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Regional Summaries

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Indianapolis, IN

Apartment
The 121,400-unit Indianapolis apartment market November 2017 vacancy rate was 5.7%, up 50 basis points year-to-date. Effective rents are now rising more slowly than average incomes, thanks to concessions. During the portion of 2017 through November, the average asking rent increased 2.1% to $828 per month, but the average effective rent was up just 1.3% to $789 per month. VIEW APARTMENT LISTINGS >
Industrial
The 134.9-million-square-foot Indianapolis warehouse/distribution market had 1.87 million square feet of new supply and 2 million square feet of net absorption for 2017 through November, as a logistics boom took hold. The November vacancy rate was 9.9%, down 30 basis points year-to-date. The average asking rent was $4.15 psf that month, up 2.1% year-to-date, with the average effective rent at $3.79 psf, up 2.8%. The 14.8-million-square-foot Indianapolis Flex/R&D market had 381,000 square feet of net absorption and no new supply for 2017 through November, with the vacancy rate down 260 basis points to 9.7% that month. There is just one project under construction, with 72,000 square feet, and the vacancy rate is expected to remain in the vicinity of 10.0% going forward. The average asking rent was $7.07 psf in November, up 1.7% year-to-date, with the average effective rent at $6.13 psf, up 1.9%. VIEW INDUSTRIAL LISTINGS >
Office
The 33.3-million-square-foot Indianapolis general purpose, multi-tenant office market remains weak, but at least it isn’t getting much weaker. The 137,000-square-foot Allied Solutions Headquarters, classified as a competitive property, completed construction in September, bringing the year-to-date new supply total to 167,000 square feet. Multi-tenant net absorption totaled 123,000 square feet year-to-date through November, and the vacancy rate edged up 10 basis points to 19.1%. The average asking rent was $18.96 psf, up a moderate 2.4% year-to-date, and the average effective rent was $15.10 psf, up 2.2%. VIEW OFFICE LISTINGS >
Retail
The 18.3-million-square-foot metro Indianapolis community-neighborhood shopping center market had negative net absorption in 2017, with a total of minus 240,000 square feet through November. The November vacancy rate was 15.7%, up 130 basis points year-to-date. The average asking rent was $15.55 psf in November 2017, up 1.3% year-to-date, and the average effective rent was $13.38 psf, up 1.3%. This follows gains of 1.8% and 1.9%, respectively, in 2016. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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