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.



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.

7.1 msf

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.

Download the Indianapolis Quarterly Industrial Report

Your source for the latest Indianapolis industrial real estate reports

Stay on top of current trends affecting the industrial real estate sector in Indianapolis. Gain an overall better understanding of Indianapolis' industrial real estate market conditions, so you can better formulate strategies to overcome any obstacle and know how to best invest in industrial real estate in Indianapolis.

Here, you’ll always find the latest industrial real estate market news so you can stay ahead. Come back often to see expert insights on the current and future of Indianapolis industrial real estate market.

Get the latest Indianapolis industrial market reports right in your inbox