Category Archives: Louisville Commercial Real Estate News

Louisville Market Commercial Real Estate News Brief: August 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Louisville market to keep you in-the-know.

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A Swell in Investment Activity Reinforces Confidence in the Louisville Market

Photo Credit: David Grant

Investment sales increased in the second quarter as more companies sought to relocate their headquarters within the Louisville business community. Multi-million dollar expansions by manufacturers, such as GreiffPackaging, Arroweye Solutions and Bluegrass Supply Chain Services LLC, have contributed to the high velocity of investment and stimulated job availability within the city.

Passport Health recently announced its relocation to the vacated 15.5-acre lot in West Louisville. The investment will help to expand the city’s healthcare system and likely have a positive impact the region, which has previously struggled to attract private investment.

Investment activity in both the suburban submarkets and the city’s CBD is expected to remain active as businesses continue to focus on the Northeast submarkets. In addition, newly vacated space in PNC Tower is expected to encourage future investments in the CBD.

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A Floor-by-Floor Perspective of Midwest Real Estate: What Skyline Will We See in the Next Five Years?

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By: Andrew Batson, Director of Research, JLL

Increasing leasing activity, speculative development and shifting market leverage in commercial real estate are constantly reshaping city Skylines across the U.S.

JLL’s Skyline Review registrants can take a deep dive into the trends impacting 57 major skylines across the United States and Canada, and learn about which national trends are transforming markets close to home.

Read on for a closer look at how the Skylines in the Midwest are performing and what to expect in the coming months.

Mixed-Use Development is on the Rise in Cincinnati

Cincinnati’s Skyline is comprised of large office buildings that are occupied by large tenants, many of them recognized as Fortune 500 companies. Rental rates have dropped 0.7% from 2016 to Q1 of 2017. At the same time, vacancy rates remain well above the national average at 20.9%, which has boosted demand for affordable Class A space within the Skyline.… Read More

Louisville Market Commercial Real Estate News Brief: June 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Louisville market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Louisville Improves Green Sustainability Rankings in New Research

Louisville ranks 37th out of the country’s 50 largest metro areas on clean technology policies, according to a new research piece by Clean Edge. The ranking is an improvement from last year when the city ranked 45th out of 50.

The city of Louisville has been hard at work implementing new policies and green initiatives to help reduce the effects of climate change. The city’s mayor, Greg Fischer, signed the Compact of Mayors in 2016, which commits to reducing greenhouse gases.… Read More

Louisville Market Commercial Real Estate News Brief: May 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Louisville market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Louisville Brewing Industry Has a Bright Outlook with New Addition of the Bourbon District

Downtown Louisville recently launched its new Bourbon District on Main Street just across from the Kentucky Center for the Performing Arts. The site is meant as a tribute to the city’s historic ties to the bourbon industry.

Main Street, in particular, was once a popular hub for the bourbon industry thanks to its close proximity to the Ohio River. Now that the industry is making waves once again, developers of the site aimed to create a resurgence of these historic times by including destination signs, banners and historic site signs.… Read More

Louisville Market Commercial Real Estate News Brief: April 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Louisville market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Retail and Industrial Developments Gain Momentum in Louisville

Courtesy of JLL

A number of new development projects are in the pipeline for downtown and metro Louisville. Among those include a new distribution center and a retail development.

Illinois developer, Molto Properties, announced plans to construct a new distribution center in the Renaissance South Business Park. Molto Properties has already accounted for more than 1 million square feet of space within the business park. This new warehouse and distribution property would add an additional 677,160 square feet to their portfolio.

Construction of a 363,000-square-foot retail and lifestyle center has also begun in SouthPointe Commons near Fern Creek. The property will include a big box store, a movie theater and restaurants. Upon completion, the project is expected to create nearly 560 permanent jobs in the region.… Read More

JLL Research: 3 Ways Reurbanization is Revitalizing Midwest Markets

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By: Andrew Batson, Director of Research, JLL

JLL Full Circle

While cities spread throughout the Heartland are still making their comeback, the economic and investment outlook is promising according to our new research, Full Circle. The report takes a deep dive into the growth and development occurring in each of our markets, including Ann Arbor, Cincinnati, Cleveland, Columbus, Detroit, Grand Rapids, Louisville and Pittsburgh.

So, what did our research find?

Cities across the region are in the middle of a major renaissance as reurbanization continues to draw people, business and investments toward the downtown areas.

1. Young Professionals Gravitate Toward the Urban Core, Creating Need for More Multifamily Development

The face of the urban cores is changing, with the majority of each market’s downtown population made up of the millennial generation (20- to 36-year-olds), followed by generation Z (0- to 19-year-olds).

As these younger generations flock downtown, the need for more multifamily development is increasing. Each market has experienced positive population growth since 2000. What’s more is residential population has also posted impressive numbers in each market, most notably in Detroit with a downtown population of 37,700 followed by downtown Pittsburgh with 33,000.… Read More

Louisville Market Commercial Real Estate News Brief: March 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Louisville market to keep you in-the-know.

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Louisville Developments Continue with New Distribution, Warehouse Space

Technology Drive Development submitted a revised plan to construct a 224,000-square-foot warehouse and office facility in Jeffersontown. The property will sit at 2621 Technology Drive on the 16.5-acre plot of land that Technology Drive Development already owns. No tenants for the facility have yet been announced; however, Louisville has recently made headlines throughout the previous year for its strong industrial market.… Read More

Commercial Real Estate News Brief: February 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles to keep you in-the-know. In this month’s edition, JLL spotlights executives’ optimism within the industry, varying supply rates and the changing retail landscape.

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New Survey Highlights CRE Executives’ Optimism on Industry Outlook

JLL CRE News Brief

Newspaper image via NS Newsflash.

New research released by KPMG LLP finds just over half—52%—of commercial real estate (CRE) executives believe improving real estate fundamentals will be the largest driver of their firm’s revenue growth this year.

A number of factors contribute to the overall positive outlook for executives, including an expanding economy and consistent interest in Class A properties in the U.S. Following the 2016 presidential election, financial markets are also expected to loosen, which will likely improve capital flow.

With improving financial markets, many companies are also expecting their real estate investment to increase. Approximately 22% of companies anticipate an increase between 5 and 10%. Due to an overall positive outlook in foreign investment, new investment in real estate will come from both existing investors and new market players.… Read More

Roger Staubach and JLL Predict a Patriots Victory for Sunday’s Big Game

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After successfully predicting last year’s champion, the Denver Broncos, JLL Americas Executive Chairman and Hall of Fame Quarterback Roger Staubach is predicting a Patriots win in Sunday’s big game.

Making predictions for football’s biggest event since 2011, JLL has accurately predicted the winner 70% of the time. Traditionally, predictions are based off of factors off the field, including:

  • Tenant and investor opportunities
  • Demand for premium office space and leasing activity
  • Economic factors, such as job growth

Cities with a positive economic outlook and strong real estate markets typically mirror that consistency on the field, too. And, as it turns out, Boston has way more to offer than just Tom Brady-led victories. Boston is succeeding in a number of industries, including education, technology, life sciences and more to drive job growth in the region.

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Commercial Real Estate News Brief: January 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles to keep you in-the-know. In this month’s edition, JLL spotlights drones’ impact on CRE, how autonomous vehicles will reshape cities, and how several local markets are creating a more ‘walkable’ downtown.

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Drone Technology Takes Off in CRE, Creates New Opportunities and Challenges

JLL CRE News Brief

Newspaper image via NS Newsflash.

Much like virtual reality (VR), drone technology has created new opportunities within the commercial real estate industry to streamline the transaction process.

Drones are unmanned aerial vehicles flown autonomously, and are used in a number of industries, including commercial real estate. How? With drone technology, prospective clients can view aerial property photographs or recorded video. This can help clients and investors determine the potential assets and challenges of a property. The end result is a faster transaction process, as clients have access to more property information than ever before.

One of the biggest challenges associated with drone technology, however, is current legal regulation. Commercial drone users often face difficulties determining who owns the airspace in which the drone is flying over. Similarly, the Federal Aviation Administration (FAA) ruled that operators of commercial drones must obtain a waiver for those participating and comply with a number of other regulations.… Read More