Given Louisville’s location with its river accessibility, central location, and mild climate, it has become a focal point for the expansion of commerce and industry. The city’s public and private sectors are working together to attract new commercial developments to its borders. In recent years, it ranked second in the Midwest as the top 25 cities for entrepreneurs. The service industry is the largest contributor to the city’s economic growth, most of which are in the tourism sector. The agency behind the development of new and existing businesses is Greater Louisville Inc.While development has slowed somewhat in the last two years, not unlike the national and even global trend, Louisville has kept its damage low with a rate office space vacancies an average of 12.4%. To find out how much space you’ll need, check out our floor plan help page. This is perhaps a good rate when compared to the other cities in the country (especially local markets like Raleigh, Nashville, and Charlotte). Office space rents in Louisville have fluctuated in price from $ 14.31 per square foot to $ 19.11 per square foot, as rates depend on amenities, locations, and whether the space is Class A, B, or C.
Louisville History and Local Economy:
Well known for its Kentucky Derby, Louisville, Kentucky with a population of 713,877 is the largest city in the state. Population growth has held steady at 4.26 percent this decade for the city. It is interesting to note that the cost of living in Louisville is almost 20% lower than the national standard. Crime is quite low, 46 crimes per thousand inhabitants. These factors help keep the demand for office space in Louisville constant, along with local businesses leasing serviced units, larger retail park listings, and virtual offices. The city is home to the greatest historical preservation that has houses and buildings that still maintain the old Victorian style. The shipping and freight industry played an important role in the development of Louisville’s economy in the early days. Its shipping industry remains robust with its Worldport, the global air hub for UPS. Louisville is the seventh largest inland port in the United States. The city has also diversified into the healthcare and medical science industries, in fact the first artificial heart transplants were performed here. Some large corporations that are headquartered here include: Norton Healthcare, Humana, Brown-Forman Corporation, and Yu! Brands (owners of KFC, Pizza Hut and Taco Bell).
Downtown Louisville and Business Developments:
Downtown Louisville has seen a change on its horizon with the construction of Museum Plaza, which is said to be 62 stories high and a new waterfront stadium that has a capacity of 22,000 people. Downtown is bordered by the Ohio River in the north, Hancock Street in the east, York and Jacob Streets in the south, and 9th Street in the west. The Central Business District is located here and is divided into five main districts, all of which offer beautiful executive suites and temporary office spaces for short or long-term rental. Some of the tallest buildings in Louisville, KY are the AEGON Center, National City Tower, and PNC Plaza. There is an elevated glass walkway that spans six city blocks connecting the Kentucky International Convention Center, Fourth Street Live !, Galt House Hotel & Suites, Marriot, and Hyatt Regency. The residential areas are mainly in the southern region of the city. Overall, the city is perfect for any small business looking to expand into commercial property or just take a place in a small office. You can search our website for images and other crucial information for tenants.
