房地产 -2025年第四季度路易斯维尔办公室数据 Louisville Office Figures Q4 2025

CBRE

FIGURES|LOUISVILLEOFFICE|Q42025

Recordnegativenetabsorptionin2025,but

trendreversesinQ4

23.3%

VacancyRate

11,392

SFNetAbsorption

0

SFConstructionDelivered

0

SFUnderConstruction

$18.94

FSG/YRDirectLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

MARKETOVERVIEW

Marketwidevacancydecreased10basispointsto23.3%

-CBDClassAvacancydecreased50basispointsto33.0%

-SuburbanClassAvacancyincreased60basispointsto20.0%

-CBDClassAaverageaskingleaseratedeclined$0.06persq.ft.to$18.88persq.ft.

-SuburbanClassAaverageaskingleaserateincreased$0.14persq.ft.to$22.20persq.ft.

TheLouisvilleofficemarketendedtheyearonapositivenotewithstrongleasingactivityof

292,607sq.ft.,positivenetabsorptionof11,392sq.ft.andaslightdecreaseinmarketwide

vacancyto23.3%.Itwasatoughyearwithnegativenetabsorptionof583,856sq.ft.,which

marksthelargestnegativeamountrecordedinacalendaryear.Onapositivenote,the

marketwideavailabilityratedeclined50bpsto24.0%andtheamountofavailablesubleasehasdecreasedtojustunder233,000sq.ft.,whichis20%lowerthanoneyearago.Theoverall

averageaskingleaserateremainedrelativelyunchangedat$18.94persq.ft.

FIGURE1:HistoricalAbsorption,Deliveries,andVacancy

Sq.Ft.thousands200.0

100.0 0.0(100.0)

(200.0)

(300.0)

(400.0)

Vacancy%

25

20

15

10

5

0

NetAbsorptionDeliveriesVacancyRate

Source:CBREResearch,Q42025

1CBRERESEARCH©2026CBRE,INC.

FIGURES|LOUISVILLEOFFICE|Q42025

2CBRERESEARCH©2026CBRE,INC.

Vacancy

VacancyheldfairlysteadyacrossmostsubmarketswiththeoverallCBDdecliningby30bpsto28.3%.TheClassAsectoroftheCBDrecordeda50bpsdecreaseto33.0%,whiletheClassB

CBDsectorincreased20bpsto25.5%.TheSuburbansubmarketsheldsteadyat19.4%withtheClassAsectorincreasingby60bpsto20.0%andtheClassBsectorimprovingby70bpsto

19.0%forthequarter.IntheHurstbourneParkway/ShelbyvilleRoadsubmarket,FarmCredit

Mid-Americavacatedtheir55,000-sq.-ft.buildingat1601UPSDrivewhentheymovedintotheirnewlyexpandedbuildingat12501LakefrontPlaceintheEastCountysubmarket.Thisnew

offeringcontributedtoasubstantialincreaseintheClassAsectoroftheHurstbourne

submarketof200bpsto18.9%.ThelargestdeclineinanysectortookplaceintheSt.MatthewsClassAsectorwitha250bpsdecreaseto4.7%,whichwashelpedbya13,500sq.ft.leasetoaconfidentialtenant.

AskingRent

TheCBDClassAaverageaskingleaseratedeclined$0.06persq.ft.to$18.88persq.ft.andtheClassBCBDsectorremainedlargelyunchangedtoendtheyearat$16.07persq.ft.The

averageaskingleaserateforSuburbanClassApropertiesincreasedby$0.14persq.ft.to$22.20persq.ft.andtheSuburbanClassBsectoradded$0.06persq.ft.to$18.22persq.ft.

TheoverallaverageaskingleaseratefortheSuburbansectorendedtheyearwithan$0.08persq.ft.increaseto$20.28persq.ft.

FIGURE2:VacancyRatesbyClass

VacancyRate(%)

28

26

24

22

20

18

16

14

12

10

8

OverallClassAClassB

Source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(FSG/YR)byClass

$persq.ft.

23.0022.0021.0020.0019.0018.0017.0016.00

15.00

OverallClassAClassB

Source:CBREResearch,Q42025

FIGURES|LOUISVILLEOFFICE|Q42025

3CBRERESEARCH©2026CBRE,INC.

NetAbsorption

NetabsorptionintheCBDwasaffectedbynewactivitybyChamplin|EOPArchitectsandothernewleasestotalingover15,000sq.ft.inCBDClassAproperties,aswellasnewvacanciesby

totalingover4,000sq.ft.inClassBproperties.TheClassACBDsectorrecorded15,457sq.ft.ofpositivenetabsorption,whiletheClassBCBDsectorpostednegativenetabsorptionof4,180sq.ft.TheoverallCBDnetabsorptiontotalwaspositive11,277sq.ft.forthequarter.

TheSuburbansubmarketswereamixedbagfornetabsorptioninthequarter.TheHurstbourneParkway/ShelbyvilleRoadsubmarketreportedalargedivergencebetweentheClassAand

ClassBsectorswithClassApostingnegative60,357sq.ft.andClassBrecording45,713sq.ft.ofpositivenetabsorption.IntheClassBHurstbourneParkway/ShelbyvilleRoadsubmarket,anew10,000sq.ft.leasebyRegusat10200LinnStationRoadandanownerexpansionof15,000sq.ft.byDeltaDentalat10100LinnStationRoadcontributedtopositivenetabsorption.ThefollowingtransactionsalsocontributedtothepositivenewabsorptionintheSuburban

submarkets:1)anexpansionbyDealerTradeNetworkintheEastCountysubmarketof6,380sq.ft.,2)aleaseof9,346sq.ft.byCommonwealthEyesurgeryintheHurstbourne

Parkway/ShelbyvilleRoadsubmarket,3)a12,300sq.ft.leasebyActalent,intheHurstbourne

Parkway/ShelbyvilleRoadsubmarket,and4)a13,524sq.ft.movebyaconfidentialtenantintheSt.Matthewssubmarket.Theoverallmarketwidenetabsorptionforthequarterwaspositive

11,392sq.ft.

ConstructionActivity

FarmCreditMid-Americacompletedconstructionofa140,000-sq.-ft.headquartersexpansionintheEastCountysubmarket,whichwastheonlyofficebuildingunderconstructioninthe

market.Whilenewofficedevelopmenthasfacedsignificantheadwindsduetohighconstructionandlaborcostscoupledwithatightlendingenvironment,thefutureislookingbrighter.New

officedevelopmentswillbeunderwaysoon,suchasthemulti-phase260,000-sq.-ft.

ChamberlainWoodsofficeprojectintheI-71/BrownsboroRoadsubmarket,slatedtobegin

constructioninthenextfewmonths,andthemixeduseNuLuMarketplaceNorthprojectwhichwillcontainapproximately50,000sq.ft.wheresiteworkhasrecentlycommenced.

FIGURE4:NetAbsorptionTrend

Sq.Ft.thousands

200.0100.0 0.0(100.0)

(200.0)

(300.0)

(400.0)

(500.0)

ClassAClassBRolling4QAvg.

Source:CBREResearch,Q42025

FIGURE5:ConstructionActivity

Sq.Ft.thousands

120.0

100.080.0

60.0

40.0

20.0

0.0

140.0

UnderConstructionDeliveries

Source:CBREResearch,Q42025

FIGURES|LOUISVILLEOFFICE|Q42025

4CBRERESEARCH©2026CBRE,INC.

LeasingActivity

Leasingactivityinthefourthquarterwasstrongwith292,607sq.ft.recordedmarketwide.

Fourthquarterleasingactivitywasslightlyabovethefirstandsecondquartersof2025with226,594sq.ft.and236,481sq.ft.respectively,butlowerthanthirdquarter’s409,730sq.ft.

2025recordedanannualtotalof1,165,412sq.ft.,whichwashigherthanboth2023(1,147,479sq.ft.)and2024(1,061,362sq.ft.)RenewalsandnewleasesintheCBDresultedin142,293sq.ft.ofactivity.TheHurstbourneParkway/ShelbyvilleRoadsubmarketrecordedthesecondhighestvolumeofleasingactivityinthequarterwith84,420sq.ft.,followedbytheEastCounty

submarketwith29,796sq.ft.Therearependingtransactionsofsignificantsizethatwillimpactthemarketinearly2026.

FIGURE6:LeasingbySubmarket–10,000sq.ft.andup

Interstate71/BrownsboroRoad

13,485

StMatthews

13,524

EastCounty

18,052

Hurstbourne

Parkway/Shelbyville

Road

CentralBusinessDistrict

35,390

111,745

FIGURE6:LeasingActivityTrend–10,000sq.ft.andup

Sq.Ft.thousands

400.0350.0

300.0250.0

200.0150.0

100.050.0

0.0

ClassAClassB

Source:CBREResearch,Q42025

FIGURE8:KeyLeaseTransactions

Tenant

Sq.Ft.Leased

TransactionType

Address

Submarket

Onco360

18,052

NewLease

13405EastpointCentreDr

EastCounty

Confidential

13,524

NewLease

4500BowlingBlvd

StMatthews

HomecareHomebase

13,485

Renewal

4801OlympiaParkPlz

Interstate71/

BrownsboroRoad

Actalent

12,300

NewLease

10350OrmsbyParkPl

Hurstbourne

Parkway/Shelbyville

Road

RegusUSA

10,000

NewLease

10200LinnStationRd

Hurstbourne

Parkway/Shelbyville

Road

Source:CBREResearch,Q42025Source:CBREResearch,Q42025

FIGURES|LOUISVILLEOFFICE|Q42025

5CBRERESEARCH©2026CBRE,INC.

MarketStatisticsbyIndex

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

SUBURBAN

ClassA

6,239,590

20.0

22.8

20.3

2.4

22.20

(39,479)(247,480)

0

0

ClassB

4,934,762

19.0

21.4

21.1

0.3

18.22

33,335(154,060)

0

0

ClassC

272,722

11.7

11.7

11.7

0.0

15.04

6,259(2,375)

0

0

Total

11,447,074

19.4

21.9

20.4

1.5

20.28

115(403,915)

0

0

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

DOWNTOWN

ClassA

4,603,999

33.0

29.3

29.3

0.0

18.88

15,457(219,718)

0

0

ClassB

3,690,963

25.5

26.5

24.7

1.8

16.07

(4,180)35,477

0

0

ClassC

616,590

10.5

10.5

10.5

0.0

13.04

04,300

0

0

Total

8,911,552

28.3

26.8

26.1

0.7

17.60

11,277(179,941)

0

0

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

METRO

ClassA

10,843,589

25.5

25.5

24.1

1.4

20.47

(24,022)(467,198)

0

0

ClassB

8,625,725

21.8

23.6

22.6

0.9

17.22

29,155(118,583)

0

0

ClassC

889,312

10.9

10.9

10.9

0.0

13.70

6,2591,925

0

0

Total

20,358,626

23.3

24.0

22.9

1.1

18.94

11,392(583,856)

0

0

FIGURES|LOUISVILLEOFFICE|Q42025

6CBRERESEARCH©2026CBRE,INC.

MarketStatisticsbySubmarket

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

CentralBusinessDistrict

8,911,552

28.3

26.8

26.1

0.7

17.6

11,277

(179,941)

0

0

CentralLouisville

758,765

17.4

21.4

21.4

0.0

18.46

(10,904)

40,582

0

0

EastCounty

2,482,585

18.0

18.6

18.0

0.5

21.92

10,048

(117,944)

0

0

HurstbourneParkway/ShelbyvilleRoad

5,123,948

21.6

24.4

22.3

2.0

20.25

(14,644)

(296,386)

0

0

Interstate71/BrownsboroRoad

763,024

9.8

15.9

10.1

5.8

23.91

0

(2,843)

0

0

South

1,478,269

25.4

28.8

28.3

0.5

18.79

3,564

(46,731)

0

0

StMatthews

840,483

9.6

10.5

10.5

0.0

19.37

12,051

19,407

0

0

Total

20,358,626

23.3

24.0

22.9

1.1

18.94

11,392

(583,856)

0

0

7CBRERESEARCH©2026CBRE,INC.

FIGURES|LOUISVILLEOFFICE|Q42025

NationalEconomicOverview

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,and

strengtheningcreditmarketsarehelpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.Consumer

confidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouchsofterthanin2025.Akeycatalystisa

softerlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofterinflationandlong-termbondyieldstrendingjustbelow4%byH22026.

SumofLaborForce

Jul-25

Apr-25

Jan-25

Oct-24

Jul-24

Apr-24

Jan-24

Oct-23

Jul-23

Apr-23

Jan-23

Oct-22

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Apr-21

Jan-21

Oct-20

Jul-20

Apr-20

Jan-20

UnemploymentRate(%)

Louisville,KYEmploymentUpdate

EmploymentChangebySector–Yearly+MonthlyBarsindicateyearlytrend,arrowsindicatemonthlytrend

4.0%

UnemploymentRate

0.7M

LaborForce

144.1k

OfficeUsingJobs

253.4k

IndustrialUsingJobs

102.6k

RetailUsingJobs

Source:USBLS,September2025

Note:Arrowsindicatemonth-over-monthchange.

UnemploymentRateandLaborForceTrends

740,000

720,000

700,000

680,000

660,000

640,000

620,000

20.0%

15.0%

10.0%

5.0%

0.0%

SumofLaborForceAvg.UnemploymentRate

Source:USBLS,September2025

FIGURES|LOUISVILLEOFFICE|Q42025

MarketAreaOverview

Definitions

AvailableSq.Ft.:Spaceinabuilding,readyforoccupancywithinsixmonths;canbeoccupiedorvacant.AvailabilityRate:

TotalAvailableSq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethatincludes

netandgrossleaserate,weightedbytheircorrespondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.

ofthebuilding.Activity:Allleasetransactionscompletedwithinaspecifiedtimeperiod.Excludesuserandinvestmentsale

transactions.GrossLeaseRate:Renttypicallyincludesrealpropertytaxes,buildinginsurance,andmajormaintenance.Net

Absorption:ThechangeinOccupiedSq.Ft.fromoneperiodtothenext.NetLeaseRate:Rentexcludesoneormoreofthe”net”costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLeaseRate.

OccupiedSq.Ft.:BuildingAreanotconsideredvacant.VacancyRate:TotalVacantSq.Ft.dividedbythetotalBuilding

Area.VacantSq.Ft.:Spacethatcanbeoccupiedwithin30days.

SurveyCriteria

Includesallofficebuildings20,000sq.ft.andgreaterinsizeinJeffersoncounty.Excludessingle-tenantowner-occupiedbuildings,governmentownedandoccupiedbuildings,ormedicalbuildings.Buildingswhichhavebegunconstructionareevidencedbysiteexcavationorfoundationwork.

Contacts

HeatherNevin

SeniorManagingDirector+16465960371

heather.nevin@

JillMorzillo

SeniorFieldResearchAnalyst/p>

jill.morzillo@

10200ForestGreenBlvdSuite500

Louisville,KY4022