There are a few things that stand out as interesting about this list:
- Only three of the owners would have made this “Top 10” list 10 years ago: Duke, Prologis and First Industrial. Indianapolis has been a very attractive market for developers and buyers over the past decade and, as such, has lured several new players to town.
- This list is dominated by developers, not just institutional owners. The institutional owner (non-developer) buyers of industrial product is a much more fragmented pool.
- The Top 10 has total holdings of over 50 million SF which is a larger combined portfolio than the next 30 largest owners. The big will continue to get bigger due to industry consolidation.
- Every major business park in Indianapolis has at least one of the Top 10 owners in its midst. The larger owners tend to diversify their submarkets and building types.
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