Indianapolis office market at a glance…
As we predicted back in 2018, the suburbs experienced occupancy loss this quarter
July 03, 2018
- As we predicted back in 2018, the suburbs experienced occupancy loss this quarter. In particular, a couple of sizeable Class A spaces in Midtown and North Meridian/Carmel are now vacant. Leases have already been signed in some of these suites so occupancy rates will start to recover as soon as next quarter.
- Tenants new to Indianapolis have responded well to these new availabilities with requirements up 10-fold in the past 12 months. Over 100,000 square feet has already been leased by new entrants, surpassing the 2018 total. Existing Indy tenants have also looked at these new vacancies as relocation options for larger offices.
- Keystone at the Crossing is the latest of the major office parks to trade hands. DRA Advisors and M&J Wilkow acquired the 1.0 million-square-foot office park for $142 per square foot. Other sales this quarter were mostly in the Northeast submarket.
Source: JLL Research