JLL Louisville: Full Circle Report 2017
1 like134 views
Over 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.
More Related Content
Similar to JLL Louisville: Full Circle Report 2017 (20)
More from Ross Bratcher (10)
Recently uploaded (20)
JLL Louisville: Full Circle Report 2017
- 1. 息 JLL 2017 1 Full circle: Louisville An in-depth look at how residential demand, corporate growth, and development activity sparked the resurgence of downtown Louisville
- 2. 息 JLL 2017 2 Downtown Louisville Louisvilles momentum rolls on Over 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息 JLL 2017
- 3. 息 JLL 2017 3 Downtown Louisville by the numbers 31%Percent Millennials 102,600Total employment 29Office 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息 JLL 2017
- 4. 息 JLL 2017 4 800,000 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 development Working to address an underserved residential market, developers have added more than 1,400 residential units downtown since 2000. 4.6K 5.0K 6.0K Downtown Louisville People Downtown population Metro population Downtown housing units
- 5. 息 JLL 2017 5 Largest employers The largest private employers in downtown Louisville span a broad range of industries, illustrating the diversification of the regions 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
- 6. 息 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
- 7. 息 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 Angels 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 Michters 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
- 8. 息 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 息 2017 Jones Lang LaSalle IP, Inc. All rights reserved. Contact