Q3 2022 Market Report

Q3 2022 Indianapolis Market Report

The end of the third quarter in the Indianapolis office market saw vacancy increase to 19.5% as users continue to reshuffle and rethink their space needs. Direct quarterly net absorption was at negative 280,000 square feet; firms continue to put sublease space on the market which added to total negative absorption.

The Indianapolis industrial market continues to be hot as vacancy rates maintain and rental rates, as well as net absorption continue to increase. Indiana consistently ranks in the top 10 states for conducting business operations. Notably, the Hoosier state also ranks fifth* for logistics and infrastructure, and recently took CNBC’s top honors for infrastructure, ** a survey that reviewed volume of goods transported, freight capacity, road conditions, broadband, and a host of other factors.