Indianapolis industrial market report

Q2 2022

The Indianapolis industrial market continued to demonstrate strong market fundaments throughout the second quarter of 2022 with record setting low vacancy, robust net absorption and a surge in development activity. With economic headwinds and uncertainty looming within the market developers are starting to pullback on future projects and can anticipate construction activity to slow in the coming months.

3.8%

Vacancy

Overall vacancy has decreased 290 basis points at the end of the second quarter 2022 compared to the year prior, recording at 3.8%.
 

150 bps

Unemployment rate

Indianapolis’ unemployment rate dropped 150 basis points as of June 2022 from the prior year, down to 2.4%.
 

+6%

Industrial job growth

Industrial-centric jobs grew 6% since the start of the pandemic, with transportation, warehousing & utilities sector gaining 14.6% over the same time frame. 
 

34%

Availability

Year-to-date a total of 8.4 msf has delivered to the Indianapolis market and of the new inventory only 3.2 msf is available representing just 34%. 
 

10 MSF

Net absorption

Year-to-date a total of 10 msf of positive net absorption has been recorded within the Indianapolis industrial market; another strong indicator of the overall health of the market.

ON
HOLD

New developments

Economic headwinds and uncertainty is pushing local and national developers to put a pause on sites that were lined up to break ground.

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