Downtown office market strengthening
The downtown submarket recorded its strongest quarter since late 2011 by absorbing about 110,500 square feet of space, which lowered vacancy to 18.8 percent, CBRE statistics show.
The downtown submarket recorded its strongest quarter since late 2011 by absorbing about 110,500 square feet of space, which lowered vacancy to 18.8 percent, CBRE statistics show.
Stronger absorption in the metro area is pushing vacancy down and rental rates up, mid-year office reports show, even though downtown’s vacancy rate remains above 20 percent.
IBJ’s Commercial Real Estate Focus sections include statistical snapshots of Indianapolis’ multi-tenant office vacancy rates and the local industrial market.
Both markets posted strong results as demand for space improved following the recession. Downtown office demand remained weak, however.
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Read statistics on Indianapolis area multi-office vacancy rates and the local industrial market.
Several sprawling distribution centers have been built, or are under construction, to ship directly to consumers.
Indianapolis Business Journal gathered leaders in the state's commercial real estate and construction industry for a Power Breakfast panel discussion Sept. 13.
Among the topics the panel discussed were the factors driving downtown growth, which types of office space are in demand, the types of projects being built, and how the industrial sector has sustained its strength.
Check out the latest office and industrial statistics.
The improvement was sparked by growing occupancy in the suburban office market, where the vacancy rate fell from 20.3 percent to 18.2 percent.
The vacancy rate for Class A space approached 20 percent in 2011 for the first time in at least 15 years and kept trending upward, settling at 21.4 percent at the end of last year.
Commercial Real Estate Focus sections include statistical snapshots of Indianapolis' multi-tenant office vacancy rates and the local industrial market.
Downtown’s vacancy rate continues to hover around 20 percent, according to mid-year market reports, with more space becoming available than was leased. Meanwhile, the northern suburban market is showing the most improvement.
Commercial Real Estate Focus sections include statistical snapshots of Indianapolis' multi-tenant office vacancy rates and the local industrial market.
Commercial Real Estate Focus sections include statistical snapshots of Indianapolis' multi-tenant office vacancy rates and the local industrial market.
Commercial Real Estate Focus sections include statistical snapshots of Indianapolis' multi-tenant office vacancy rates and the local industrial market.
Figures from Cassidy Turley showed the suburban market growing by 247,000 square feet while downtown contracted by 68,000 square feet in the first half of the year.
Net absorption was the highest in five years, chipping away at what has been a chronically high vacancy rate.
Cassidy Turley's research director said the pace of leasing activity is the best he’s seen in 18 to 24 months.
Statistics for Indianapolis office and industrial property.