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Market Report

Indianapolis Office Market Report

4Q 2021

Indianapolis Properties Prove Durable;
Risk-Averse Buyers Most Active

Office market stabilizes in metro. Overall, office fundamentals held relatively sturdy during the health crisis, with vacancy rising by only a fifth as much as the national rate last year. The metro largely avoided stringent lockdowns and the suburban nature of the inventory kept buildings generally open. Compared with other major cities, the central business district in Indianapolis is considerably less densely populated. This has helped keep vacancy in the CBD under 10 percent through June, with metrowide availability just over 12 percent, below the long-term average. Due to the low construction pipeline and more office firms with smaller locations, the market is not anticipated to struggle nearly as much in the coming months regardless of the impact of COVID-19 variants.

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