Q2 2021 Indianapolis Market Report
The Greater Indianapolis Office Market still has many workplaces not operating at full capacity even as vaccines began being rolled out on a wide scale, a steady return to the traditional office place is slowly beginning to take place. Still, the mix of remote work and commuting to a physical office is the driving concept of future office space. This hesitancy has led to a drop in the total of new leases to start the year, and negative net absorption continues to trend.
A year has passed since the onset of the COVID-19 pandemic in the United States. The demand for e-commerce, third-party logistics providers and big-box industrial real estate in general had been growing steadily over the years, but the pandemic provided a boost to that dynamic. The Indianapolis industrial market was poised to capitalize on the changing economy. Developers continue to expand the boundaries of the traditional industrial footprint by purchasing land.