Indianapolis industrial market report

Q4 2022

The Indianapolis industrial market through year-end 2022 continued showcasing historic strength and demand, as the market closed out the year with all-time lows in vacancy, and all-time highs in rental rates. This strength will be tested, however, as economic and financial uncertainty and an extremely large currently under construction development pipeline led by speculative projects may present challenges to owners in 2023. The cost of construction and building materials will help to drive down new groundbreakings in 2023, and these costs will continue to provide upward pressure for rents in the overall market.


Vacancy (<250,000 sf)

Year-end vacancy rate for buildings 250,000 sf and lower, and all-time low in the market.


Vacancy (>500,000 sf)

Vacancy rate for buildings over 500,000 sf, a spread of 490bps from smaller buildings in the market. 

19.2 msf

Under construction

Amount of currently under construction +500.0 ksf projects still yet to deliver in the market.


Industrial workers

Industrial workers per business in Indianapolis, leading all other support and coastal industrial markets, a key advantage for occupiers considering Indianapolis.

$4.94 NNN

Asking rental rate

Average asking industrial psf rental rate for the entire Indianapolis industrial market.


Investment sales

Total investment sales in 2022, including the Q4 acquisition of Duke Realty by Prologis.

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