Louisville, KY Office Overview
The Louisville office market includes high-density office submarkets like Jeffersontown, Eastpoint Parkway, St Matthews, and Lyndon. With a metropolitan population of nearly 1.3 million, the Class A office market in Louisville sees significant demand from the health care, transportation, high-technology, and tourism industries.
As of mid-2017, the Greater Louisville office market encompasses nearly 27 million square feet of existing office space in properties larger than 50,000 square feet. As the largest city in Kentucky, the office market in Louisville posts robust demand for office space from diverse industries such as shipping, medical sciences, and manufacturing.
Louisville, KY Office Inventory Description
Louisville sprawls along the banks of the Ohio River and is impacted by the unique business cultures of both the Old South and the Midwest. With a gross metropolitan product of nearly $67 billion annually, the demand for office employment continues to grow. Nearly 40% of the office space in Louisville is Class A, with Class B office inventory accounting for nearly all of the remaining 60%.
Trophy office properties in Louisville include the 9901 Linn Station Road office building, Hurstbourne Place on Shelbyville Road, and the Forum Office Park Building IV on Hurstbourne Parkway in the suburb of Lyndon, Kentucky.
Louisville, KY Commercial Inventory Breakdown
Total: 27,461,893 SF
By square footage range:
- 50k to 100k SF: 7,659,517 SF / 27.89% of total office
- 100k to 500k SF: 15,320,724 SF / 55.79% of total office
- 500k to 1M SF: 4,481,652 SF / 16.32% of total office
- Class A: 11,097,539 SF / 40.41% of total office
- Class B: 14,369,977 SF / 52.33% of total office
- Class C: 397,108 SF / 1.45% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|Waterfront Plaza||325 West Main Street, 40202||737,776||1991|
|National City Tower||101 South 5th Street, 40202||723,300||1972|
|Humana Waterside Building||101 East Main Street, 40202||705,000||1991|
|Aegon Center||400 West Market Street, 40202||633,650||1993|
|Brown-Forman Headquarters||850 Dixie Hwy, 40210||600,884||1935|
|PNC Plaza||500 West Jefferson Street, 40202||556,042||1971|
|Humana Building||502 West Main Street, 40202||525,000||1985|
|Dixie Medical Mall at Dixie Manor Shopping Center||6801 Dixie Hwy, 40258||353,810||1997|
|Brown & Williamson Tower||401 South 4th Street, 40202||346,213||1982|
|Louisville City FC - Office Building||SWC Adams Street & Cabel Street, 40206||340,000||n/a|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|Novak Center For Children’s Health||411 East Chestnut Street, 40202||176,000||2018|
|Kindred Square II||658 South 4th Street, 40202||146,958||2018|
|ShelbyHurst Office Campus - Building 900||805 North Whittington Pkwy, 40222||140,000||2018|
|Old Brownsboro Crossing - 4915 Norton Healthcare||4915 Norton Healthcare Blvd, 40241||102,140||2018|
|Old Henry Crossing #4||2000 High Wickham Place, 40245||65,000||2017|
|Lyndon Centre Office Park||506 Lyndon Lane, 40222||44,252||2017|
|Eastpoint Centre - Building F||13410 Eastpoint Centre Drive, 40223||32,500||2017|
|The Edison Center||701 West Ormsby Avenue, 40203||120,000||2016|
|ShelbyHurst Office Campus - 500 North Hurstbourne Pkwy||500 North Hurstbourne Pkwy, 40222||120,000||2016|
|Woodlawn Center Phase II||297 North Hubbards Lane, 40207||60,000||2016|
Louisville, KY Green Office Space
While not yet ranking in the Top 30 Green Office Markets in the U.S., green office space in Louisville is on the rise, with dozens of projects scattered throughout the metropolitan area.
The ShelbyHurst Office Campus on 600 North Hurstbourne Parkway in Louisville is a local example of a Class A green building. With over 125,000 square feet of space, this 4-story office property was built in 2012 and is LEED certified. As tenants, national and global investors seek out green certified office assets for their use and portfolios, the green office trend will continue to take root in Louisville.
Developers are aware of this demand, and with the number green building projects underway, Louisville is making progress in becoming one of the top green office markets. The 2017 National Green Building Adoption Index looked at office properties in 30 major U.S. markets and discovered, EPA Energy Star-labeled buildings included, that the percentage of green certification has increased nationally from under 5% in 2005 to 38% as of mid-2017.
Louisville, KY’s Top Office-Using Sectors
Demand for commercial real estate in Jefferson County is driven by a combination of multiple businesses including traditional manufacturing, transportation, and health care.
- Manufacturing – Ford Motor Company, GE Appliances, and Brown-Forman all create strong demand for commercial real estate in Louisville.
- Transportation – The UPS Worldport at the Louisville International Airport, and the inland Jefferson Riverport International both have a major impact on the demand for office use in Louisville.
- Health Care & Insurance – As home to Humana health insurance, Louisville is a major center for the health care and medical sciences sectors that generate white collar office space employment.
- Corporate Offices – The demand for while collar office space in Louisville also comes from companies such as Norton Healthcare, Kindred Healthcare, KentuckyOne Health, and LG&E Energy that create major employment in Louisville.
- Total Population738,336
- Male Population(48.3 %) 356,791
- Female Population(51.7 %) 381,544
- Median Age37.00
- Average Household Income$79,784
- Median Household Income$51,398
- Median Income Under 25$26,867
- Median Income 25-44$56,932
- Median Income 45-64$61,481
- Median Income Over 65$36,000
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