Q4 2019 Indianapolis office market at a glance…
Thanks to several large expansion deals signed months prior, Indianapolis was able to post its second consecutive quarter of occupancy growth.
January 22, 2020
- Thanks to several large expansion deals signed months prior, Indianapolis was able to post its second consecutive quarter of occupancy growth. However, Indianapolis ended 2019 with negative absorption and total vacancy sitting at 19.0 percent, due to large block vacancies from earlier in the year.
- Downtown Indy had a strong end to the year. The CBD had its strongest quarter of occupancy growth in four years posting 118,000 square feet of positive absorption! Out in the suburbs, occupancy grew for a second year with 90,000 square feet of net absorption. Keystone and North Meridian/Carmel each posted over 100,000 square feet of net absorption.
- Investment activity remains strong. Nine buildings traded hands across six sales transactions. The Northeast continues to be an attractive submarket to investors. Keystone also had additional sales activity. These two submarkets were so popular with investors that they account for 64.0 percent of 2019 sales volume by square footage.
Source: JLL Research