Intelligence

Regional Summaries

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Indianapolis, IN

Apartment
Development paused in the 124,356-unit Indianapolis apartment market in the first quarter of 2019, but demand remained strong. The 303 units of net absorption for the quarter reduced the vacancy rate 30 basis points to 5.1%. That is also down 30 year-over-year. The average asking rent increased 0.5% during the first quarter to $882 per month, and the average effective rent rose 0.6% to $837 per month. The year-over-year gains are large at 4.5% and 4.4%, respectively. VIEW APARTMENT LISTINGS >
Industrial
The 139-million-square-foot Indianapolis warehouse/distribution market continues to boom, with 1.3 million square feet of net absorption in the first quarter of 2019 and a 100-basis-points decrease in the vacancy rate to 8.2%. The rate is down 190 basis points year-over-year. The average asking rent increased 0.5% during the quarter to $4.29 psf, with the average effective rent up 0.8% to $3.96 psf. The year-over-year gains are 2.6% and 3.7%, respectively. The 14.8-million-square-foot Indianapolis Flex/R&D market first quarter 2019 vacancy rate was 9.7%, down 30 basis points over the quarter and down 70 basis points year-over-year. The average asking rent increased 0.1% over the quarter to $7.13 psf, and the average effective rent rose 0.2% to $6.16 psf, for year-over-year gains of 0.6% and 0.2%, respectively. VIEW INDUSTRIAL LISTINGS >
Office
The 33.5-million-square-foot Indianapolis general purpose, multi-tenant office market took a hit in the first quarter of 2019, with 127,000 square feet of negative net absorption. The vacancy rate increased 40 basis points during the quarter, and it is up 30 year-over-year to 19.5%. Rents continue to creep up, as both the average asking rent and the average effective rent edged up 0.5% in the first quarter. The year-over-year gain is 1.9% by both measures, to $19.48 psf asking and $15.52 psf effective. VIEW OFFICE LISTINGS >
Retail
The 18.5-million-square-foot metro Indianapolis community-neighborhood shopping center market has a high first quarter 2019 vacancy rate of 16.3%, down 10 basis points during the period but up 30 from a year earlier. Average rents are barely rising. They increased 0.1% by both measures over the quarter, and are also up just 0.1% by both measures year-over-year, to $15.88 psf asking and $13.67 psf effective. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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