Louisville, KY Commercial Real Estate
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Overview of Commercial Real Estate in Louisville
Nestled south of the Ohio River from neighboring Cincinnati, Louisville, Kentucky is among the most influential cities in the midwestern United States. Built on a rich history of shipping, manufacturing, and spirits, Louisville is known for its economic power as well as its weight in entertainment and nightlife.
Affordable, well-positioned, and fun, Louisville is a landing spot for many new college graduates and young families seeking a dynamic backdrop to their professional careers. The nearby talent pool from nearby Nashville, Lexington, Cincinnati, and Indianapolis provide businesses with plenty of firepower to help their companies grow and succeed.
The commercial real estate market in Louisville is competitive. Several new development projects are underway and multiple available listings at an affordable median rate of $18 per square foot/year.
Economy of Louisville
Small businesses thrive in Louisville, but classic, recognizable brands have taken up shop in Louisville. Home to the UPS Worldport air hub, the city’s positioning along the Ohio River and at the crossroads of three major Interstates makes it a perfect option for companies reliant on quick, easy access to multiple means of transportation.
Manufacturing is another major player in the Louisville economic landscape. Two major Ford production facilities call Louisville home, as does the headquarters and major factory of GE Appliances. Bourbon is a major trade in the city, providing approximately one-third of all bourbon produced in the world.
Residents of Louisville are rewarded with low unemployment, a high rate of independent or small businesses, and a slightly below average median household income of $49,400. The housing market, unlike many cities its size, is remarkably affordable - especially for young professionals and new families.
Trends of Louisville
Louisville, like many cities its size, is undergoing a housing crunch - but it’s not nearly as desperate as comparable markets like Portland, Baltimore, and even Milwaukee, where housing prices have risen dramatically over the last decade. With a median home sale price of $179,000, well below the national average of $200,000, Louisville has become a popular destination for recent graduates and young families gravitating towards the city’s growing economy in the region.
With hundreds of active developments in the area, Louisville has taken a progressive step toward constructing mixed-use and residential properties alongside the major expansions in commercial real estate throughout the Central Business District area.
Market Stats
Louisville has 869 commercial real estate spaces for lease, representing 15,520,901 sqft space.
877 buildings are available for sale.
In the past 30 days, Louisville has had 50 spaces leased.