Figures

Indianapolis Industrial Figures Q4 2023

Indianapolis Industrial begins to moderate after record run.

January 9, 2024 5 Minute Read

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‒Absorption in Indianapolis remained flat again in the fourth quarter (124,000 SF), rising only 5,000 SF above the third quarter (119,000 SF) but ending the year at 10.5 MSF. Roughly 37% off the record high of 16.7 MSF in 2021 but still the third highest year on record.
‒The historic supply of vacant speculative product that has delivered in the past year continued to put upward pressure on vacancy across the metro. Vacancy increased by an additional 70 bps (0.70%) to 9.3% in the fourth quarter.
‒Average asking rates remained flat at $5.98 in the fourth quarter. As the bulk of the speculative pipeline was delivered in the first three quarters of 2023.
‒Leasing activity declined this quarter to just over 3.8 MSF, a decline of 2.3 MSF over the third quarter. Total transaction activity ended 2023 at 21.1 MSF.