Indianapolis Records a Big Industrial Quarter

650 Commerce Parkway East in Greenwood, IN, was built in 2014 and just got filled.

INDIANAPOLIS—The Indianapolis industrial market needed a big quarter to begin absorbing the massive amount of speculative construction completed in the past two years, and the first quarter of this year was one of the best it ever had. According to a new market report from CBRE, there was 2.95 million square feet of net absorption, the most gained in a quarter since 2007. Most of the gains were realized in warehouse buildings, specifically the modern bulk distribution buildings so popular will builders in 2014.   

“It’s been fairly quiet recently, especially on what we call needle-moving events,” Jeremy Woods, first vice president at CBRE’s Indianapolis office, tells GlobeSt.com. But in the first three months of the year, there were more than 4.2 million square feet of leases signed, an increase of about 1.8 million square feet over both the last quarter and the same period last year.