An in-depth look at the Louisville office market. Analysis includes sales, leasing, construction, and employment.

1. Office
Outlook
An in-depth look at the
Louisville office market.
Analysis includes sales,
leasing, construction and
employment.
Louisville | Q3 2018
JLL Research

2. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q3 2018
Louisville
Both the CBD and suburban submarkets experienced positive net absorption
this quarter. Demand for space from 1,000 to 20,000 square feet remains
strong. There is some concern that there is a lack of out-of-town corporate
users considering Louisville’s CBD and therefore vacancy at one property is
simply being filled by the relocation of an existing market tenant. The higher
vacancy within the CBD has created favorable lease terms for users.
Conversely, the suburban market, which has very limited contiguous blocks
options above 10,000 square feet, makes it very much a Landlord’s market.
Development announcements continued within the suburban market as
plans for three new Class A, multi-tenant buildings were revealed. These
announced projects continue a trend of new construction within the
suburban submarkets. Additionally, Mid-America Farm Credit purchased the
vacant 177,000-square-foot former Citi Bank call center in Blankenbaker
Station for over $169-per-square foot, and plans to relocate from its 50,000-
square-foot property in Hurstbourne Green.
In the CBD there will soon be some clarity regarding the future of 500 W.
Jefferson. An auction date and minimum bid price have been established.
However, it is unknown how much capital a potential buyer would be willing
to invest in the property in order to bring the property to a point where it
would compete within the Class A market. Regardless, we do expect the
property to sell, which will add some stability to the CBD landscape.
Outlook
The Louisville office market has remained relatively steady throughout 2018.
While suburban options are limited, favorable lease conditions can still be
found, particularly for tenants looking in the CBD. There is still strong
competition between Class A buildings within both the urban and suburban
submarkets. The CBD has been buoyed by the reopening of the newly
renovated Kentucky International Convention Center, new hotels, new
apartments, and multiple new restaurants. The suburban market still offers
some available land for build-to-suit opportunities. Overall, both provide
intriguing options and make the Louisville market extremely competitive.
Fundamentals Forecast
YTD net absorption 296,040 s.f. ▲
Under construction 723,810 s.f. ▲
Total vacancy 10.2% ▼
Average asking rent (gross) $17.93 p.s.f. ▲
Concessions Rising ▲
-100,000
100,000
300,000
500,000
2014 2015 2016 2017 2018
Supply and demand (s.f.) Net absorption
Deliveries
Market remains steady as vacancy continues to drop
13.1% 12.8%
12.2%
11.3%
10.2%
2014 2015 2016 2017 2018
Total vacancy
$10.00
$15.00
$20.00
$25.00
2014 2015 2016 2017 2018
Average asking rents ($/s.f.) Class A
Class B
Louisville Office Outlook
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Top trends and activity
• An auction for the sale of the former PNC Plaza located at 500 W.
Jefferson has officially been rescheduled for October 8-10.
• Mid-America Farm Credit purchased the vacant 177,000-square-foot
former Citi Bank Call Center for $30,000,000.
• Announcements for three new office buildings will add over 155,000
square feet to the suburban market.

3. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Class
Inventory
(s.f.)
Total net
absorption
(s.f.)
YTD total net
absorption
(s.f.)
YTD total net
absorption
(% of stock)
Direct
vacancy (%)
Total
vacancy (%)
Average
direct asking
rent ($ p.s.f.)
Prior 12
months
completions
(s.f.)
Under
construction
(s.f.)
CBD Totals 9,881,814 17,632 -568 0.0% 10.5% 10.6% $17.30 0 0
Hurstbourne Totals 3,314,538 78,203 26,809 0.8% 10.0% 10.3% $19.95 0 140,000
Middletown/Eastpoint Totals 1,513,721 17,818 27,096 1.8% 8.4% 8.4% $20.07 32,500 174,810
Plainview Totals 1,661,203 7,326 -28,383 -1.7% 13.1% 13.4% $15.22 0 0
River Road/Brownsboro Totals 741,866 0 34,137 4.6% 3.7% 5.2% $23.64 0 252,000
South Central Totals 1,406,623 0 6,924 0.5% 12.2% 12.2% $17.02 0 0
Southeast Totals 514,962 7,738 7,738 1.5% 9.2% 9.2% $17.88 0 0
St. Matthews Totals 1,332,933 16,882 -8,372 -0.6% 6.3% 7.1% $17.57 0 0
Suburbs Totals 8,637,951 103,347 66,583 0.8% 10.1% 10.4% $17.88 32,500 566,810
Louisville Totals 18,519,765 120,979 66,015 0.4% 10.3% 10.5% $17.57 32,500 566,810
CBD A 4,295,069 16,029 13,509 0.3% 14.8% 14.8% $18.88 0 0
Hurstbourne A 2,705,365 54,838 2,989 0.1% 9.8% 10.1% $21.27 0 140,000
Middletown/Eastpoint A 963,392 16,257 25,535 2.7% 11.5% 11.5% $20.41 32,500 174,810
Plainview A 504,033 0 0 5.7% 0.0% 0.0% $18.87 0 0
River Road/Brownsboro A 596,087 0 34,137 0.0% 3.9% 4.7% $25.23 0 252,000
Southeast A 460,734 7,738 7,738 1.7% 7.2% 7.2% $21.23 0 0
St. Matthews A 712,694 7,221 -8,021 -1.1% 4.2% 5.7% $19.80 0 0
Suburbs A 4,264,844 71,095 62,661 1.5% 9.3% 9.7% $21.23 32,500 0
Louisville A 8,559,913 87,124 76,170 0.9% 12.1% 12.3% $19.80 32,500 566,810
CBD B 5,586,745 1,603 -14,077 -0.3% 7.2% 7.3% $14.79 0 0
Hurstbourne B 609,173 23,365 23,820 3.9% 11.1% 11.1% $14.82 0 0
Middletown/Eastpoint B 550,329 1,561 1,561 0.3% 2.9% 3.1% $17.77 0 0
Plainview B 1,661,203 7,326 -28,383 -1.7% 13.1% 13.4% $15.22 0 0
River Road/Brownsboro B 145,779 0 0 0.0% 3.1% 6.9% $15.50 0 0
South Central B 1,406,623 0 6,924 0.5% 12.2% 12.2% $14.70 0 0
Southeast B 54,228 0 0 0.0% 26.1% 26.1% $15.19 0 0
St. Matthews B 620,239 9,661 -351 -0.1% 4.2% 8.6% $15.02 0 0
Suburbs B 4,373,107 32,252 3,922 0.1% 10.9% 11.2% $15.19 0 0
Louisville B 9,959,852 33,855 -10,155 -0.1% 8.8% 9.0% $15.02 0 0
Q3 2018
Statistics
Louisville Office Outlook
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Class
Inventory
(s.f.)
Total net
absorption
(s.f.)
YTD total net
absorption
(s.f.)
YTD total net
absorption
(% of stock)
Direct
vacancy (%)
Total
vacancy (%)
Average
direct asking
rent ($ p.s.f.)
Prior 12
months
completions
(s.f.)
Under
construction
(s.f.)
CBD Totals 9,524,432 84,747 96,934 1.0% 10.0% 10.2% $17.42 0 0
Hurstbourne Totals 3,314,538 66,394 90,699 2.7% 10.3% 10.7% $19.78 0 140,000
Middletown/Eastpoint Totals 1,541,721 99,921 127,017 8.2% 3.8% 3.8% $18.05 0 214,810
Plainview Totals 1,661,203 35,666 7,283 0.4% 10.5% 10.8% $17.20 0 0
River Road/Brownsboro Totals 741,866 7,000 41,137 5.5% 3.5% 4.2% $23.54 0 252,000
South Central Totals 1,406,623 -73,954 -67,030 -4.8% 10.4% 17.5% $17.32 0 0
Southeast Totals 514,962 15,729 19,352 3.8% 7.7% 7.7% $18.71 0 117,000
St. Matthews Totals 1,332,933 16,059 7,687 0.6% 6.9% 7.1% $17.93 0 0
Suburbs Totals 8,665,951 135,027 199,106 2.3% 8.6% 10.0% $18.71 0 723,810
Louisville Totals 18,190,383 219,774 296,040 1.6% 9.4% 10.1% $17.93 0 723,810
CBD A 4,295,069 34,176 47,685 1.1% 14.4% 14.4% $18.87 0 0
Hurstbourne A 2,705,365 37,836 38,321 1.4% 10.3% 10.7% $21.14 0 140,000
Middletown/Eastpoint A 991,392 97,360 122,895 12.4% 4.3% 4.3% $18.16 0 214,810
Plainview A 504,033 0 0 6.9% 0.0% 0.0% $18.87 0 0
River Road/Brownsboro A 596,087 7,000 41,137 0.0% 3.5% 3.5% $25.26 0 252,000
Southeast A 460,734 15,729 19,352 4.2% 5.5% 5.5% $21.00 0 117,000
St. Matthews A 712,694 16,458 8,437 1.2% 4.0% 4.4% $19.58 0 0
Suburbs A 4,292,844 142,196 202,353 4.7% 8.0% 8.2% $21.00 0 0
Louisville A 8,587,913 176,372 250,038 2.9% 11.2% 11.3% $19.58 0 723,810
CBD B 5,229,363 50,571 49,249 0.9% 6.4% 6.8% $14.66 0 0
Hurstbourne B 609,173 28,558 52,378 8.6% 10.3% 10.3% $14.85 0 0
Middletown/Eastpoint B 550,329 2,561 4,122 0.7% 2.9% 2.9% $17.77 0 0
Plainview B 1,661,203 35,666 7,283 0.4% 10.5% 10.8% $17.20 0 0
River Road/Brownsboro B 145,779 0 0 0.0% 3.1% 6.9% $15.50 0 0
South Central B 1,406,623 -73,954 -67,030 -4.8% 10.4% 17.5% $15.62 0 0
Southeast B 54,228 0 0 0.0% 26.1% 26.1% $16.43 0 0
St. Matthews B 620,239 -399 -750 -0.1% 4.0% 10.3% $15.52 0 0
Suburbs B 4,373,107 -7,169 -3,247 -0.1% 9.2% 11.7% $16.43 0 0
Louisville B 9,602,470 43,402 46,002 0.5% 7.7% 9.0% $15.52 0 0
Class
Inventory
(s.f.)
Total net
absorption
(s.f.)
YTD total net
absorption
(s.f.)
YTD total net
absorption
(% of stock)
Direct
vacancy (%)
Total
vacancy (%)
Average
direct asking
rent ($ p.s.f.)
Prior 12
months
completions
(s.f.)
Under
construction
(s.f.)
CBD Totals 9,524,432 84,747 96,934 1.0% 10.0% 10.2% $17.42 0 0
Hurstbourne Totals 3,314,538 66,394 90,699 2.7% 10.3% 10.7% $19.78 0 140,000
Middletown/Eastpoint Totals 1,541,721 99,921 127,017 8.2% 3.8% 3.8% $18.05 0 214,810
Plainview Totals 1,484,203 35,666 7,283 0.5% 11.8% 12.1% $17.20 0 0
River Road/Brownsboro Totals 741,866 7,000 41,137 5.5% 3.5% 4.2% $23.54 0 252,000
South Central Totals 1,406,623 -73,954 -67,030 -4.8% 10.4% 17.5% $17.32 0 0
Southeast Totals 691,962 192,729 196,352 28.4% 5.7% 5.7% $18.71 0 117,000
St. Matthews Totals 1,332,933 16,059 7,687 0.6% 6.9% 7.1% $17.93 0 0
Suburbs Totals 8,488,951 135,027 199,106 2.3% 8.8% 10.2% $18.71 0 723,810
Louisville Totals 18,013,383 219,774 296,040 1.6% 9.5% 10.2% $17.93 0 723,810
CBD A 4,295,069 34,176 47,685 1.1% 14.4% 14.4% $18.87 0 0
Hurstbourne A 2,705,365 37,836 38,321 1.4% 10.3% 10.7% $21.14 0 140,000
Middletown/Eastpoint A 991,392 97,360 122,895 12.4% 4.3% 4.3% $18.16 0 214,810
Plainview A 504,033 0 0 6.9% 0.0% 0.0% $18.87 0 0
River Road/Brownsboro A 596,087 7,000 41,137 0.0% 3.5% 3.5% $25.26 0 252,000
Southeast A 460,734 15,729 19,352 4.2% 5.5% 5.5% $21.00 0 117,000
St. Matthews A 712,694 16,458 8,437 1.2% 4.0% 4.4% $19.58 0 0
Suburbs A 4,292,844 142,196 202,353 4.7% 8.0% 8.2% $21.00 0 0
Louisville A 8,587,913 176,372 250,038 2.9% 11.2% 11.3% $19.58 0 723,810
CBD B 5,229,363 50,571 49,249 0.9% 6.4% 6.8% $14.66 0 0
Hurstbourne B 609,173 28,558 52,378 8.6% 10.3% 10.3% $14.85 0 0
Middletown/Eastpoint B 550,329 2,561 4,122 0.7% 2.9% 2.9% $17.77 0 0
Plainview B 1,484,203 35,666 7,283 0.5% 11.8% 12.1% $17.20 0 0
River Road/Brownsboro B 145,779 0 0 0.0% 3.1% 6.9% $15.50 0 0
South Central B 1,406,623 -73,954 -67,030 -4.8% 10.4% 17.5% $15.62 0 0
Southeast B 231,228 177,000 177,000 76.5% 6.1% 6.1% $16.43 0 0
St. Matthews B 620,239 -399 -750 -0.1% 4.0% 10.3% $15.52 0 0
Suburbs B 4,196,107 -7,169 -3,247 -0.1% 9.6% 12.2% $16.43 0 0
Louisville B 9,425,470 43,402 46,002 0.5% 7.9% 9.2% $15.52 0 0
Class
Inventory
(s.f.)
Total net
absorption
(s.f.)
YTD total net
absorption
(s.f.)
YTD total net
absorption
(% of stock)
Direct
vacancy (%)
Total
vacancy (%)
Average
direct asking
rent ($ p.s.f.)
Prior 12
months
completions
(s.f.)
Under
construction
(s.f.)
CBD Totals 9,524,432 84,747 96,934 1.0% 10.0% 10.2% $17.42 0 0
Hurstbourne Totals 3,314,538 66,394 90,699 2.7% 10.3% 10.7% $19.78 0 140,000
Middletown/Eastpoint Totals 1,541,721 99,921 127,017 8.2% 3.8% 3.8% $18.05 0 214,810
Plainview Totals 1,484,203 35,666 7,283 0.5% 11.8% 12.1% $17.20 0 0
River Road/Brownsboro Totals 741,866 7,000 41,137 5.5% 3.5% 4.2% $23.54 0 252,000
South Central Totals 1,406,623 -73,954 -67,030 -4.8% 10.4% 17.5% $17.32 0 0
Southeast Totals 691,962 192,729 196,352 28.4% 5.7% 5.7% $18.71 0 117,000
St. Matthews Totals 1,332,933 16,059 7,687 0.6% 6.9% 7.1% $17.93 0 0
Suburbs Totals 8,488,951 135,027 199,106 2.3% 8.8% 10.2% $18.71 0 723,810
Louisville Totals 18,013,383 219,774 296,040 1.6% 9.5% 10.2% $17.93 0 723,810
CBD A 4,295,069 34,176 47,685 1.1% 14.4% 14.4% $18.87 0 0
Hurstbourne A 2,705,365 37,836 38,321 1.4% 10.3% 10.7% $21.14 0 140,000
Middletown/Eastpoint A 991,392 97,360 122,895 12.4% 4.3% 4.3% $18.16 0 214,810
Plainview A 504,033 0 0 6.9% 0.0% 0.0% $18.87 0 0
River Road/Brownsboro A 596,087 7,000 41,137 0.0% 3.5% 3.5% $25.26 0 252,000
Southeast A 637,734 192,729 196,352 30.8% 4.0% 4.0% $21.00 0 117,000
St. Matthews A 712,694 16,458 8,437 1.2% 4.0% 4.4% $19.58 0 0
Suburbs A 4,292,844 142,196 202,353 4.7% 8.0% 8.2% $21.00 0 0
Louisville A 8,587,913 176,372 250,038 2.9% 11.2% 11.3% $19.58 0 723,810
CBD B 5,229,363 50,571 49,249 0.9% 6.4% 6.8% $14.66 0 0
Hurstbourne B 609,173 28,558 52,378 8.6% 10.3% 10.3% $14.85 0 0
Middletown/Eastpoint B 550,329 2,561 4,122 0.7% 2.9% 2.9% $17.77 0 0
Plainview B 1,484,203 35,666 7,283 0.5% 11.8% 12.1% $17.20 0 0
River Road/Brownsboro B 145,779 0 0 0.0% 3.1% 6.9% $15.50 0 0
South Central B 1,406,623 -73,954 -67,030 -4.8% 10.4% 17.5% $15.62 0 0
Southeast B 54,228 0 0 0.0% 26.1% 26.1% $16.43 0 0
St. Matthews B 620,239 -399 -750 -0.1% 4.0% 10.3% $15.52 0 0
Suburbs B 4,196,107 -7,169 -3,247 -0.1% 9.6% 12.2% $16.43 0 0
Louisville B 9,425,470 43,402 46,002 0.5% 7.9% 9.2% $15.52 0 0

4. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
$58,975,000
5
$169
7.5-8.5%
6.0%
94.0%
7.5-8.5%
7.5-8.5%
Notable sales transactions past 12 months
RBA (s.f.) $ p.s.f. Sale date
12501 Lakefront UBS 177,000 $30,000,000 $169 Aug-18
Executive Park Priam Capital Poe Company 109,496 $86 Apr-18
Triad East Linn Station 001
Triad East
Holdings
96,020 $5,859,000 $61 Apr-18
11001 Bluegrass SF Partners Commonwealth Business Center 126,000 $10,000,000 $79 Feb-18
$9,400,000
Core Class A CBD
Core Class A suburban
Average Class A price p.s.f.
Sales activity by building classAt a glance
Past 12 months sales volume
Number of transactions
Building Buyer
Average Class A cap rate
Sales volume $ by submarket
Urban sales volume as % of
total
Suburban sales volume as % of
total
Cap rate range Transactions details
Top sellers (s.f.)Top buyers (s.f.)
Sale price ($)Seller
Mid-America Farm Credit
$3,725,000
$9,400,000
$15,850,000
$30,000,000
(blank)
CBD
St. Matthews
Plainview
Southeast
$30,000,000 $28,975,000
$58,975,000
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
A B Total
Q3 2018
Sales
Louisville Office Outlook
This report analyzes sales from the past 12 months
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
30%
21%19%
16%
14%
Mid-America Farm Credit SF Partners
Priam Capital Linn Station 001
Taurus Asset Management
30%
21%19%
16%
14%
UBS Commonwealth Bus. Center
Poe Company Triad East Holdings
620 Building

5. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
This report analyzes all office developments under construction and new deliveries
Total available at delivery (%) 23.0%
Total leased at delivery (%) 77.0%
Average floor plate (s.f.) 32,778
Average number of stories 2
Average asking rent ($ p.s.f.) $21.50
Notable deliveries year-to-date
Building Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
2403 Terra Crossing Blvd
Middletown
/Eastpoint
92,500 Q1 2017 100.0%
Old Henry Crossing #5
Middletown
/Eastpoint
35,000 Q1 2017 87.7%
13410 Eastpoint Centre Dr
Middletown
/Eastpoint
The Schroering
Company
32,500 Q2 2017 0.0%
Total pre-leased (%) 0.0%
Total under construction (s.f.) 100,000
Total under renovation (s.f.) -
Average floor plate (s.f.) 25,000
Average asking rent ($ p.s.f.) $25.00
Notable projects under construction
Building RBA (s.f.)
Estimated
delivery
Pre-leased
(%)
5000 Chamberlain Lane 100,000 Q2 2018 0.0%River Road/Brownsboro McMahan Group Speculative
Owner/developer Spec or BTSSubmarket
Under construction/renovation
100,000
Under construction/renovation
(s.f.)
At a glance
Upcoming deliveries by year (s.f., excludes YTD completions)
Spec/BTSOwner/developer
BTSThortons, Inc.
SpeculativeTerra Crossing, LLC
Speculative
Historical completions
Deliveries
At a glance
160,000
YTD deliveries (s.f.)
32,500
100,000
0
20,000
40,000
60,000
80,000
100,000
120,000
2017 2018
175,000
260,000
248,000
328,400
127,500
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 2017
Q3 2018
Construction
Louisville Office Outlook
This report analyzes all office developments under construction and new deliveries
Total available at delivery (%) 23.0%
Total leased at delivery (%) 77.0%
Average floor plate (s.f.) 32,778
Average number of stories 2
Average asking rent ($ p.s.f.) $21.50
Notable deliveries year-to-date
Building Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
2403 Terra Crossing Blvd
Middletown/E
astpoint
92,500 Q1 2017 100.0%
Old Henry Crossing #5
Middletown/E
astpoint
35,000 Q1 2017 87.7%
13410 Eastpoint Centre Dr
Middletown/E
astpoint
The Schroering
Company
32,500 Q2 2017 65.0%
Total pre-leased (%) 19.1%
Total under construction (s.f.) 366,810
Total under renovation (s.f.) -
Average floor plate (s.f.) 16,818
Average asking rent ($ p.s.f.) $25.00
Notable projects under construction
Building RBA (s.f.)
Estimated
delivery
Pre-leased (%)
N. Whittington Parkway 140,000 Q3 2018 50.0%
5000 Chamberlain Lane 100,000 Q2 2018 0.0%
13906 Promenade Green Way 66,050 Q2 2018 0.0%
2201 High Wickham Place 60,760 Q2 2018 0.0%
Historical completions
Deliveries
At a glance
160,000
YTD deliveries (s.f.)
SpeculativeTerra Crossing, LLC
Speculative
Spec/BTSOwner/developer
BTSThorntons
Hurstbourne University of Louisville BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
366,810
Under construction/renovation (s.f.)
At a glance
Upcoming deliveries by year (s.f., excludes YTD completions)
Oreo 3
Speculative
SpeculativeMiddletown/Eastpoint
McMahan GroupRiver Road/Brownsboro
Middletown/Eastpoint Oreo 3 Speculative
366,810
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2018
175,000
260,000
248,000
328,400
160,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 2017
This report analyzes all office developments under construction and new deliveries
Total available at delivery (%) 23.0%
Total leased at delivery (%) 77.0%
Average floor plate (s.f.) 32,778
Average number of stories 2
Average asking rent ($ p.s.f.) $21.50
Notable deliveries year-to-date
Building Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
2403 Terra Crossing Blvd Middletown/Eastpoint 92,500 Q1 2017 100.0%
Old Henry Crossing #5 Middletown/Eastpoint 35,000 Q1 2017 87.7%
13410 Eastpoint Centre Dr Middletown/Eastpoint The Schroering Company 32,500 Q2 2017 65.0%
Total pre-leased (%) 19.1%
Total under construction (s.f.) 366,810
Total under renovation (s.f.) -
Average floor plate (s.f.) 16,818
Average asking rent ($ p.s.f.) $25.00
Notable projects under construction
Building RBA (s.f.)
Estimated
delivery
Pre-leased (%)
N. Whittington Parkway 140,000 Q3 2018 50.0%
5000 Chamberlain Lane 100,000 Q2 2018 0.0%
13906 Promenade Green Way 66,050 Q2 2018 0.0%
2201 High Wickham Place 60,760 Q2 2018 0.0%Schulte Design and Construction
Speculative
SpeculativeMiddletown/Eastpoint
McMahan GroupRiver Road/Brownsboro
Middletown/Eastpoint Schulte Design and Construction Speculative
Hurstbourne NTS Development Company BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
366,810
Under construction/renovation (s.f.)
At a glance
Upcoming deliveries by year (s.f., excludes YTD completions)
Spec/BTSOwner/developer
BTSThorntons
SpeculativeTerra Crossing, LLC
Speculative
Historical completions
Deliveries
At a glance
160,000
YTD deliveries (s.f.)
140,000
226,810
0
50,000
100,000
150,000
200,000
250,000
BTS Speculative
2018
175,000
260,000
248,000
328,400
160,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 2017
This report analyzes all office developments under construction and new deliveries
Total available at delivery (%) 23.0%
Total leased at delivery (%) 77.0%
Average floor plate (s.f.) 32,778
Average number of stories 2
Average asking rent ($ p.s.f.) $21.50
Notable deliveries year-to-date
Building Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
2403 Terra Crossing Blvd Middletown/Eastpoint 92,500 Q1 2017 100.0%
Old Henry Crossing #5 Middletown/Eastpoint 35,000 Q1 2017 87.7%
13410 Eastpoint Centre Dr Middletown/Eastpoint The Schroering Company 32,500 Q2 2017 65.0%
Total pre-leased (%) 19.1%
Total under construction (s.f.) 366,810
Total under renovation (s.f.) -
Average floor plate (s.f.) 16,818
Average asking rent ($ p.s.f.) $25.00
Notable projects under construction
Building RBA (s.f.)
Estimated
delivery
Pre-leased (%)
N. Hurstbourne Parkway 140,000 Q3 2018 50.0%
5000 Chamberlain Lane 100,000 Q2 2018 0.0%
13906 Promenade Green Way 66,050 Q2 2018 0.0%
2201 High Wickham Place 60,760 Q2 2018 0.0%
Historical completions
Deliveries
At a glance
160,000
YTD deliveries (s.f.)
SpeculativeTerra Crossing, LLC
Speculative
Spec/BTSOwner/developer
BTSThorntons
Hurstbourne NTS Development Company BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
366,810
Under construction/renovation (s.f.)
At a glance
Upcoming deliveries by year (s.f., excludes YTD completions)
Schulte Design and Construction
Speculative
SpeculativeMiddletown/Eastpoint
McMahan GroupRiver Road/Brownsboro
Middletown/Eastpoint Schulte Design and Construction Speculative
140,000
226,810
0
50,000
100,000
150,000
200,000
250,000
BTS Speculative
2018
175,000
260,000
248,000
328,400
160,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 2017
This report analyzes all office developments under construction and new deliveries in the last 12 months > 30,000 s.f.
Total available at delivery (%) 100.0%
Total leased at delivery (%) 0.0%
Average floor plate (s.f.) 32,500
Average number of stories 1
Average asking rent ($ p.s.f.) $18.00
Notable deliveries past 12 months
Building Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
13410 Eastpoint Centre Dr Middletown/Eastpoint 32,500 Q2 2017 65.0%
Total pre-leased (%) 11.3%
Total under construction (s.f.) 618,810
Total under renovation (s.f.) -
Average floor plate (s.f.) 21,712
Average asking rent ($ p.s.f.) $25.00
Notable projects under construction
Building RBA (s.f.)
Estimated
delivery
Pre-leased (%)
805 N. Whittington Parkway 140,000 Q3 2018 50.0%
4701 Olympia Park Plaza 126,000 Q4 2018 0.0%
4701 Olympia Park Plaza 126,000 Q4 2018 0.0%
5000 Chamberlain Lane 100,000 Q2 2018 0.0%
13906 Promenade Green Way 66,050 Q2 2018 0.0%
2201 High Wickham Place 60,760 Q2 2018 0.0%Middletown/Eastpoint Schulte Design and Construction Speculative
Historical completions
Deliveries
At a glance
32,500
12- month deliveries (s.f.)
Spec/BTSOwner/developer
SpeculativeThe Schroering Company
Hurstbourne NTS Development Company BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
618,810
Under construction/renovation (s.f.)
At a glance
Upcoming deliveries by year (s.f., excludes YTD completions)
McMahan Group
Speculative
Speculative
Middletown/Eastpoint Schulte Design and Construction Speculative
River Road/Brownsboro
Fenley Real EstateMiddletown/Eastpoint
Middletown/Eastpoint Fenley Real Estate Speculative
140,000
478,810
0
100,000
200,000
300,000
400,000
500,000
600,000
BTS Speculative
2018
175,000
260,000
248,000
328,400
192,500
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 2017
This report analyzes all office developments under construction and new deliveries in the last 12 months > 30,000 s.f.
Total available at delivery (%) 100.0%
Total leased at delivery (%) 0.0%
Average floor plate (s.f.) 32,500
Average number of stories 1
Average asking rent ($ p.s.f.) $18.00
Notable deliveries past 12 months
Building Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
13410 Eastpoint Centre Dr Middletown/Eastpoint 32,500 Q2 2017 65.0%
Total pre-leased (%) 11.3%
Total under construction (s.f.) 618,810
Total under renovation (s.f.) -
Average floor plate (s.f.) 21,712
Average asking rent ($ p.s.f.) $25.00
Notable projects under construction
Building RBA (s.f.)
Estimated
delivery
Pre-leased (%)
805 N. Whittington Parkway 140,000 Q3 2018 50.0%
4701 Olympia Park Plaza 126,000 Q2 2019 0.0%
4701 Olympia Park Plaza 126,000 Q2 2019 0.0%
5000 Chamberlain Lane 100,000 Q2 2018 0.0%
13906 Promenade Green Way 66,050 Q2 2018 0.0%
2201 High Wickham Place 60,760 Q2 2018 0.0%
Upcoming deliveries by year (s.f., excludes YTD completions)
McMahan Group
Speculative
Speculative
Middletown/Eastpoint Schulte Design and Construction Speculative
River Road/Brownsboro
Fenley Real EstateMiddletown/Eastpoint
Middletown/Eastpoint Fenley Real Estate Speculative
SpeculativeThe Schroering Company
Hurstbourne NTS Development Company BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
618,810
Under construction/renovation (s.f.)
At a glance
Middletown/Eastpoint Schulte Design and Construction Speculative
Historical completions
Deliveries
At a glance
32,500
12- month deliveries (s.f.)
Spec/BTSOwner/developer
140,000
226,810
252,000
0
50,000
100,000
150,000
200,000
250,000
300,000
BTS Speculative Speculative
2018 2019
175,000
260,000
248,000
328,400
192,500
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 2017
This report analyzes all office developments under construction and new deliveries in the last 12 months > 30,000 s.f.
Total available at delivery (%) 100.0%
Total leased at delivery (%) 0.0%
Average floor plate (s.f.) 32,500
Average number of stories 1
Average asking rent ($ p.s.f.) $18.00
Notable deliveries past 12 months
Building Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
13410 Eastpoint Centre Dr Middletown/Eastpoint 32,500 Q2 2017 65.0%
Total pre-leased (%) 11.3%
Total under construction (s.f.) 618,810
Total under renovation (s.f.) -
Average floor plate (s.f.) 21,712
Average asking rent ($ p.s.f.) $25.00
Notable projects under construction
Building RBA (s.f.)
Estimated
delivery
Pre-leased (%)
805 N. Whittington Parkway 140,000 Q3 2018 50.0%
4701 Olympia Park Plaza 126,000 Q2 2019 0.0%
4701 Olympia Park Plaza 126,000 Q2 2019 0.0%
5000 Chamberlain Lane 100,000 Q2 2018 0.0%
13906 Promenade Green Way 66,050 Q2 2019 0.0%
2201 High Wickham Place 60,760 Q2 2019 0.0%Middletown/Eastpoint Schulte Design and Construction Speculative
Historical completions
Deliveries
At a glance
32,500
12- month deliveries (s.f.)
Spec/BTSOwner/developer
SpeculativeThe Schroering Company
Hurstbourne NTS Development Company BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
618,810
Under construction/renovation (s.f.)
At a glance
Upcoming deliveries by year (s.f., excludes YTD completions)
McMahan Group
Speculative
Speculative
Middletown/Eastpoint Schulte Design and Construction Speculative
River Road/Brownsboro
Fenley Real EstateRiver Road/Brownsboro
River Road/Brownsboro Fenley Real Estate Speculative
140,000
226,810
252,000
0
50,000
100,000
150,000
200,000
250,000
300,000
BTS Speculative Speculative
2018 2019
175,000
260,000
248,000
328,400
192,500
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 2017
This report analyzes all office developments under construction and new deliveries in the last 12 months > 30,000 s.f.
Total available at delivery (%) 100.0%
Total leased at delivery (%) 0.0%
Average floor plate (s.f.) 32,500
Average number of stories 1
Average asking rent ($ p.s.f.) $18.00
Notable deliveries past 12 months
Building Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
13410 Eastpoint Centre Dr Middletown/Eastpoint 32,500 Q2 2017 65.0%
Total pre-leased (%) 11.3%
Total under construction (s.f.) 618,810
Total under renovation (s.f.) -
Average floor plate (s.f.) 21,712
Average asking rent ($ p.s.f.) $25.00
Notable projects under construction or announced
Building RBA (s.f.)
Estimated
delivery
Pre-leased (%)
805 N. Whittington Parkway 140,000 Q3 2018 50.0%
4701 Olympia Park Plaza 126,000 Q2 2019 0.0%
4701 Olympia Park Plaza 126,000 Q2 2019 0.0%
5000 Chamberlain Lane 100,000 Q2 2018 0.0%
13906 Promenade Green Way 66,050 Q2 2019 0.0%
2201 High Wickham Place 60,760 Q2 2019 0.0%Middletown/Eastpoint Schulte Design and Construction Speculative
Historical completions
Deliveries
At a glance
32,500
12- month deliveries (s.f.)
Spec/BTSOwner/developer
SpeculativeThe Schroering Company
Hurstbourne NTS Development Company BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
618,810
Under construction/renovation (s.f.)
At a glance
Upcoming deliveries by year (s.f., excludes YTD completions)
McMahan Group
Speculative
Speculative
Middletown/Eastpoint Schulte Design and Construction Speculative
River Road/Brownsboro
Fenley Real EstateRiver Road/Brownsboro
River Road/Brownsboro Fenley Real Estate Speculative
140,000
226,810
252,000
0
50,000
100,000
150,000
200,000
250,000
300,000
BTS Speculative Speculative
2018 2019
175,000
260,000
248,000
328,400
192,500
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 2017
Total available at delivery (%) 100.0%
Total leased at delivery (%) 0.0%
Average floor plate (s.f.) 32,500
Average number of stories 1
Average asking rent ($ p.s.f.) $18.00
Notable deliveries past 12 months
Building Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
13410 Eastpoint Centre Dr Middletown/Eastpoint 32,500 Q3 2017 65.0%
Total pre-leased (%) 16.6%
Total under construction (s.f.) 566,810
Total under renovation (s.f.) -
Average floor plate (s.f.) 20,212
Average asking rent ($ p.s.f.) $25.00
Notable projects under construction or announced
Building RBA (s.f.)
Estimated
delivery
Pre-leased (%)
805 N. Whittington Parkway 140,000 Q3 2018 50.0%
4701 Olympia Park Plaza 126,000 Q2 2019 0.0%
4701 Olympia Park Plaza 126,000 Q2 2019 0.0%
13906 Promenade Green Way 66,050 Q2 2019 0.0%
2201 High Wickham Place 60,760 Q2 2019 0.0%
2500 Eastpoint Parkway 48,000 Q2 2019 50.0%
Historical completions
Deliveries
At a glance
32,500
12- month deliveries (s.f.)
Spec/BTSOwner/developer
SpeculativeThe Schroering Company
Hurstbourne NTS Development Company BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
566,810
Under construction/renovation (s.f.)
At a glance
Upcoming deliveries by year (s.f., excludes YTD completions)
Schulte Design and Construction
Speculative
Speculative
Middletown/Eastpoint V-Soft BTS
Middletown/Eastpoint
Fenley Real EstateRiver Road/Brownsboro
River Road/Brownsboro Fenley Real Estate Speculative
Middletown/Eastpoint Schulte Design and Construction Speculative
140,000
226,810
252,000
0
50,000
100,000
150,000
200,000
250,000
300,000
BTS Speculative Speculative
2018 2019
175,000
260,000
248,000
328,400
192,500
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 2017
Total available at delivery (%) 100.0%
Total leased at delivery (%) 0.0%
Average floor plate (s.f.) 32,500
Average number of stories 1
Average asking rent ($ p.s.f.) $18.00
Notable deliveries past 18 months
Building Submarket RBA (s.f.) Delivered
Leased at
delivery (%)
13410 Eastpoint Centre Dr Middletown/Eastpoint 32,500 Q2 2017 65.0%
Total pre-leased (%) 16.4%
Total under construction (s.f.) 723,810
Total under renovation (s.f.) -
Average floor plate (s.f.) 19,363
Average asking rent ($ p.s.f.) $13.60
Notable projects under construction or announced
Building RBA (s.f.)
Estimated
delivery
Pre-leased (%)
805 N. Whittington Parkway 140,000 Q3 2018 50.0%
4701 Olympia Park Plaza 126,000 Q2 2019 0.0%
4701 Olympia Park Plaza 126,000 Q2 2019 0.0%
1801 Tucker Station Road 72,000 Q4 2020 0.0%
13906 Promenade Green Way 66,050 Q2 2019 0.0%
2201 High Wickham Place 60,760 Q2 2019 0.0%
2500 Eastpoint Parkway 48,000 Q2 2019 50.0%Middletown/Eastpoint V-Soft BTS
Historical completions
Deliveries
At a glance
32,500
18- month deliveries (s.f.)
Spec/BTSOwner/developer
SpeculativeThe Schroering Company
Hurstbourne NTS Development Company BTS
Owner/developer Spec or BTSSubmarket
Under construction/renovation
723,810
Under construction/renovation (s.f.)
At a glance
Upcoming deliveries by year (s.f., excludes YTD completions)
Hollenbach Oakley
Speculative
BTS
Middletown/Eastpoint Schulte Design and Construction Speculative
Southeast
Fenley Real EstateRiver Road/Brownsboro
River Road/Brownsboro Fenley Real Estate Speculative
Middletown/Eastpoint Schulte Design and Construction Speculative
140,000 133,000
378,810
72,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
BTS BTS Speculative BTS
2018 2019 2020
175,000
260,000
248,000
328,400
192,500
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 2017
This report analyzes all office developments under construction and new deliveries in the last 12 months > 30,000 s.f.
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

6. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q3 2018
Leasing
Louisville Office Outlook
2
Address: 4801 Olympia Park
Square Feet: 13,000
Tenant: Altour
Type: Relocation
2
1
Address: 401 W. Main Street
Square Feet: 34,279
Tenant: BB&T
Type: Renewal
3
3
Address: 700 N. Hurstbourne
Square Feet: 24,000
Tenant: Law Firm
Type: Relocation
1
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

7. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
-1.0%
-0.3%
0.4%
1.1%
1.8%
2.5%
3.2%
3.9%
2014 2015 2016 2017 2018
Louisville U.S.
23%
14%
13%12%
11%
11%
7%
Trade, Transportation & Utilities
Educational & Health Services
Professional & Business Services
Manufacturing
Government
Leisure & Hospitality
Financial Activities
Mining, Logging & Construction
Other Services
Information
Q3 2018
Employment
Louisville Office Outlook
3.9%U.S. unemployment
1.7%U.S. 12-month job growth
4.4%Louisville unemployment
0.2%Louisville 12-month job growth
4.3%Kentucky unemployment
0.6%Kentucky 12-month job growth
-4,700
-1,900
-1,400
0
100
100
1,000
1,700
1,800
4,400
-7,500 -5,500 -3,500 -1,500 500 2,500 4,500 6,500
Manufacturing
Mining, Logging & Construction
Educational & Health Services
Information
Financial Activities
Government
Trade, Transportation & Utilities
Leisure & Hospitality
Other Services
Professional & Business Services
-6.0
-1.0
4.0
9.0
2014 2015 2016 2017 2018
Professional & Business Services Information
Government Financial Activities
0%
4%
8%
12%
400,000
500,000
600,000
700,000
800,000
2014 2015 2016 2017 2018
Employment Unemployment
Employment vs. unemployment rate
Employment by industry
Job growth (12-month change)
* Represents 12-month change in employment. All charts represent the latest economic data available from the Bureau of Labor Statistics as of September 2018.
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof
Job growth*
Job growth by sector*Historical employment
Employment by industry Office employment*

8. Luke Bade
Associate
+1 502 394 2512
luke.bade@am.jll.com
Alex Westcott
Research Analyst
+1 502 394 2504
alex.westcott@am.jll.com
Pat Richardson, CCIM
Vice President
+1 502 394 2515
pat.richardson@am.jll.com
Yandell Wood, SIOR
Vice President
+1 502 394 2518
yandell.wood@am.jll.com
Doug Owen, SIOR
Senior Vice President
+1 502 394 2516
doug.owen@am.jll.com
David Wood, SIOR
Vice President
+1 502 394 2510
david.wood@am.jll.com
Contact
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management. A Fortune
500 company, JLL helps real estate owners, occupiers and
investors achieve their business ambitions. In 2017, JLL had
revenue of $7.9 billion and fee revenue of $6.7 billion; managed
4.6 billion square feet; and completed investment sales,
acquisitions and finance transactions of approximately $170
billion. At the end of 2017, JLL had nearly 300 corporate offices,
operations in over 80 countries and a global workforce of 82,000.
As of December 31, 2017, LaSalle had $58.1 billion of real estate
assets under management. JLL is the brand name, and a
registered trademark, of Jones Lang LaSalle Incorporated. For
further information, visit www.jll.com.
About JLL Research
JLL’s research team delivers intelligence, analysis and insight
through market-leading reports and services that illuminate
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