Real Estate For Sale In Louisville

Office Market Conditions In Louisville

Changes are occurring in Louisville’s office market as the Coronavirus Pandemic continues to affect other parts of America. However, the motivations for the shift are not uniform.

Exodus From The Company

In a Business First story on September 17th, Papa John’s announced that company would relocate its headquarters to Atlanta from Louisville. The loss of 1,200 jobs in Louisville was a devastating blow to the city. As a result of the Atlanta airport’s ability to connect the company to a broader range of local and worldwide markets, the company decided to relocate.

The same year that Papa John’s relocated its management team to Dallas, Yum! Brands also made the same decision to move its headquarters from the Louisville area. Humana’s headquarters could have been relocated out of Louisville if Aetna had purchased Louisville’s largest downtown employer in 2017.

These patterns reveal Louisville’s vulnerability to the market and demand-shaping power of large companies.

A Change In The Demand

Existing office buildings in Louisville’s east end, like Shelbyhurst, Blankenbaker Station, & Eastpoint, drew a lot of attention even before the outbreak of the pandemic. Louisville’s downtown has long been a popular location for businesses, but new Class A projects on the east side of town have emerged as viable alternatives. According to a Cushman & Wakefield research from Q3 2020, the CBD occupancy rate in Louisville was only 81.1 percent, while the suburban occupancy rate was 89.5 percent.

Over the course of a turbulent 2020, this pattern has continued to hold true. Louisville, such as the rest of world, has had to deal with the epidemic and its effects on the office building industry. In addition, this Breonna Taylor case relates to civic disturbance in Louisville. As a result of these considerations, companies are increasingly considering the long-term security and comfort of their employees, which has resulted in a major increase with in suburban office market’s overall demand.

The Chance For Louisville

Although the city of Louisville has faced many difficulties, it is confident that it will be successful. Investing in Louisville’s downtown area has resulted in a surge in demand for dining, entertainment, and other activities. In addition to the Urban Bourbon Trace and Yum Center, other attractions in downtown include Lynn Families Soccer Stadium and numerous museums. Louisville’s restaurant industry is second to none, with an unrivalled number of locally owned & selected establishments.

Businesses considering to relocate to Louisville can benefit from the city’s low cost of living and proximity to Louisville Airport and other neighbouring metropolitan areas.

The Diverse Prominence

Pluris Real Estate will assist you in your search for a new home or office in Louisville. If you need help locating the appropriate location for your company, we are the go-to people. It is our mission to help you maximise the value of your property while positioning your company for success.