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Market Report

Louisville Retail Market Report

2Q 2023

Vacancy Consistent with Pre-Pandemic Trends;
Retailers Signal Willingness to Grow

Supermarket expansions and hiring create retail tailwinds. This year, Louisville vacancy remains roughly in-line with the 2019 rate of 3.7 percent, aided by grocery-anchored centers. Supermarkets are actively entering and expanding in the metro. A 20,000-square-foot Kroger delivers this year, followed by a 150,000-square-foot Hy-Vee and Publix’s third Louisville store in 2024. Wawa has also proposed four locations across the metro. While vacancy will have a slight annual upward adjustment, total occupied stock will surpass the previous peak, reaching nearly 71 million square feet. Relatively static vacancy is aided by heavy pre-leasing at underway projects. Positive local employment trends are likely to encourage retailer expansions in the market as well. Last year, Louisville’s job count surpassed the previous peak achieved in February 2020, potentially supporting spending despite continued inflationary headwinds. 

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