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Market Trend: Indianapolis' Mid-Year Industrial Deliveries, Construction and Inventory

September 14, 2017
During the second quarter 2017, eight buildings totaling 1,320,689 square feet were completed in the Indianapolis market area. This compares to five buildings totaling 657,823 square feet that were completed in the first quarter.

There were 4,375,014 square feet of Industrial space under construction at the end of the second quarter 2017.

Some of the notable 2017 deliveries include: Sunbeam Two, a 602,073 square-foot facility that delivered in first quarter 2017 and is now 100% vacant, and IU Health Integrated Distribution Center, a 293,423 square-foot building that delivered in second quarter 2017 and is now 100% occupied.

The largest projects underway at the end of second quarter 2017 were Layton Industrial Park - Building 1, an 850,000 square-foot building that is 100% available, and GreenParke II, a 702,000 square-foot facility that is 100% pre-leased.

Total Industrial inventory in the Indianapolis market area amounted to 328,111,536 square feet in 6,756 buildings as of the end of the second quarter 2017. The Flex sector consisted of 23,978,945 square feet in 1,030 projects. Within the Industrial market there were 1,167 owner-occupied buildings accounting for 69,573,326 square feet of Industrial space.

This trend is compared to the U.S. National Industrial deliveries, which saw 537 buildings totaling 64.42 million square feet completed in the second quarter, with 272.4 million square feet of industrial space still under construction across the country. Total Industrial inventory in the U.S. market area amounted to almost 22.2 billion square feet across more than 643,700 buildings, including 92,000 flex projects and 72,000 owner-occupied buildings.

The information in this news report is based on CoStar’s Second Quarter 2017 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.

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