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JLL Louisville Industrial Outlook - Q4 2019
- 1. Industrial Outlook An in-depth look at the Louisville industrial market. Analysis includes leasing, sales, construction and employment. Louisville | Q4 2019 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. Q4 2019 Insight Louisville Industrial Outlook Leasing activity ended 2019 on a strong note as annual absorption was over 5.0 million square feet. In the fourth quarter SC Logistics and XPO both leased 250,000 square feet in Southern Indiana and Riverport, respectively. The remainder of the leasing activity was smaller spaces, continuing a trend of users looking for 50,000 – 100,000 square feet of space for either smaller infill requirements or overflow space. Speculative construction continued as Browning broke ground on the 908,600-square-foot Velocity 65 Building 2, in Bullitt County. This is the third building over 900,000 square feet to break ground in 2019, joining Core5’s Bourbon Logistics Center and Nicklies’ Logistics Airpark. Core5 is expected to be completed in mid-2020, with the other two buildings to follow in late- 2020. Sales activity picked back up to end the year as Pinchal purchased the vacant building at 101 Lewman Way for $52.50-per-square-foot. On the investment sales side, JW Mitchell purchased the building at 12900 Plantside Drive, which is fully leased to FedEx, at a 5.00 percent cap rate. Thus continuing the downward trend of cap rates for stabilized buildings leased to credit tenants. Outlook The Louisville industrial market ended 2019 on a strong note as absorption, construction, and sales remained on a positive trajectory. However, there is some unknown in the months ahead as construction completions could increase the vacancy to near 10.0 percent. Still, three speculative building projects over 900,000 square feet are the latest indication that Louisville is a major regional player in the industrial sector. The velocity with which those are absorbed will be the major story of 2020. Fundamentals Forecast 2019 net absorption 5,241,178 s.f. ▼ QTD net absorption 898,149 s.f. ▼ Under construction 5,085,710 s.f. ▲ Total vacancy 6.9 % ▲ Average asking rent (NNN) $3.89 p.s.f. ▲ Tenant improvements Stable ▶ 0 4,000,000 8,000,000 2015 2016 2017 2018 2019 Supply and demand (s.f.) Net absorption Deliveries Leasing, sales activity remain steady as spec construction continues 5.7% 8.7% 11.7% 9.4% 6.9% 2015 2016 2017 2018 2019 Total vacancy $3.20 $3.40 $3.60 $3.80 $4.00 2014 2015 2016 2017 2018 2019 Average asking rents ($/s.f.) © 2019 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 • Browning started construction on the 908,600-square-foot Velocity 65 Building 2, in Bullitt County. • Gray Construction sold 101 Lewman Way to Pinchal, which subsequently leased the 250,000-square-foot building. • Vacancy drops below 7.0 percent to end 2019, but is expected to creep back up in 2020.
- 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. Inventory (s.f.) YTD total net absorption (s.f.) YTD total net absorption (% of inventory) Total Vacancy (%) Average total asking rent ($ p.s.f.) YTD completions (s.f.) Under construction (s.f.) Airport 24,304,863 1,607,500 6.6% 3.2% $4.11 447,000 834,728 Bullitt County 13,647,026 -302,500 -2.2% 12.4% $4.06 0 572,000 East 5,985,608 0 0.0% 0.0% $5.95 0 150,040 Riverport 12,557,133 636,380 5.1% 7.0% $3.62 230,000 0 Southern Indiana 11,316,172 1,406,117 12.4% 12.2% $3.76 1,100,000 619,000 Louisville Totals 67,810,802 3,347,497 4.9% 7.0% $3.90 1,777,000 2,175,768 Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24' 2,234,648 1,934,181 2,059,001 2,742,889 3,029,702 3,843,783 2,568,298 5,710,124 5,241,178 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q4 2019 Statistics Louisville Industrial Outlook 9.2% 8.3% 7.2% 6.6% 5.7% 8.7% 11.7% 9.4% 6.9% 2.0% 5.0% 8.0% 11.0% 14.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 © 2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. Total Vacancy Rate % Total Net Absorption Inventory (s.f.) YTD total net absorption (s.f.) YTD total net absorption (% of inventory) Total Vacancy (%) Average total asking rent ($ p.s.f.) YTD completions (s.f.) Under construction (s.f.) Airport 24,304,863 1,607,500 6.6% 3.9% $4.00 447,000 2,212,808 Bullitt County 13,647,026 -58,250 -0.4% 10.6% $4.10 0 1,038,240 East 6,135,648 238,920 3.9% 1.4% $5.95 150,040 0 Riverport 12,557,133 640,742 5.1% 8.7% $3.63 230,000 0 Southern Indiana 11,785,172 1,914,117 16.2% 12.2% $3.77 1,569,000 150,000 Louisville Totals 68,429,842 4,343,029 6.3% 7.3% $3.91 2,396,040 3,401,048 Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24' Inventory (s.f.) 2019 total net absorption (s.f.) 2019 total net absorption (% of inventory) Total Vacancy (%) Average total asking rent ($ p.s.f.) 2019 completions (s.f.) Under construction (s.f.) Airport 24,786,791 1,663,159 6.7% 4.5% $3.84 928,928 2,014,580 Bullitt County 13,647,026 -1,303,050 -9.5% 16.4% $4.03 0 1,946,840 East 6,135,648 269,940 4.4% 0.9% $5.95 150,040 0 Riverport 12,557,133 1,006,342 8.0% 6.2% $3.70 230,000 314,500 Southern Indiana 11,785,172 2,325,117 19.7% 8.8% $3.75 1,569,000 150,000 Louisville Totals 68,911,770 3,961,508 5.7% 7.6% $3.91 2,877,968 4,425,920 Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24' Inventory (s.f.) 2019 total net absorption (s.f.) 2019 total net absorption (% of inventory) Total Vacancy (%) Average total asking rent ($ p.s.f.) 2019 completions (s.f.) Under construction (s.f.) Airport 24,786,791 1,713,159 6.9% 4.3% $3.78 928,928 2,014,580 Bullitt County 13,647,026 -458,250 -3.4% 14.1% $4.02 0 1,946,840 East 6,135,648 269,940 4.4% 0.9% $5.95 150,040 0 Riverport 12,557,133 1,118,342 8.9% 5.3% $3.74 230,000 314,500 Southern Indiana 11,785,172 2,355,117 20.0% 8.8% $3.75 1,569,000 809,790 Louisville Totals 68,911,770 4,998,308 7.3% 6.9% $3.89 2,877,968 5,085,710 Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24' Inventory (s.f.) 2019 total net absorption (s.f.) 2019 total net absorption (% of inventory) Total Vacancy (%) Average total asking rent ($ p.s.f.) 2019 completions (s.f.) Under construction (s.f.) Airport 24,786,791 1,713,159 6.9% 4.3% $3.78 928,928 2,014,580 Bullitt County 13,647,026 -458,250 -3.4% 14.1% $4.02 0 1,946,840 East 6,135,648 269,940 4.4% 0.9% $5.95 150,040 0 Riverport 12,557,133 1,118,342 8.9% 5.3% $3.74 230,000 314,500 Southern Indiana 11,785,172 2,353,117 20.0% 8.8% $3.75 1,569,000 809,790 Louisville Totals 68,911,770 4,996,308 7.3% 6.9% $3.89 2,877,968 5,085,710 Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24' Inventory (s.f.) 2019 total net absorption (s.f.) 2019 total net absorption (% of inventory) Total Vacancy (%) Average total asking rent ($ p.s.f.) 2019 completions (s.f.) Under construction (s.f.) Airport 24,786,791 1,958,029 7.9% 4.3% $3.78 928,928 2,014,580 Bullitt County 13,647,026 -458,250 -3.4% 14.1% $4.02 0 1,946,840 East 6,135,648 269,940 4.4% 0.9% $5.95 150,040 0 Riverport 12,557,133 1,118,342 8.9% 5.3% $3.74 230,000 314,500 Southern Indiana 11,785,172 2,353,117 20.0% 8.8% $3.75 1,569,000 809,790 Louisville Totals 68,911,770 5,241,178 7.6% 6.9% $3.89 2,877,968 5,085,710 Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
- 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. $225,911,342 12 $71 5.00% - 5.75% 100.0% 0.0% Top sales transactions last 12 months Size (s.f.) $ p.s.f. Sale date Pinchal 250,000 $13,125,000 $53 Sep-19 Exeter Medline 400,000 $20,800,000 $52 Sep-19 JW Mitchell Columbia Property 303,369 $47,900,000 $158 Sep-19 Exeter 134,888 $6,289,873 $51 Aug-19 301 Logistics Avenue Tratt Opus 426,450 $25,600,000 $60 Jun-19 Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19 9101 Minor Lane IAC 324,991 $77 May-19 100 Brooks Way MDH 259,960 $16,500,000 $64 May-19 857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19 101 Lewman Way Gray 12900 Plantside Drive 1065 Conestoga Parkway Top sellers (s.f.)Top buyers (s.f.) Average Class A sale price p.s.f. Last 12 months transaction volume at a glance Total volume Number of transactions Average Class A cap rate range Sales activity by building type last 12 months Warehouse/Dist. sales volume as % of total Manufacturing sales volume as % of total Building address Buyer company Transactions details Seller company 12 month sales volume $ by submarket Sales price $ $24,500,000 4500 Progress Boulevard Trident Capital Group 5101 Jeff Commerce Drive Kelly Development Johnson Development *Purchased as part of portfolio 3,439,428 s.f. $225,911,342 0 s.f. 500,000 s.f. 1,000,000 s.f. 1,500,000 s.f. 2,000,000 s.f. 2,500,000 s.f. 3,000,000 s.f. 3,500,000 s.f. 4,000,000 s.f. $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 Warehouse / Distribution Sum of Price ($) Sum of RBA (SF) 19% 16% 12% 9% 9% 9% 8% 7% 6% Exeter Colony Capital Tratt Properties IAC JW Mitchell Dream Industrial REIT MDH Pinchal Stoltz Real Estate Sperber Familly Trust 16% 12% 12% 9%9% 9% 8% 7% 6% Dermody Opus Medline Kelly Development Columbia Property Investors Transwestern Johnson Development Gray Jefferson United Atalaya Investments TCG Progress FCI $77,281,469 $55,200,000 $54,679,873 $38,750,000 Bullitt County East Airport Southern Indiana Q4 2019 Sales Louisville Industrial Outlook This report analyzes all industrial sales > 75,000 s.f. year-to-date © 2019 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. $225,911,342 12 $71 5.00% - 5.75% 100.0% 0.0% Top sales transactions last 12 months Size (s.f.) $ p.s.f. Sale date Pinchal 250,000 $13,125,000 $53 Sep-19 Exeter Medline 400,000 $20,800,000 $52 Sep-19 JW Mitchell Columbia Property 303,369 $47,900,000 $158 Sep-19 Exeter 134,888 $6,289,873 $51 Aug-19 301 Logistics Avenue Tratt Opus 426,450 $25,600,000 $60 Jun-19 Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19 9101 Minor Lane IAC 324,991 $77 May-19 100 Brooks Way MDH 259,960 $16,500,000 $64 May-19 857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19 101 Lewman Way Gray 12900 Plantside Drive 1065 Conestoga Parkway Top sellers (s.f.)Top buyers (s.f.) Average Class A sale price p.s.f. Last 12 months transaction volume at a glance Total volume Number of transactions Average Class A cap rate range Sales activity by building type last 12 months Warehouse/Dist. sales volume as % of total Manufacturing sales volume as % of total Building address Buyer company Transactions details Seller company 12 month sales volume $ by submarket Sales price $ $24,500,000 4500 Progress Boulevard Trident Capital Group 5101 Jeff Commerce Drive Kelly Development Johnson Development *Purchased as part of portfolio 3,439,428 s.f. $225,911,342 0 s.f. 500,000 s.f. 1,000,000 s.f. 1,500,000 s.f. 2,000,000 s.f. 2,500,000 s.f. 3,000,000 s.f. 3,500,000 s.f. 4,000,000 s.f. $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 Warehouse / Distribution Sum of Price ($) Sum of RBA (SF) 19% 16% 12% 9% 9% 9% 8% 7% 6% Exeter Colony Capital Tratt Properties IAC JW Mitchell Dream Industrial REIT MDH Pinchal Stoltz Real Estate Sperber Familly Trust 16% 12% 12% 9%9% 9% 8% 7% 6% Dermody Opus Medline Kelly Development Columbia Property Investors Transwestern Johnson Development Gray Jefferson United Atalaya Investments TCG Progress FCI $77,281,469 $55,200,000 $54,679,873 $38,750,000 Bullitt County East Airport Southern Indiana $225,911,342 12 $71 5.00% - 5.75% 100.0% 0.0% Top sales transactions YTD Size (s.f.) $ p.s.f. Sale date Pinchal 250,000 $13,125,000 $53 Sep-19 Exeter Medline 400,000 $20,800,000 $52 Sep-19 JW Mitchell Columbia Property 303,369 $47,900,000 $158 Sep-19 Exeter 134,888 $6,289,873 $51 Aug-19 301 Logistics Avenue Tratt Opus 426,450 $25,600,000 $60 Jun-19 Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85 May-19 9101 Minor Lane IAC 324,991 $77 May-19 100 Brooks Way MDH 259,960 $16,500,000 $64 May-19 857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47 Feb-19 101 Lewman Way Gray 12900 Plantside Drive 1065 Conestoga Parkway Top sellers (s.f.)Top buyers (s.f.) Average Class A sale price p.s.f. YTD transaction volume at a glance Total volume Number of transactions Average Class A cap rate range YTD sales activity Warehouse/Dist. sales volume as % of total Manufacturing sales volume as % of total Building address Buyer company Transactions details Seller company YTD sales volume by submarket Sales price $ $24,500,000 4500 Progress Boulevard Trident Capital Group 5101 Jeff Commerce Drive Kelly Development Johnson Development *Purchased as part of portfolio 3,439,428 s.f. $225,911,342 0 s.f. 500,000 s.f. 1,000,000 s.f. 1,500,000 s.f. 2,000,000 s.f. 2,500,000 s.f. 3,000,000 s.f. 3,500,000 s.f. 4,000,000 s.f. $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 Warehouse / Distribution Sum of Price ($) Sum of RBA (SF) 19% 16% 12% 9% 9% 9% 8% 7% 6% Exeter Colony Capital Tratt Properties IAC JW Mitchell Dream Industrial REIT MDH Pinchal Stoltz Real Estate Sperber Familly Trust 16% 12% 12% 9%9% 9% 8% 7% 6% Dermody Opus Medline Kelly Development Columbia Property Investors Transwestern Johnson Development Gray Jefferson United Atalaya Investments TCG Progress FCI $77,281,469 $55,200,000 $54,679,873 $38,750,000 Bullitt County East Airport Southern Indiana $220,411,342 11 $71 5.00% - 5.75% 100.0% 0.0% Top sales transactions YTD Size (s.f.) $ p.s.f. Sale date Pinchal 250,000 $13,125,000 $52.50 Sep-19 Exeter Medline 400,000 $20,800,000 $52.00 Sep-19 JW Mitchell Columbia Property 303,369 $47,900,000 $157.89 Sep-19 Exeter 134,888 $6,289,873 $51.00 Aug-19 301 Logistics Avenue Tratt Opus 426,450 $25,600,000 $60.00 Jun-19 Stoltz Real Estate Jefferson United 210,000 $17,850,000 $85.00 May-19 9101 Minor Lane IAC 324,991 $77.00 May-19 100 Brooks Way MDH 259,960 $16,500,000 $64.00 May-19 857 Park Loop Road* Colony Capital Dermody 546,000 $26,489,801 $47.00 Feb-19 5101 Jeff Commerce Drive Kelly Development Johnson Development *Purchased as part of portfolio Building address Buyer company Transactions details Seller company YTD sales volume by submarket Sales price $ $24,500,000 4500 Progress Boulevard Trident Capital Group 101 Lewman Way Gray Average Class A sale price p.s.f. YTD transaction volume at a glance Total volume Number of transactions Average Class A cap rate range YTD sales activity Warehouse/Dist. sales volume as % of total Manufacturing sales volume as % of total 12900 Plantside Drive 1065 Conestoga Parkway Top sellers (s.f.)Top buyers (s.f.) $225,911,342 3,439,428 s.f. 0 s.f. 500,000 s.f. 1,000,000 s.f. 1,500,000 s.f. 2,000,000 s.f. 2,500,000 s.f. 3,000,000 s.f. 3,500,000 s.f. 4,000,000 s.f. $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 Warehouse / Distribution Sum of Price ($) Sum of RBA (SF) 19% 16% 12% 9% 9% 9% 8% 7% 6% Exeter Colony Capital Tratt Properties IAC JW Mitchell Dream Industrial REIT MDH Pinchal Stoltz Real Estate Sperber Familly Trust 16% 12% 12% 9%9% 9% 8% 7% 6% Dermody Opus Medline Kelly Development Columbia Property Investors Transwestern Johnson Development Gray Jefferson United Atalaya Investments TCG Progress FCI $77,281,469 $55,200,000 $54,679,873 $38,750,000 Bullitt County East Airport Southern Indiana
- 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. Total leased at delivery (%) 33.5% Total speculative at delivery (s.f.) 760,968 Total BTS at delivery (s.f.) 230,000 Total owner-user at delivery (s.f.) 1,887,000 Total # of properties delivered 8 Asking rental rate (low - high) $4.15 - $5.50 Largest projects delivered past 12 months Building/Address RBA (s.f.) Delivery date Leased at delivery (%) Medline Distribution Center 1,100,000 Q2 2019 100% Niagara River Ridge 469,000 Q3 2019 100% New Cut Center Bldg 2 331,928 Q4 2019 0% 4301 Produce Road 318,000 Q2 2019 100% Algood Freeport Drive 230,000 Q1 2019 100% Eastpoint Business Center B 150,040 Q3 2019 43% Total pre-leased (%) 3.3% Total speculative under construction (s.f.) 5,085,710 Total BTS under construction (s.f.) - Total Owner-user under construction (s.f.) - Total # of properties UC 10 Asking rental rate (low - high) $3.95 - $5.00 Largest projects currently under construction Building RBA (s.f.) Delivery date Pre-leased (%) Bourbon Logistics Center 1,038,240 Q2 2020 0% Logistics Airpark 958,000 Q4 2020 0% Velocity 65 Trade Center Bldg. 2 908,600 Q4 2020 0% Silver Creek Logistics, Bldg. A 659,790 Q2 2020 0% Dermody Renaissance South 352,800 Q1 2020 0% Exeter New Cut 252,080 Q1 2020 0% Bullitt County Core5 Speculative Airport Nicklies Speculative Speculative Speculative Airport Airport Bullitt County Speculative Exeter Property Group Dermody Browning Southern Indiana Clarion Speculative Construction typeOwnerSubmarket Riverport Airport Airport Southern Indiana Southern Indiana Algood Premier Packaging Main Street Realty Niagara Bottling Medline BTS Owner-user New and historical deliveries Completions in-depth 2,877,968 Total delivered past 12 months (s.f.) Owner-user Speculative Owner-user Submarket Under construction 5,085,710 Under construction (s.f.) Under construction in-depth Upcoming deliveries by year (s.f., excludes YTD completions) East Boland Speculative Owner Construction type 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 2012 2013 2014 2015 2016 2017 2018 2019 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 2020 Speculative Q4 2019 Construction Louisville Industrial Outlook This report analyzes all industrial developments under construction & new deliveries > 100,000 s.f. © 2019 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. Q4 2019 Construction Louisville Industrial Outlook 1 Location: 200 Velocity Way Square feet: 908,600 Tenant(s): None Landlord: Browning 1 2 Location: 5530 Minor Lane Square feet: 931,907 Tenant(s): None Landlord: Nicklies 2 3 Address: 4794 S. Preston Highway Square feet: 1,038,240 Tenant(s): None Landlord: Core5 3 © 2019 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. 4 4 Address: 2825 Transglobal Drive Square feet: 352,800 Tenant(s): None Landlord: Dermody
- 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. 23% 15% 13%12% 11% 10% 7% Trade, Transportation & Utilities Educational & Health Services Professional & Business Services Manufacturing Government Leisure & Hospitality Financial Activities Mining, Logging & Construction Other Services Information Q3 2019 Employment Louisville Industrial Outlook 3.5%U.S. unemployment 1.5%U.S. 12-month job growth 3.2%Louisville unemployment 1.3%Louisville 12-month job growth 4.4%Kentucky unemployment 1.2%Kentucky 12-month job growth -3.0 2.0 7.0 12.0 17.0 22.0 2014 2015 2016 2017 2018 Trade, Transportation & Utilities Manufacturing Other Services Mining Logging & Construction 2019 0% 4% 8% 400,000 500,000 600,000 700,000 800,000 2015 2016 2017 2018 2019 Employment Unemployment Employment vs. unemployment rate Employment by industry Job growth (12-month change) -1,600 -300 0 0 700 900 1,200 1,600 2,400 4,000 -4,000 -2,000 0 2,000 4,000 6,000 Manufacturing Professional & Business… Information Government Financial Activities Other Services Mining, Logging & Construction Leisure & Hospitality Educational & Health Services Trade, Transportation &… Job growth* Historical employment Job growth by sector* Employment by industry Industrial employment* * Represents 12-month change in employment. All charts represent the latest economic data available from the Bureau of Labor Statistics as of September 2019. © 2019 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% 2015 2016 2017 2018 Louisville U.S. 2019
- 8. Andrew Batson Vice President, Director of Research +1 216 937 4374 [email protected] Alex Westcott Research Analyst +1 502 394 2504 [email protected] About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. About JLL Research JLL’s research team delivers intelligence, analysis and insight through market-leading reports and services that illuminate today’s commercial real estate dynamics and identify tomorrow’s challenges and opportunities. Our more than 400 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries, producing unrivalled local and global perspectives. Our research and expertise, fueled by real-time information and innovative thinking around the world, creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions. © 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.