INDIANAPOLIS—Developers in the region around this city took a bit of a breather in 2016, but in 2017 the pace of new construction has quickened. The Opus Group just became the latest builder to take advantage of the robust demand from local users. The Minneapolis-based firm has started construction on a 495,977-square-foot speculative industrial development in Greenwood. IN, a suburb just south of the city. The project, known as Greenpointe Logistics Center and Opus' first in the submarket, is a joint venture with Diamond Realty Investments, Inc.

“With a strong labor force in the area, this building will meet the growing demand for space, while satisfying both employees and tenants with a centrally located, modern industrial facility,” says Douglas J. Swain, vice president, real estate development, Opus Development Co., LLC.

Many developers took a wait-and-see attitude toward this region in 2016, largely because a historic building boom left a good deal of new space on the market. But 2016 turned out to be one of Indianapolis' best ever in terms of net absorption, and that set the stage for 2017, according to a recent report from Colliers International. Tenants absorbed almost ten million square feet of space in 2016, a big leap over 2015, when users absorbed 3.5 million square feet. And another 1.4 million square feet was occupied in this year's first quarter alone.