Indianapolis industrial market at a glance…
Industrial tenants entered 2019 ready to make a deal. More than six million square feet of leases were signed in the past three months.
April 09, 2019
- Industrial tenants entered 2019 ready to make a deal. More than six million square feet of leases were signed in the past three months. This nearly doubled the leasing velocity posted in Q4 2018 and is the third highest quarterly total achieved over the last four years.
- Vacancy has dropped by nearly a full percentage point since the end of 2018, thanks to strong leasing in both existing product and new deliveries. Overall, industrial vacancy now sits at its lowest level post recession. No wonder more than nine million-square-feet is currently in development, the majority being speculative in nature.
- The fast start to 2019 has Indy set up for another strong year of growth. The current pipeline ensures space will be available for future tenants. But, the flurry of deals closed this quarter has depleted the active tenants currently in the market for space.
Source: JLL Research