Indianapolis industrial market report

Q4 2021

The Indianapolis market continued to exhibit very strong economic conditions, as unemployment neared all-time lows, and the market has now added more jobs than it had prior to the pandemic. Indianapolis industrial conditions could not be stronger, with strong rental growth, very active leasing activity, decreasing availabilities, and healthy development pipeline that continue to push the fundamentals positively. 


Economic condition

Unemployment in Indianapolis is now at 2.0 percent as of December 2021 and has recovered all job losses and added 8,000 more since April of 2020. 


Midwest inflation rate

Midwestern consumer prices have been increasing sharply as the regional economy fully reopened. Midwestern consumer prices spiked by 7.5% in year-over-year in December.


Industrial absorption

Indianapolis industrial leasing activity overwhelmingly positive with the past three years of activity on average increasing 123.8% over the 20-year historical high. 


Industrial demand

The overall vacancy rate for the Indianapolis industrial market continued to show resilience, a decrease of 260 basis points from the prior year. 

24.4 msf

Industrial supply

There were 24.4 msf of new industrial space under construction at year-end 2021. 


Rental pricing

Asking rents increase since 2019. Historically low vacancies have allowed landlords to push asking rates to new heights as demand continues across the Indianapolis market.

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