Q4 2020 Indianapolis Market Report
The Indianapolis office market continued to remain soft in the fourth quarter and is expected to remain so due to slow demand and the structurally oversupplied market with high vacancy. Landlords continue to remain competitive, reducing rents and offering larger concession packages to compete as the market continues to soften.
Conversely, the industrial market continues to thrive as we end the fourth quarter. Rates are up slightly and vacancy continues to stay low especially for manufacturing and transportation sectors. Completed construction continues to pace above last year’s record-breaking total as we head into 2021.