Indianapolis Industrial Figures Q2 2026

—Vacancy rate fell to lows not seen since 2022.

—Fewer spaces in existing buildings limited tenant choices and drove up base rents.

—Q2’s 3.1M sq. ft. absorption, although lower than the previous three quarters, has totaled an impressive 19M sq. ft. of occupancy in 12 months.

—Strong demand for space has allowed owners to demand higher prices for their space. The direct lease rate rose $0.10 from $6.33 to $6.43 (1.6%) during the quarter.

—Developers addressed the low vacant space issue with 12 speculative buildings under construction around the metro area and more planned to start in Q3 2026.