Indianapolis office market at a glance…
As expected the Indianapolis market started off the year with occupancy loss.
April 02, 2019
- As expected the Indianapolis market started off the year with occupancy loss. This is due to two companies vacating large offices. Anthem consolidated their offices to their Virginia Avenue campus, leaving a 213,000 square foot building empty on Monument Circle. alesforce has now fully brought in all employees to Salesforce Tower. The former ExactTarget office in the Century Building was still being used until the start of the year.
- The Ellipse in Downtown Fishers broke ground this quarter and is the only speculative building under construction in the market. This is the first building to begin construction without significant pre-leasing since The Marietta which broke ground in Q4 2015.
- After a slow down in activity at year-end, active tenant requirements are the highest they have been since Q4 2016. Leasing velocity is also off to a good start, with five leases over 40,000 square feet already signed. Hopefully, these metrics signal heightened leasing activity and future occupancy growth.
Source: JLL Research