Hurstbourne Parkway and Shelbyville Road East: Louisville's Suburban Office and Retail Corridor (2026)

October 3, 2026 at 4:00 AM

by Rob Bergeron

Hurstbourne Parkway and Shelbyville Road East: Louisville's Suburban Office and Retail Corridor (2026)

Hurstbourne Parkway and Shelbyville Road east of it make up Louisville's largest suburban office district, plus some of its busiest retail and one of its tightest industrial areas. Cushman & Wakefield | Commercial Kentucky's Q2 2026 office report counts 4.88 million square feet of office in the Hurstbourne/Eastpoint submarket, with 19.7% vacancy and a $21.56 per square foot average asking rent. Just south, the firm's Q2 2026 industrial report shows the Jeffersontown submarket, home to the Blankenbaker Parkway business parks, at 1.3% vacancy. Same corridor, very different stories by property type.

An honest caveat: public research reports do not publish retail vacancy for this corridor, and Cushman & Wakefield combines Hurstbourne and Eastpoint into one office submarket. So the sections below pair those submarket figures with the buildings, sales and openings we could verify, with dates.

Office: Hurstbourne Parkway and Eastpoint

What the numbers say (Cushman & Wakefield, Q2 2026):

Hurstbourne/Eastpoint: 4,882,712 square feet, 19.7% vacancy, $21.56 average asking rent ($21.93 for Class A), 28,841 square feet of positive net absorption in Q2 and 38,218 year to date, 65,547 square feet leased year to date, nothing under construction.
Plainview/Middletown: 1,351,252 square feet, 17.8% vacancy, $17.81 asking rent, 37,613 square feet of positive absorption year to date.
Suburban Louisville overall: 16.0% vacancy at $19.95; metro overall 17.9% at $19.03.

Net absorption is the change in occupied space, so positive numbers mean more space filled than emptied. The Hurstbourne/Eastpoint rent is among the highest in the metro, behind only the Northeast submarket at $22.15, even with vacancy near 20%.

Recent deals:

Wilkinson Construction bought a three-story, 21,600-square-foot office building at Eastpoint Business Center, built in 1999, for $2.5 million to occupy itself, reported July 2, 2026.
Hurstbourne Park and Hurstbourne Place, at 9200 and 9300 Shelbyville Road on the corner with Hurstbourne Parkway, sold in 2022 to Albany Road Real Estate Partners for $42.5 million. The two Class A buildings total about 344,000 square feet and were 93% to 94% leased to 58 tenants with a weighted average lease term of 3.6 years.

Cushman & Wakefield's outlook says that after years of fairly stagnant sales, several large suburban office buildings have recently sold, with more coming to market later in 2026.

What investors look at here: price per square foot against replacement cost, owner-user buyers who will occupy part of a building, rollover risk on short leases, and medical tenants backfilling office. Baptist Health Eastpoint is at 2400 Eastpoint Parkway. Compare other districts in our Louisville office corridors guide and medical office corridors guide.

Retail: Oxmoor to Middletown and Flat Rock

What's there: Oxmoor Center at 7900 Shelbyville Road is about 960,000 square feet, anchored by Macy's, Von Maur and Dick's Sporting Goods and owned by a Brookfield Properties subsidiary. Topgolf opened on the former Sears site in May 2023.

Recent deals: Shops at Middletown Station, 98,754 square feet in seven multi-tenant and single-tenant outlot buildings at Shelbyville Road and I-265, sold from Hagan Properties to Curbline Properties (announced May 15, 2026). Cushman & Wakefield's Q2 2026 retail report lists the price at $42.2 million. Walmart and Target shadow-anchor the center, meaning they sit next door and draw traffic without being part of the sale. Tenants include McAlister's Deli, Norton Healthcare, Club Pilates, Crumbl Cookies, Feeders Supply and Athletico.

Openings: Publix at Flat Rock, 48,387 square feet at 150 Flat Rock Road, opened Sept. 6, 2025 as Publix's third Louisville store.

What investors look at here: outlot buildings with daily-needs, fitness and medical tenants, shadow-anchored strips, and signalized access off Shelbyville Road. A publicly traded buyer paying $42.2 million at Middletown Station shows institutional money is active here. More in our Louisville retail corridors guide.

Blankenbaker Parkway and Bluegrass Commerce Park: industrial and flex

What's there: Bluegrass Commerce Park in Jeffersontown covers a 627-acre tract with about 850 businesses and more than 30,000 employees, per the City of Jeffersontown.

What the numbers say (Cushman & Wakefield, Q2 2026):

Jeffersontown industrial: 14,521,222 square feet, 1.3% vacancy, 379,000 square feet under construction.
East industrial: 28,567,495 square feet, 1.1% vacancy, 1,108,000 square feet under construction, including a confidential tenant's 456,840-square-foot prelease at 4046 Commerce Parkway.
Metro industrial: 4.6% vacancy.

Recent deals and openings:

EQT Real Estate paid $55.8 million ($143.08 per square foot) for the two-building, 390,000-square-foot Blankenbaker Station portfolio, reported Jan. 28, 2026.
Norton Healthcare opened Norton Pharmacy - Blankenbaker at 2701 Chestnut Station Court on July 20, 2026: 41,242 square feet, about $29.8 million.
Bigelow Tea broke ground in 2024 on a 265,000-square-foot plant at 2706 Blankenbaker Road, an investment of more than $70 million, with room for 75,000 more square feet.
Amazon opened a same-day delivery warehouse on Plantside Drive in late 2024.

What investors look at here: small-bay flex and warehouse buildings, where vacancy near 1% means landlords set terms, and older buildings with low ceiling heights that still lease because there is nothing else. See our Louisville industrial corridors guide.

Apartments along the corridor

What the numbers say: Douglass Hills/Lyndon apartments average $1,501 with 5.9% vacancy and Jeffersontown $1,362 with 5.5% (Cushman & Wakefield, Q1 2026). Jeffersontown is one of the two submarkets leading new apartment development.

Recent deals: Hurstbourne Estates, 270 units at 10405 Watermark Place, sold to Connor Group for $38.2 million ($141,481 per unit), reported June 29, 2026; the seller had paid $45.5 million in 2019. Blankenbaker Crossings, 236 units, sold to Morgan Properties for $39 million in January 2025. Century Middletown, 210 units in Douglass Hills, sold to Centennial Holding Company (Cushman & Wakefield, Q1 2026). Full detail in our Louisville apartment submarkets guide.

What's next nearby

Norton Children's plans a pediatric campus and second full-service children's hospital on 150 acres off Tucker Station Road in Jeffersontown, announced June 2025, built in phases starting with the hospital. No cost or opening date has been published.
One Park, a $1.4 billion project at Grinstead Drive and Lexington Road on the inner east side, received $62 million in state tax increment financing (TIF) on June 26, 2026, on top of up to $114 million in local TIF over 30 years. TIF lets a project use the future growth in tax revenue it creates to help pay for construction. Plans include 240,000 square feet of office, a 200-room hotel, a grocery store and 600 to 700 residential units, with construction slated to begin in 2027. That is new Class A office competition for Hurstbourne once it delivers.

Traffic counts

We are not quoting traffic counts for this corridor because the published counts we found came from marketing materials. The Kentucky Transportation Cabinet (KYTC) publishes annual average daily traffic (AADT) for every count station on its interactive traffic counts map. Pull the current count for the exact frontage on Hurstbourne Parkway, Shelbyville Road or Blankenbaker Parkway before underwriting a site.

Talk to Winner Commercial

Winner Commercial works alongside Winner Realty. Rob Bergeron, Owner–Realtor (KY license #219325), has closed 2,000+ residential and commercial transactions since 2013. Winner works with a lot of out-of-state and long-distance investor capital, and clients come back for the infrastructure: the resources, the systems, the people. Sellers can reach the 70,000+ buyers on OffMarket.deals. Search our commercial property search, get a free valuation, send us a building, or call (502) 305-8915. More on the market in our commercial real estate news and Southern Indiana corridors guide.

FAQ

What is the office vacancy rate on Hurstbourne Parkway?

Cushman & Wakefield reported 19.7% for the combined Hurstbourne/Eastpoint submarket in Q2 2026, with a $21.56 per square foot average asking rent.

Is industrial space available off Blankenbaker Parkway?

Very little. The Jeffersontown industrial submarket was 1.3% vacant and the East submarket 1.1% vacant in Q2 2026.

What did Shops at Middletown Station sell for?

$42.2 million, per Cushman & Wakefield's Q2 2026 retail report. Curbline Properties bought it from Hagan Properties in May 2026.

Are suburban office buildings selling again?

Yes. Cushman & Wakefield says several large suburban office buildings have recently sold after years of slow sales, and Wilkinson Construction bought an Eastpoint Business Center building for $2.5 million in July 2026.

How big is Bluegrass Commerce Park?

A 627-acre tract with about 850 businesses and more than 30,000 employees, per the City of Jeffersontown.

Sources

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