2021 Office Space Rent & Sales
- $19.73 2021 Avg. Asking Rent
- 14.76% 2021 Office Vacancy Rate
- $41.6M2021 Total Office Sales
- $168.32Avg. Sale Price/SF
Louisville office price per square foot in 2021 was $19.73 on average. The local office market recorded an average vacancy rate of 14.76% across all asset classes combined. The 4 transactions that closed here throughout 2021 amounted to a total sale volume of $41.6M. Louisville office space commanded an average sale price per square foot of $168.32.
Average Rent by Office Class
2021 Average Office Rent per Square Foot
- Louisville Class A & A+ Office Space$21.81
- Louisville Class B Office Space$18.41
- Kentucky Class A & A+ Office Space$21.73
- Kentucky Class B Office Space$18.59
Louisville, KY Office Asking Rents by Class
2021 Office Vacancy Rates in Louisville
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Hurstbourne - Eastpoint | $22.69 | 16.37% |
Northeast | $22.44 | 4.94% |
St Matthews | $20.02 | 4.30% |
South Central | $18.92 | 13.78% |
CBD | $17.85 | 19.80% |
Downtown - Old Louisville | $17.50 | 3.75% |
Middletown | $17.46 | 15.61% |
Southeast | $17.03 | 6.62% |
Louisville Office Sale Price per SF
- $168.322021 Avg. Price per SF
- 16.88%Y-o-Y Avg. PpSF Change
- $41.6M2021 Office Sales Volume
- 42021 Number of Transactions
Louisville, KY Sale Price per SF Trend
- Louisville Avg. Sale Price per SF in 2021$168.32
- Kentucky Avg. Sale Price per SF in 2021$150.96
2021 Office Sales Volume
- Louisville, KY Total Office Sales Volume in 2021 $41.6M
- Louisville, KY Total Number of Office Sales Closed in 2021 4
Largest Louisville Office Sales in 2021
Property name | Address | Date | Price |
---|---|---|---|
717 West Broadway | 717 West Broadway | 3/12/2021 | $26,000,000 |
Madrid Building | 545 South Third Street | 11/17/2021 | $8,750,000 |
9700 Ormsby Station Road | 9700 Ormsby Station Road | 9/30/2021 | $4,050,000 |
231 East Main Street | 231 East Main Street | 12/10/2021 | $2,750,000 |
Coworking Spaces in Kentucky
- Chicago Coworking Space
- Indianapolis Coworking Space
- Nashville Coworking Space
- Columbus Coworking Space
- Cincinnati Coworking Space
- Kansas City Coworking Space
- Arlington Coworking Space
- Louisville Coworking Space
- Alexandria Coworking Space
- Memphis Coworking Space
- Cleveland Coworking Space
- Knoxville Coworking Space
- Carmel Coworking Space
- Richmond Coworking Space
- Reston Coworking Space
- Dublin Coworking Space
- Virginia Beach Coworking Space
- Lexington Coworking Space
- Naperville Coworking Space
- Florence Coworking Space
2021 Office Construction in Louisville, KY
- Louisville, KY Total SF completed in 2021 357,089
- Louisville, KY Total SF under construction in 2022 635,005
During 2021, 357,089 square feet of new office space were delivered across the market. At the close of 2021, the Louisville office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 357,089 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 635,005 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
2550 Eastpoint Pkwy | 2550 Eastpoint Pkwy, 40223 | 48,000 | 2023 |
ShelbyHurst Office Campus - 435 North Whittington Pkwy | 435 North Whittington Pkwy, 40222 | 119,650 | 2021 |
Epic Plaza | 12910 Factory Lane, 40245 | 19,097 | 2019 |
2612 Tucker Station Rd. Louisville | 2612 Tucker Station Rd. Louisville, 40299 | 730 | 2019 |
Kindred Square II | 658 South 4th Street, 40202 | 146,958 | 2018 |
Valley College Drive Office Space | 833 Valley College Drive, 40272 | 1,146 | 2017 |
946 Goss Avenue | 946 Goss Avenue, 40217 | 228,447 | 2016 |
Woodlawn Center Office Park, Phase II | 297 North Hubbards Lane, 40207 | 45,000 | 2016 |
Park Place Lofts | 400 East Main Street , 40202 | 0 | 2015 |
US WorldMeds First Floor | 4441 Springdale Rd, 40241 | 12,848 | 2014 |
Worth noting among recent office completions on the Louisville market is 2550 Eastpoint Pkwy, which is currently the largest new office development in the city, at 48,000 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Louisville commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.