How strong was the Indianapolis industrial market in 2016? How about record-shattering?
Cushman & Wakefield last month held its 35th annual State of Real Estate Indianapolis event, focusing on the continuing strength of commercial real estate in the region.
The industrial report, delivered by Cushman & Wakefield senior director Bryan Poynter, was a highlight of the event, with Poynter telling the crowd that the Indianapolis industrial market shattered numerous activity records in 2016.
According to the presentation, the Indianapolis market saw the absorption of 8.3 million square feet of industrial space last year. The market also saw the signing of 11.2 million square feet of new leases, more than in 2014 and 2015 combined.
The industrial vacancy rate in the Indianapolis market fell to 3 percent, down from 5.8 percent at the end of 2015. This end-of-the-year rate was the lowest in the Indianapolis market in 36 years.
Expect this market to be just as busy in 2017. Cushman & Wakefield reported that 12 speculative industrial projects totaling 6.3 million square feet of space are expected to be delivered in 2017.