JLL’s fourth quarter report shows the Indianapolis industrial market is stronger than ever. According to the report, about 45 percent of current projects in the industrial market that are slated for delivery next year have already been pre-leased.
A recent article published on REJournals.com went into detail about the state of the Indianapolis industrial market, and what future holds.
According to the REJournals.com article, “The Indianapolis MSA saw more than 40 new industrial leases or lease renewals top 100,000 square feet in 2015, something that allowed net absorption levels to increase for the fourth consecutive year. Landlords in the industrial sector also enjoyed rent growth of 7.3 percent in the fourth quarter of 2015 when compared to the same quarter in 2014.
Construction crews were especially busy in the Indianapolis market last year. JLL reported that nearly 6 million square feet of new industrial construction hit the market in 2015. This followed nearly 6.4 million square feet of new industrial construction here in 2014.
That two-year total is the highest level of construction that the Indianapolis market has experienced in nearly 10 years. JLL expects plenty of new industrial space in 2016, too. According to JLL’s numbers, 2.3 million square feet of industrial space is under construction now with an additional 600,000 square feet expected to break ground by April.”
Read more about the state of the Indianapolis industrial market in the full REJournals.com article here.
Don’t forget to read Brian Seitz, Executive Vice President in JLL’s Indianapolis office, GlobeSt.com. interview here.