,314
Total BTS under construction (s.f.) 142,438
Total Owner-user under construction (s.f.) 260,000
Total # of properties UC 13
Asking rental rate (low - high) $4.05 - $5.15
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%
Prologis Cedar Grove 6 Bullitt County Prologis 671,907 Speculative Q4 2021 0%
US Capital River Ridge US Capital 468,635 Speculative Q1 2022 0%
LIC Building G Clarion 476,780 Speculative Q4 2021 0%
US Capital Blue Lick US Capital 443,822 Speculative Q1 2022 0%
Logistix Hub Louisville (Two-Buildings) Xebec 428,643 Speculative Q2 2021 0%
C5 Logistics Center 325,920 Q3 2021 0%
Airport
East Hunt Midwest
Owner Construction type
Speculative
Bullitt County
Bullitt County
Southern Indiana
Core5
Airport
Submarket
Under construction
5,055,752
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
New and historical deliveries
Completions in-depth
5,497,462
Total delivered past 12 months (s.f.)
Owner
Submarket
Airport
Southern Indiana
Bullitt County
Airport
Bullitt County
Molto
VanTrust
Browning
Nicklies
Core5
2,452,793
5,896,471
4,424,993
4,085,552
2,877,960
5,507,594
1,829,038
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2015 2016 2017 2018 2019 2020 2021
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
2021
Owner-user Speculative
Total leased at delivery (%) 38.6%
Total speculative at delivery (s.f.) 5,497,462
Total BTS at delivery (s.f.) -
Total owner-user at delivery (s.f.) -
Total # of properties delivered 11
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%
Logistics Airpark 931,907 Speculative Leased Q2 2021 100%
Velocity 100 908,600 Speculative Available Q4 2020 0%
Gateway 700 702,800 Speculative Leased Q4 2020 0%
Airport Commerce Center IV 324,416 Speculative Leased Q4 2020 0%
Blankenbaker Logistics Center 322,831 Speculative Leased Q1 2021 62%
Total pre-leased (%) 8.0%
Total speculative under construction (s.f.) 4,653,314
Total BTS under construction (s.f.) 142,438
Total Owner-user under construction (s.f.) 260,000
Total # of properties UC 13
Asking rental rate (low - high) $4.05 - $5.15
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%
Prologis Cedar Grove 6 Bullitt County Prologis 671,907 Speculative Q4 2021 0%
US Capital River Ridge US Capital 468,635 Speculative Q1 2022 0%
LIC Building G Clarion 476,780 Speculative Q4 2021 0%
US Capital Blue Lick US Capital 443,822 Speculative Q1 2022 0%
Logistix Hub Louisville (Two-Buildings) Xebec 428,643 Speculative Q2 2021 0%
C5 Logistics Center 326,720 Q3 2021 0%
Airport
East Hunt Midwest
Owner Construction type
Speculative
Bullitt County
Bullitt County
Southern Indiana
Core5
Airport
Submarket
Under construction
5,055,752
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
New and historical deliveries
Completions in-depth
5,497,462
Total delivered past 12 months (s.f.)
Owner
Submarket
Airport
Southern Indiana
Bullitt County
Airport
Bullitt County
Molto
VanTrust
Browning
Nicklies
Core5
2,452,793
5,896,471
4,424,993
4,085,552
2,877,960
5,507,594
1,829,038
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2015 2016 2017 2018 2019 2020 2021
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
2021
Owner-user Speculative
Total leased at delivery (%) 38.6%
Total speculative at delivery (s.f.) 5,497,462
Total BTS at delivery (s.f.) -
Total owner-user at delivery (s.f.) -
Total # of properties delivered 11
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%
Logistics Airpark 931,907 Speculative Leased Q2 2021 100%
Velocity 100 908,600 Speculative Available Q4 2020 0%
Gateway 700 702,800 Speculative Leased Q4 2020 0%
Airport Commerce Center IV 324,416 Speculative Leased Q4 2020 0%
Blankenbaker Logistics Center 322,831 Speculative Leased Q1 2021 62%
Total pre-leased (%) 17.4%
Total speculative under construction (s.f.) 4,653,314
Total BTS under construction (s.f.) 142,438
Total Owner-user under construction (s.f.) 260,000
Total # of properties UC 13
Asking rental rate (low - high) $4.05 - $5.15
Largest projects currently under construction
Building RBA (s.f.) Delivery date Pre-leased (%)
Bourbon Logistics Center 3 Bullitt County Core5 1,042,534 Speculative Q4 2021 0%
Prologis Cedar Grove 6 Bullitt County Prologis 671,907 Speculative Q4 2021 0%
US Capital River Ridge US Capital 468,635 Speculative Q1 2022 0%
LIC Building G Clarion 476,780 Speculative Q4 2021 100%
US Capital Blue Lick US Capital 443,822 Speculative Q1 2022 0%
Logistix Hub Louisville (Two-Buildings) Xebec 428,643 Speculative Q2 2021 0%
C5 Logistics Center 326,720 Q3 2021 0%
Airport
East Hunt Midwest
Owner Construction type
Speculative
Bullitt County
Bullitt County
Southern Indiana
Core5
Airport
Submarket
Under construction
5,055,752
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
New and historical deliveries
Completions in-depth
5,497,462
Total delivered past 12 months (s.f.)
Owner
Submarket
Airport
Southern Indiana
Bullitt County
Airport
Bullitt County
Molto
VanTrust
Browning
Nicklies
Core5
2,452,793
5,896,471
4,424,993
4,085,552
2,877,960
5,507,594
1,829,038
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2015 2016 2017 2018 2019 2020 2021
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
2021
Owner-user Speculative

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.
Construction
4
Location: 825 Conestoga
Parkway
Square feet: 326,720
Tenant(s): None
Landlord: Core5
4
2
Location: 250 River Ridge
Parkway
Square feet: 468,635
Tenant(s): None
Landlord: US Capital
2
3
Address: 960 S. Preston Hwy
Square feet: 1,042,534
Tenant(s): None
Landlord: Core5
3
© 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.
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
Manufacturing
Professional & Business Services
Government
Leisure & Hospitality
Financial Activities
Mining, Logging & Construction
Other Services
Information
Economy
5.9%
U.S. unemployment
5.8%
U.S. 12-month job growth
3.7%
Louisville unemployment
14.0%
Louisville 12-month job growth
4.5%
Kentucky unemployment
10.2%
Kentucky 12-month job growth
-50.0
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
2017 2018 2019 2020
Trade, Transportation & Utilities Manufacturing
Other Services Mining Logging & Construction
2021
0%
4%
8%
12%
16%
20%
400,000
500,000
600,000
700,000
800,000
2016 2017 2018 2019 2020 2021
Employment Unemployment
Employment vs. unemployment rate
Employment by industry
Job growth (12-month change)
-1,300
200
1,100
1,600
1,800
5,100
13,300
15,600
16,900
17,400
-6,000 -1,000 4,000 9,000 14,000 19,000 24,000
Mining, Logging & Construction
Information
Financial Activities
Government
Other Services
Professional & Business…
Trade, Transportation &…
Manufacturing
Leisure & Hospitality
Educational & Health Services
Job growth*
Historical employment Job growth by sector*
Employment by industry Industrial employment*
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
2016 2017 2018 2019 2020
Louisville U.S.
*Represents 12-month change in employment. All charts represent the latest economic data available from the Bureau of Labor Statistics as of June 2021.
© 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.
2021

8. © 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.
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Managing Director, Brokerage
+1 502 394 2509
Powell.Spears@am.jll.com
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Vice President, Brokerage
+1 502 394 2502
Todd.Moorman@am.jll.com
Stephen C. Lannert, CCIM, SIOR, GRI
Senior Vice President, Brokerage
+1 502 394 2508
Steve.Lannert@am.jll.com
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Senior Vice President, Brokerage
+1 502 394 2511
Robert.Moorejr@am.jll.com
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Managing Director, Brokerage
+1 502 394 2517
Matt.Hartlage@am.jll.com
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Senior Associate, Brokerage
+1 502 394 2513
Chris.Beard@am.jll.com
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Vice President
+1 502 394 2507
morgan.lacroix@am.jll.com
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