Indianapolis industrial market report
Q4 2023
The Indianapolis industrial market has experienced significant construction activity in recent years, resulting in a surplus of new inventory. Between Q1 2022 to Q4 2023, a total of 40.5 msf has been delivered. This surge in new product, coupled with a decrease in demand, has pushed vacancy up to 8.8% at the end of 2023, underscoring the imbalance of supply and demand within the market. The 64% decrease in construction activity throughout 2023 can aid a market self-correction, equalizing the imbalance between supply and demand.
Vacancy
Overall vacancy increased 40 basis points from the prior quarter, recorded at 8.8% at the end of Q4 2023.
Construction activity
Construction activity decreased 64% from Q4 2022 to Q4 2023, with 8 msf currently being developed.
Net absorption
Net absorption decreased to 7.1 msf at the end of 2023, aligning to 2017 to 2020 historical averages of 7.8 msf.
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