Market sees seventh consecutive quarter of positive net absorption, decreased vacancy rate
Indianapolis, IN – January 25, 2016 – The Indianapolis office market ended the year strong with its seventh consecutive quarter of positive net absorption and a decreased vacancy rate of 16.5 percent. This brings the total net absorption to 603,800 square feet in 2015, according to CBRE’s Office MarketView for Indianapolis.“Additional strong activity and net absorption coupled with limited amount of construction deliveries, should result in an increase in lease rates in 2016,” said John Vandenbark, senior vice president at CBRE’s Indianapolis office.
Other highlights from the report include:
- Total downtown leasing activity for 2015 was nearly 600,000 square feet while suburban submarkets recorded approximately 1.5 million square feet of leasing activity. The volume of market activity doesn’t appear it will slow down in 2016.
- The Switch (fully leased at time of delivery) and Cumberland Centre V (50 percent leased) were brought online this quarter adding about 35,000 square feet of positive absorption in the Fishers/Geist submarket.
- Construction continues at Lakeside Green Business center, River North at Keystone and The Edge with expected deliveries in 2016.
CBRE’s Indianapolis office is the only fully integrated real estate services firm in the State of Indiana and has been the city’s leader in commercial real estate services since its inception in 1981. For more information, please contact John Merrill, Managing Director.
To access the report click here. To speak to a CBRE professional, please contact Joe Ludwig at +1 513 369 1305 or joe.ludwig@cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
