Indianapolis Q3 2019 industrial market at a glance…
The Indy industrial market is firing on all cylinders.
October 23, 2019
- The Indy industrial market is firing on all cylinders. Net absorption and new deliveries have doubled over the past three months. Both are likely to surpass 10.0 million square feet by year-end! This would be a first for the market in both categories.
- Additional industrial product continues to come out of the ground. Under construction now exceeds 13.0 million square feet. One-quarter of this total is being developed by owners new to Indianapolis.
- Despite 76.0 percent of the current pipeline being speculative in nature, metro vacancy remains tight and is now down to 4.4 percent. This has led asking rents to climb higher. Overall average asking rents are approaching $4.00 per square feet with several of the newer projects at$5.00 per square foot.
Source: JLL Research