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seicer

[Louisville] Prime office space leased in downtown

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Prime office space leased in downtown Louisville

The vacancy rate has fallen below 10%! The new Museum Plaza should add a lot of new desirable office space, and new renovation projects throughout the downtown region should add more options.

Article information:

Prime office space leased

Downtown vacancy rate below 10%

By David Goetz

The Courier-Journal

Thursday, January 18, 2007

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i wish someone would just build another skyscraper in downtown louisville. with all that's happening in louisville, i just don't like not seeing vertical development. it seems like a lot is happening, but i thought the business climate was there for something huge, besides museum plaza.

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^ Well with office vacancy below 10% your desire to see more vertical construction could become a reality. That should add some pressure on the market for the creation of new space, now with that said the Museum Plaza will provide some of that space. Not sure how long that space will sustain the needs of the corporate and business tenants located and coming to downtown, but if the office market stays in such demand another office structure may be dictated by market forces.

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'could' become a reality? what would it take for it to become a reality. i'm not exactly an expert on internal economic forces that would cause this i guess.

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What will dictate whether or not downtown see more office towers (or mixed use with office space) is the continued and/or expected increase in demand for class A office space in downtown. If developers and investors see that demand will stay beyond what the current office market in downtown can provide in options for tenants (quality, price, location, etc), then they will start looking at properties to develop to meet that demand.

The developers and investors want to a make reasonable and timely returns on their investments, so if the demand is not seen as long term or sufficient, then they have no motive to invests millions in a new development(s).

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