The overall vacancy rate in the Indianapolis market has continued to tick upwards the past several quarters from a recent low of 3.3% in Q2 2022 and equaled 10.9% in Q2 2024. However, this elevated vacancy rate is not an entirely accurate representation of market conditions, as vacancy is concentrated in the big-box inventory—buildings 500,000 square feet (sf) and greater.
This study digs into the overall vacancy rates for different subsets of the Indianapolis industrial market—including building size and property type—to decode the market’s overall vacancy rate.
Beneath the Surface: Decoding Indianapolis’ Industrial Vacancy
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