© JLL 2017 1

Full circle: LouisvilleAn in-depth look at how residential demand, corporate

growth, and development activity sparked the

resurgence of downtown Louisville

© JLL 2017 2

Downtown Louisville

Louisville’s momentum rolls onOver the last five years, downtown Louisville has experienced a historic transition

thanks to its investment in bourbon tourism, entertainment, and hospitality. This

transition has infused life into the urban core and created an attractive

environment for both young professionals and corporations alike. Residential

units downtown are being added at historic levels, and developers are working

vigorously to keep up with demand. As downtown Louisville continues to develop

into a true live-work-play destination, more investment will follow, as seen with the

$1.7 billion of development currently under construction.

2© JLL 2017

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Downtown Louisville by the numbers

31%Percent Millennials

102,600Total employment

29 Office tenants

2016 Business attraction and retention

78# of investment projects (2012-planned)

$2.6BTotal investment

51%Private investment

2.2Square miles

10,300Residential population

23%Population growth since 2000

3© JLL 2017

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800,000

1,050,000

1,300,000

6,000

7,500

9,000

10,500

2000 2010 2017

Population growth

Downtown Louisville has seen steady population

growth reflecting the trend at the metro level.

1.1M

1.2M

1.3M

8.4K

9.8K

10.3K

Demographics

20%

31%23%

21%

Millennials make up nearly a third of the

downtown population, a significant factor

driving business attraction and retention.

Generation Z (0-19)

Millennials (20-36)

Generation X (37-52)

Baby Boomers (53-71)

The Silent Generation (72+)

2017 downtown population by age

1,000

4,000

7,000

2000 2010 2017

Residential developmentWorking to address an underserved residential

market, developers have added more than

1,400 residential units downtown since 2000.

4.6K5.0K

6.0K

Downtown Louisville

People

Downtown population Metro population Downtown housing units

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Largest employers

The largest private employers in downtown

Louisville span a broad range of industries,

illustrating the diversification of the region’s

economy.

Humana

Kentucky One Health

Kindred Healthcare

LG&E and KU Energy

PNC Bank

12,500

6,000

2,400

2,200

1,500

Al J. Schneider Company

Republic Bank & Trust

Mercer

ZirMed

JP Morgan Chase

1,000

700

600

500

500

Business attraction and retention

In 2016, downtown business attraction and

retention efforts secured commitments from

more than 29 office tenants. Below are the

companies that made the largest office

commitments in 2016.

El Toro

ISCO Industries

Oohology

Atria Senior Living

Blackstone Media

Computershare

Conifer Health Solutions

Fisher Phillips

Frost Brown Todd

iHealth

K. Norman Berry

Kentuckiana Works

Luckett & Farley

MedSynergies

Mightily

SGS International

Tachau Maddox Dickens

Retention or expansion (260,000+ s.f.)

Attraction (56,000+ s.f.)

Employment by industry

Education and healthcare

Professional and business services

Hospitality, leisure and retail

Government

Downtown employment by industry

Construction, manufacturing and transportation

Information

Other

Downtown Louisville has a thriving 21st

century economy with significant employment

in the business and technology industries.

39%

28%

10%

9%

5%4% 5%

Business

Downtown Louisville

© JLL 2017 6

18%

66%

16%

Investment by project status

With greater than 80% of the development

pipeline under construction or planned,

downtown investment is expected to

continue its growth phase.

Completed (2012-16)

Under construction

Planned

$471.4M

$1.7B

$415.2M

48

14

16

Status Investment

# of

projects

Investment by funding type

Public investment in infrastructure,

entertainment, and public space has been

a catalyst for growth as private investors

flock to downtown Louisville.

51%49%

Private investment dollars

Public investment dollars

$0.0

$0.5

$1.0

$1.5

Education,infrastructure,

public use

Entertainment,retail

Hotel Office Residential

Investment by property type

Public investment in education, infrastructure,

and public use has accounted for the majority

while private investors address demand for

other property types.

21

projects

14

projects

10

projects

21

projects

12

projects

($B)

Investment

Downtown Louisville

© JLL 2017 7

9 Kindred Health Headquarters

10 Old Forester Distillery

11 Omni Louisville Hotel & Residences

12 Omni Louisville Hotel Garage

13 The 800 Tower City Apartments

14 UL Medical Research Building

15 UL Pediatric Health Care

16 Whiskey Row Streetscape

1 111 Whiskey Row

2 741-749 South Third

3 Canopy by Hilton Renovation

4 Home 2 Suites by Hilton

5 Homewood Suites

6 Ice House Lofts

7 Kennedy Interchange/Bridge

8 Kentucky Convention Center

1 565 S. Fourth Street

2 South Fourth Street Streetscape

3 700 East Main

4 811-819 W. Main

5 AC NuLu Hotel

6 Cambria Hotel & Suites

7 East Market/Nulu Streetscape

11 JCTC Building Courtyard

12 JCTC Theater

13 Jewish Hospital ER Expansion

14 Jim Beam Urban Still House

15 Kentucky Museum of Art Renovation

16 Kosair Hospital Renovation

17 Kurfees Self Storage

18 Downtown Marriott Renovation

19 St. Francis High School Expansion

20 Wayside Christian Mission Expansion

1 310 @ Nulu

2 Aloft Louisville Downtown

3 Angel’s Envy Distillery

4 Brown Hotel Renovation

5 Embassy Suites Renovation

6 Fincastle Building Renovation

7 Guthrie Street Reopening

8 Holiday Inn Express

9 Hyatt Regency Renovation

10 Nucleus Park Garage

8 Hosparus Unit Expansion

9 Hotel Indigo

10 Jefferson Educational Center

11 Michter’s Distillery

12 Nucleus Building 2

13 The Moxy/Westin Hotel

14 UL Instructional Building

Investment map

Significant projects under construction

Significant projects completed in 2015-16

Notable proposed projects

Completed in 2015-16 Under construction Proposed

Downtown Louisville

© JLL 2017 8

Contact

Ross Bratcher

Research Analyst

+1 513 719 3706

ross.bratcher@am.jll.com

www.jll.com/research

www.jll.com/louisville

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