Market Highlights
Known as the ‘Horse Capital of the World’, Lexington is Kentucky’s 2nd largest city. The area is known for its major horse-racing presence, wide variety of bourbon distilleries, and flagship university, University of Kentucky. While UK is the largest university in the MSA with over 34,000 students, the Lexington MSA is home to another 9 colleges and universities, including Eastern Kentucky University, Georgetown College, Transylvania University, and Centre College. Not only does the presence of UK and other universities produce a highly educated workforce, but UK HealthCare brings an additional 10,000 jobs and 945 hospital beds to Lexington. UK HealthCare, Baptist Health, CHI Saint Joseph Health, and Veterans Medical Center account for over 2,200 hospital beds in Lexington. Additional anchors to the Lexington economy include Amazon, which opened up a 141,000 SF delivery station in 2021, and Toyota, which operates its largest manufacturing facility in the world in nearby Georgetown, KY.
The Lexington MSA has a population of 517,916, supported by 223 multifamily properties and 37,045 units and a development pipeline of 2,470 additional units under construction. With several major expansions by Lexington’s key employers and its tourism industry kicking back into gear following COVID-19, Lexington will continue to be one of Kentucky’s most vibrant cities.
