Indianapolis office market report
The Indianapolis MSA recently gained more jobs than the time just prior to the pandemic, although office-using jobs contracted by 4.9%. The office-using labor market has been slower to recover as the country attempts a return to the office, however positive trending toward pre-COVID levels is being observed. Recent announcements by some of the largest employers in Indianapolis concerning their return to office will add increased pressure to the office market, although several companies have revised execution dates amid Delta variant concerns.
Indianapolis vaccination rate of 48.7 percent far below national average, however full MSA rate of 53.5 percent on par with national trends.
Indianapolis’ employment has surged since the initial shock of the pandemic, and now has nearly 7,000 more employed than in February 2020.
Change in office-using employment during pandemic. The office-using labor market has been slower to recover than overall employment, possibly due to lower-than U.S. average vaccination rates.
Indianapolis vacancy rate is a record high in terms of direct and total percentages; however, it did improve since the second quarter.
Landlords have not yet had large tenant considerations since the beginning of COVID, with increasing sublease space entering the market asking rents are expected to decline in the near-term.
Pricing since 2019
Investment activity has been near average since the start of the pandemic and is expected to remain relatively flat through 2022.
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