Snapshots

Q3 2019 Indianapolis office market at a glance…

The Indianapolis office market has posted its first quarter of occupancy growth in 2019. It is the highest net absorption total in a single quarter in over a year.

October 16, 2019
  • The Indianapolis office market has posted its first quarter of occupancy growth in 2019. It is the highest net absorption total in a single quarter in over a year. KAR’s new 250,000-square-foot headquarter building coming online was the main driver for this growth. Additionally, a few other deals, particularly large subleases, occupied.
  • New speculative space will soon be added to the market. In the CBD, 850 N. Meridian in Liberty Square is under renovation. Meanwhile, The Agora at the Proscenium has now gone vertical in Carmel and already has three tenants committed to taking nearly three-quarters of the building.
  • Quarterly leasing velocity is the strongest it has been in over three years, with 1.0 million square feet in deals signed. Additionally, Q3 makes up almost half of all leasing volume for the year! Large leases were a big reason for this activity. Nine leases over 40,000 square feet closed. Only eight of this size had been signed in the first half of the year.

Source: JLL Research

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