Industrial users new to Indy flock to new construction

February 18, 2019
  • Since 2017, 53 new deals have been signed in local bulk/distribution buildings. Despite seeing slightly less deal volume overall, modern bulk facilities constructed over the past 24 months are twice as likely to attract a tenant new to the Indianapolis industrial market.
  • Tenants occupying these recently delivered buildings are signing leases that are on average three years longer and taking 60,000 square feet more than tenants leasing in older buildings. 
  • For users already operating within the Indy MSA, pre-existing inventory is overwhelmingly the preferred choice when seeking out more space. This is primarily a function of timing because the need for additional square footage is typically immediate.

Source: JLL Research

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