Louisville Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $19.58 2024 Avg. Asking Rent
  • -0.64% Y-o-Y Avg. Asking Rent Change
  • 12.63% 2024 Office Vacancy Rate
  • $25.3M2024 Total Office Sales
  • $182.18Avg. Sale Price/SF

Louisville office price per square foot in 2024 was $19.58 on average. This marked a -0.64% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 12.63% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $25.3M. Louisville office space commanded an average sale price per square foot of $182.18.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Louisville Class A & A+ Office Space$19.99
  • Louisville Class B Office Space$18.71
  • Kentucky Class A & A+ Office Space$20.10
  • Kentucky Class B Office Space$18.92

Louisville, KY Office Asking Rents by Class

2024 Office Vacancy Rates in Louisville

Submarket Asking Rents Vacancy Rates
Louisville - Central East $21.99 2.06%
Louisville - St. Matthews $20.94 4.78%
Louisville - East $20.70 7.49%
Hurstbourne Corridor $19.73 8.66%
Louisville - Central Business District $19.38 19.60%
Louisville - Northeast $19.28 0.00%
Louisville - South $19.17 12.39%
Louisville - Central $11.73 1.07%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Louisville market was 12.63% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Louisville was 0.00% in the Louisville - Northeast submarket, while the highest office vacancy in the market was 19.60%, recorded in Louisville - Central Business District.

Office Spaces for Rent in Kentucky

Louisville Office Sale Price per SF

  • $182.182024 Avg. Price per SF
  • $25.3M2024 Office Sales Volume
  • 32024 Number of Transactions

Louisville, KY Sale Price per SF Trend

  • Louisville Avg. Sale Price per SF in 2024$182.18
  • Kentucky Avg. Sale Price per SF in 2024$96.30
The sale price for office space in Louisville averaged $182.18 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Kentucky average office sale price during the same time period was $96.30 per square foot.

2024 Office Sales Volume

  • Louisville, KY Total Office Sales Volume in 2024 $25.3M
  • Louisville, KY Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Louisville office market in 2024, adding up to a yearly sales volume of $25.3M. Notably, the largest transaction on the market saw Columns of Hurstbourne Green, The change hands for $18,925,000 on 1/18/2024.
Data provided by Commercial Edge

Coworking Spaces in Kentucky

2024 Office Construction in Louisville, KY

  • Louisville, KY Total SF completed in 2024 125,000
  • Louisville, KY Total SF under construction in 2025 72,000

During 2024, 125,000 square feet of new office space were delivered across the market. At the close of 2024, the Louisville office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 125,000 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 72,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Louisville
Office building Address SF Completed
Retail for Lease - Dixie Hwy 9050 Dixie Highway, 40258 9,034 2022
Old Henry Crossing #7 13906 Promenade Green Way, 40245 66,050 2019
2612 Tucker Station Rd. Louisville 2612 Tucker Station Rd. Louisville, 40299 730 2019
Kindred Square II 658 South 4th Street, 40202 146,958 2018
ShelbyHurst Office Campus - 500 North Hurstbourne Pkwy 500 North Hurstbourne Pkwy, 40222 120,000 2016
Woodlawn Center Office Park, Phase II 297 North Hubbards Lane, 40207 45,000 2016
Atria Support Center 300 East Market Street, 40202 200,000 2013
Suite 9370 Cedar Springs Retail Center 9370 Cedar Center Way, 40291 2,627 2007
Plaza III at Hurstbourne Green 9520 Ormsby Station Road, 40223 73,872 2006
Move In Ready Office Condo 1300 Clear Springs Trce Ste 10, 40223 1,071 2006

Worth noting among recent office completions on the Louisville market is Retail for Lease - Dixie Hwy, which is currently the largest new office development in the city, at 9,034 square feet.

Data provided by Commercial Edge

See reports for other markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Louisville commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.