Indianapolis industrial market report
Q3 2025
The Indianapolis industrial market is demonstrating a steady recovery, marked by a 110-basis-point reduction in vacancy between Q1 and Q3 2025. Leasing activity has stabilized, supported by positive net absorption and a moderated development pipeline. These trends underscore improving market fundamentals and renewed momentum.
10.3%
Overall vacancy
Overall vacancy dropped to 10.3% at the end of q3 2025 , with big-box vacancy over 500,000 sf recording the largest decline, down 210 basis points from the prior quarter.
12.1 msf
Leasing activity
A total of 12.1 msf has been leased year-to-date, only slightly below the 13.3 msf leased in 2024.
-37%
Development pipeline
The development pipeline continues to shrink, down 37% from year-end 2024, with 3.3 msf in currently underway.
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