Regional Summaries

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Indianapolis, IN

The 120,830-unit Indianapolis apartment market was balanced in early 2017, with 269 units of new supply and 305 units of net absorption through April. The vacancy rate was 5.3% that month, unchanged year-to-date. Rent gains were strong during the five years from 2012 to 2016, averaging 3.0% asking and 3.3% effective. During the first quarter of 2017, the average asking rent increased 0.8% to $816 per month, and the average effective rent rose 0.7% to $783 per month. Overall rents increased a strong 0.3% by both measures in April 2017. VIEW APARTMENT LISTINGS >
The 132.8-million-square-foot Indianapolis warehouse/distribution market didn’t get any speculative new supply within established Reis submarkets in early 2017, according to Reis, so 364,000 square feet of net absorption pushed the vacancy rate down 20 basis points to 10.4% in April. Both the average asking rent and the average effective rent increased 0.5% during the first quarter to $4.08 psf and $3.71 psf. There was no further change in April. Development is also picking up in the 14.8-million-square-foot Indianapolis Flex/R&D market, with three projects with 522,400 square feet under construction following limited new supply from 2010 to 2016. Net absorption totaled 174,000 square feet in the first four months of 2017, and the vacancy rate fell 150 basis points year-to-date to 14.4% in April. The average asking rent increased 0.4% to $6.96 psf in the first quarter, with the average effective rent up 0.5% to $6.03 psf. The April gains were 0.1% and 0.2%, respectively. VIEW INDUSTRIAL LISTINGS >
The 33.1-million-square-foot Indianapolis general purpose, multi-tenant office space market tightened in early 2017 despite the completion of four more owner-occupied buildings with nearly 400,000 square feet. Multi-tenant net absorption still totaled 201,000 square feet through April, and the vacancy rate is down 60 basis points year-to-date to 18.3%. Rent gains remain limited here, having generally been below 2.0% at best since the year 2000. In the first quarter of 2017, both the average asking rent and the average effective rent increased 0.5% to $18.63 psf and $14.84 psf, respectively. The latter edged up a penny in April. VIEW OFFICE LISTINGS >
The 18.3-million-square-foot metro Indianapolis community-neighborhood shopping center market was weak in early 2017, with 40,000 square feet of negative net absorption in April following a barely positive first quarter. The April vacancy rate was 14.5%, up 10 basis points year-to-date. The average asking rent decreased 0.1% over the first quarter to $15.34 psf, with the average effective rent also down 0.1% to $13.19 psf. Rents had fallen 0.2% by both measures in the fourth quarter of 2016. April 2017 saw a slight recovery with gains of 0.1% asking and 0.2% effective. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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