Indianapolis industrial market report
Q3 2024
The Indianapolis industrial market is experiencing high vacancy rates in the double digits, primarily due to the construction surge during COVID. Since 2019, 70 msf of new inventory has been added, with 69% comprising properties over 500,000 sf. This rapid development has posed challenges for the market, as demand for large-scale facilities has slowed.
10.1%
Overall vacancy decreases
Overall vacancy decreased 40 basis points from the prior quarter, recorded at 10.1% at the end of Q3 2024. The East submarket remains the highest with 22.3% vacancy.
6.3 msf
Construction activity decreases
Construction activity continues to decrease with 6.3 msf currently under development with a total of 3.1 msf delivered year-to-date.
3 msf
Net absorption effected by increase in sublet space
Leasing activity continues to soften, a total of 3 msf was leased during Q3 2024, slightly surpassing the past seven quarter leasing average of 2.8 msf.
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