By Jake Sturman
Jones Lang LaSalle
Our team has determined there is currently 3.5 million SF of spec industrial space being built here, and, luckily for Indianapolis, it looks like much of this product will be filled before Q1 2014.
Chicago is the only city with more spec activity in the Midwest, with 7 million SF in the past 12 months.
Here are some of the major projects underway in our market:
- Verus Partners announced it has very good activity on the 771,000-SF bulk warehouse building in GreenParke at Airwest Business Park in Plainfield;
- ProLogis and Browning Investments leased the 622,000-SF bulk warehouse building on Ronald Reagan Parkway just north of Stafford Road to Hartz Mountain in Q1 2013;
- Atlanta-Based Industrial Developments International (IDI) is building 795,000 SF of spec space in Ameriplex near Indianapolis International Airport. NewEgg.com is contemplating leasing more than half of the building;
- Kansas City-based VanTrust Real Estate LLC is wrapping up a 450,000-SF spec building it started in May at Stanley and Perry roads in Plainfield. Recent news on this building is confidential in nature but should be announced soon;
- A joint venture of Duke Realty and Browning Investments started a 600,000-SF building, expandable to more than 1 million square feet has tremendous amount of activity;
- Opus Group and Northwestern Mutual Life have two twin 450,000-SF facilities under construction in Plainfield with completion date in early 2014. No activity announced here; and
- Lauth Property Group is set to break ground shortly on their 972,000-SF spec building in Brownsburg which will be the largest speculative building built in the last 5 years.