Indianapolis industrial market report
Q1 2026
The Indianapolis industrial market continues to build on its positive trajectory, supported by tightening vacancy rates, steady absorption, and active leasing demand. A measured approach to new development has reinforced market fundamentals, creating a more balanced supply-and-demand environment. After the significant wave of construction in 2022, the market has recalibrated, setting the stage for sustained stability and long-term growth.
4.9msf
Leasing volume
Leasing volume remained active with a total of 4.9 msf leased in Q1 2026, slightly trailing the previous four-quarter average of 5.3 msf.
8.3%
Overall vacancy
Overall vacancy is down an impressive 60 basis points quarter-over-quarter, highlighting strengthening tenant demand across the market.
3.8 msf
Construction activity
Construction activity remains limited, with only 3.8 msf currently under development.
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