Indianapolis industrial market report
Q1 2024
The Indianapolis industrial market saw a slight uptick in vacancy reaching 9.6% at the end of Q1 2024, up 20 basis points from the previous quarter. Leasing activity reached is peak in Q3 2022 and has since been on a gradual decline over the past six quarters due to softening demand. Construction activity has slowed after record-breaking delivers in 2021 and 2022, there is currently 7.2 msf being developed.
Vacancy
Vacancy reached 9.6% at the end of Q1 2024 with the East and West submarkets having the highest vacancy rates, nearly double the market average.
Net absorption
Net absorption remained positive, as a percentage of total inventory recorded at 0.3%, representing 874,897 sf.
Southwest submarket construction
The Southwest submarket remains the most active in terms of development with 2.4 msf currently under construction which accounts for 33% of the markets pipeline.
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