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