One Louisville commercial real estate property owner said he hadn’t been able to find a tenant for his small retail building he co-owns on Shelbyville Road in 15 months. This Louisville Courier-Journal article reports that the owner’s building had never been vacant for longer than a month in 25 years. “That ought to tell you something,” the developer said. “I believe it’s a sign of the market.” He said that at least 10 percent of retail space in the Louisville commercial real estate market is empty, the highest rate of vacancy in five years, but still lower than the national average. More than one million square feet of Louisville retail space was vacated in 2008, according to CBRE-Louisville, a local commercial real estate analysis firm. The firm cited the bankruptcies of major retail chains Circuit City and Linens ‘n Things as leading causes of the empty storefronts. One Louisville commercial real estate agent said that there hasn’t been this much vacant retail space in the area in 20 years. However, in what could be a sign of market stabilization, retailers filled more space than they vacated in the first half of 2009, according to CBRE’s midyear report of shopping centers. National retailers are asking the company to watch for vacant commercial real estate in good locations for when the economy recovers from the current recession. “They are saying, ‘Revisit all the vacant boxes and tell us where do you think we might be able to strike?'” one analyst said. “That is a positive sign.” The CBRE said that Louisville’s commercial vacancy rate may seem grim, but it is still better than the current national average of 11.7 percent. “Louisville is not tremendously overbuilt,” like southern Florida or Arizona markets that are reeling much harder from the real estate bubble, he said. If you need help buying or selling commercial real estate in Louisville, the experienced real estate agents at Louisville Properties can help.  Call us today at 502.744.9504.