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Market Report

Louisville Retail Market Report

2024 Investment Forecast

Diverse Urban and Suburban Demand Factors Bolster
Retail Leasing and Investment Across the Metro

Office usage downtown, residential needs in the suburbs keep retailers engaged. Louisville’s retail sector is poised for an additional year of modest tightening in 2024. In line with national trends, this year’s largest move-ins stem from experiential tenants, with Next Level Ranges and Ace Pickleball Club each taking 38,000 square feet off the market. The Hurstbourne-Lyndon submarket is the most popular locale for such leases, as potential tenants are attracted to the area’s affluent population. Aside from Jefferson County’s eastern suburbs, vendors are actively inking agreements in and around the urban core. Office vacancy was roughly 11.8 percent late last year, the seventh-lowest rate among major U.S. downtowns. This suggests a comparatively consistent flow of office workers in the CBD relative to other large cities, which is welcome news for retail spending in this area. The supply side offers another positive note. While this year’s construction total is the largest in over half a decade, speculative additions are limited, with nearly all of the pipeline accounted for as of early 2024. 
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