The Louisville industrial market recorded the twentieth consecutive quarter of positive net absorption in the first quarter of 2020. The Riverport submarket hit a new historic low vacancy rate again this quarter.
- The market recorded 607,873 sq. ft. of positive net absorption.
- Market vacancy rate remained unchanged at 4.1%.
- Average asking lease rate decreased $0.04 per sq. ft. to $3.87 per sq. ft.
- Market availability increased by 70 bps to 6.9%.
- Six new speculative construction projects totaling over 3.4 million sq. ft. began this quarter, and three with 652,800 sq. ft. were completed.