Doug Owen of JLL discusses the office asset class and its current state in the Louisville market. Contrary to popular belief, the office class is not dead, and there is a desire to be in the office. The downtown and suburban markets in Louisville have different dynamics, with downtown experiencing higher vacancy rates due to a major tenant consolidating and renovating their space. Landlords are investing in amenities and renovating their buildings to attract tenants. Incentive programs and concessions are being offered to tenants, and landlords are advised to white box vacant spaces to make them more marketable. The future of the office asset class includes a focus on higher-end spaces, conversions to hotels, and the development of residential areas in downtown.
Takeaways
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