TLDR:
- Fifth Third Bank plans to move out of its current tower in downtown Louisville and relocate to new offices in the NuLu district by the first quarter of 2025.
- The move comes as downtown areas across the nation are grappling with declining demand for office space in the wake of the pandemic.
- Humana, another major employer in Louisville, is also consolidating its footprint within the Central Business District by moving into its Waterside and Clocktower campus.
Fifth Third Bank has announced its intention to move out of the tower at 401 S. Fourth St. in downtown Louisville and instead relocate to new offices in the NuLu district, according to a report by Louisville Business First. The Cincinnati-headquartered bank has occupied the Brown & Williamson Tower and Fifth Third Tower since 1995. The move is expected to take place by the first quarter of 2025 and the bank will move into a new mixed-use building at 750 E. Jefferson St. that is currently under construction. The building is being developed by Louisville-based Weyland Ventures and is set to include a food hall on the first floor, co-working space on the second floor, and office space on the third and fourth floors.
The decision by Fifth Third Bank to vacate its current tower comes at a time when downtown areas across the country are facing declining demand for office space in the aftermath of the pandemic. According to CBRE, approximately 25% of leasable office space in downtown Class A buildings was vacant in the last quarter of 2023. Despite this trend, the Louisville Downtown Partnership reported that four companies expanded their downtown footprint last year, while six companies moved downtown.
The move by Fifth Third Bank follows another major employer, Humana, announcing plans to reduce its downtown Louisville footprint by moving into its Waterside and Clocktower campus. The Louisville-based health insurance company aims to consolidate its operations within the Central Business District, giving it nearly 900,000 square feet of office space. The move will take place over the next 18-24 months. The Humana Tower, which was built in 1985, currently has approximately 651,000 square feet.
These developments signify a shifting office landscape in downtown Louisville, reflecting broader changes occurring in downtown areas across the United States. While there is declining demand for office space, some companies are still choosing to expand or relocate to downtown areas. The future of downtowns, including the revitalization of vacant office spaces, will depend on how cities adapt and reinvent themselves post-pandemic.
