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Market Report

Louisville Retail Market Report

3Q 2022

Metro Exhibits Bifurcated Availability Trends;
Developers Bet on Suburban Spec Builds

Outlying conditions tightening as core vacancy backpedals. Many of this year's larger leases stem from value retailers, a promising sign for this sector as many consumers shift purchasing activity in response to inflationary headwinds. Leasing has been strongest in eastern Jefferson County, where Louisville's more affluent first-ring suburbs are located. Plainview-Middletown and Hurstbourne-Lyndon led in vacancy compression during the trailing year ended in June, with availability in these locales dropping by 340 and 140 basis points, respectively. Trends are less optimistic closer to the core. The CBD and Old Louisville reported three consecutive quarters of negative net absorption during the same period, driving availability to approach levels reported during pandemic peaks in both locales.

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