INDIANAPOLIS—In 2014, secondary office markets across the US sawincreased leasing velocity and investment, something that forseveral years had been mostly confined to the hot coastalmarkets. Indianapolis was one of the cities which havebegun to see big improvements this year, and in the third quarterthat recovery has continued, according to new research justpublished by Cassidy Turley. The firm reportsstronger leasing velocity and improved fundamentals in all classesof office space. Furthermore, all classes of space posted occupancygains for the third quarter and the year.

“It was another very strong quarter for the Indianapolis officemarket, and I was particularly pleased to see that growth is nowpermeating all classes of space as tenant expansions and newleasing continue to accelerate,” says JasonTolliver, regional vice president in Cassidy Turley'sIndianapolis office. “It is also very encouraging to see that jobopenings in important office sectors are rising, suggesting thestrong employment trends that have propelled the Indianapolisrecovery will continue to strengthen.”

Tenants in the region absorbed 94,487-square-feet in the thirdquarter of 2014 with net occupancy gains for the year at238,918-square-feet. “Notable leasing activity for the year hassurpassed 1.6-million-square-feet with over 400,000-square-feetoccurring during the third quarter,” Cassidy Turley found.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.