房地产 -2025年第四季度印第安纳波利斯工业数据 Indianapolis Industrial Figures Q4 2025

CBRE

FIGURES|INDIANAPOLISINDUSTRIAL|Q42025

IndianapolisVacancyContractsatRecordPace

8.2%

VacancyRate

6.2M

SFNetAbsorption

823,625

SFConstructionDelivered

2.7M

SFUnderConstruction

$6.24

NNN/YRDirectLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

SUMMARY

—Indianapolisindustrialvacancycontinuestocontractatrecordpaceastenantsrushtosecurespaceandonlysmallerspecspacesarebeingbuilt.

—Vacancyexperiencedsignificantcontraction,decreasingto8.2%,downfrom11.5%inQ1

2025.RUSHLogistics,FaithTechnologiesandHyster-YaleMaterialsHandlingwereamongthosesigningnewleases.

—Ofthe2.7millionsq.ft.constructionunderway,75%,ofthespaceispre-leased.Thelargestpre-leasedspaceisthe1.5millionsq.ft.buildingforHarperCollinsintheWestsubmarket.Constructionshouldfinishbyyear-end2026.

—TheSoutheastandEastsubmarketshavethehighestvacancyratesat19.2%and16.4%,

respectivelyduetotenants’desiretobeinthewesternsubmarkets.Thelargestmove-outisLandsbergOrora,whichvacatedits100,000sq.ft.BTSinMtComfortintheEastsubmarket.TheNortheastandNorthhavethelowest,below4%.

—Askingratesrose$0.21from$6.03inQ32025asdemandhasincreased.

FIGURE1:HistoricalAbsorption,Deliveries,andVacancy

Sq.Ft.millions

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

(2.0)

(4.0)

Vacancy%

14

12

10

8

6

4

2

0

NetAbsorptionDeliveriesVacancyRate

Source:CBREResearch,Q42025

1CBRERESEARCH©2026CBRE,INC.

FIGURES|INDIANAPOLISINDUSTRIAL|Q42025

2CBRERESEARCH©2026CBRE,INC.

AvailabilityRate

TheEastsubmarketsawthebiggestchangeasavailabilitydroppedfrom23.6%to15.7%fromthebeginningoftheyear,drivenlargelybyAmazonacquiringandoccupyingGreenfieldFarms3inMtComfort.

Whilemostsubmarketssawtheiravailabilityratesdrop,tenantsavoidedtheSoutheast,

preferringothersubmarkets,particularlythewesternones,nearertoIndianapolisInternationalAirportandtheFedExhub.Asaresult,thesubmarket’savailabilityremainedunchangedinthe21%range.

Availablesubleasespacestoodat1.0%inQ42025,adecreaseof10bpsquarter-over-quarterandadecreaseof40bpsyear-over-year.Someofthecontractionwasduetosubleasesbeingwithdrawn.BelkinIntlremoved158,000sq.ft.fromthemarketinQ42025aftersubleasing

107,859sq.ft.toGAOLogisticsinthepreviousquarter.Somesubleaseswerewithdrawnduetotheleasenearingitsend.Otherswereduetoincreasedbusinessandtherenewedneedfor

space.

AskingRent

Averageaskingrentroseto$6.24persq.ft.yearnetatthecloseofQ42025,up2.3%($0.14)quarter-over-quarter,andup3.8%,($0.23)year-over-year.Overthelast3-yearsquarterly

averageaskingrentwasup16.6%($0.89).

TheNortheastsubmarkethadthehighestaskingrent,$8.71,whichrosefrom$7.39inQ32025.TheNorthwestsubmarkethadthesecondhighestaskingrentforQ42025at$8.32.Itwasup$0.76centsfromthepreviousquarter.

Askingrentforthedistribution/logisticssectordroppedslightlyto$5.87from$5.94inQ32025.

FIGURE2:AvailabilityRates

AvailabilityRate(%)

12

10

8

6

4

2

0

14

一OverallDirectSublease

Source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(NNN/YR)

$/SF

7.006.806.606.406.206.005.805.605.405.20

5.00

Source:CBREResearch,Q42025

FIGURES|INDIANAPOLISINDUSTRIAL|Q42025

3CBRERESEARCH©2026CBRE,INC.

NetAbsorption

Thisquarter,twoofthefourbiggesttransactionsinvolvedbuildingpurchases.Amazonboughtandoccupiedthe1,053,360SFGreenfieldFarms3,intheEastsubmarket,andD&HDistributingboughtandoccupiedthe602,21SFI-65ParkSouthLogisticsCenter1intheSouthsubmarket.

Afteraslowstarttotheyear,Indianapolis’totalabsorptionfortheyearis11.4MSF.

ConstructionActivity

InQ42025therewere11projectsunderway,totaling2.7millionsq.ft.Mostwerelessthan

300,000SFeach.ThelargestistheHarperCollinsbuilding,at1.5millionsq.ft.Allareexpectedtobefinishedin2026.

WolterIndustrialPark808,a31,500SFbuildingintheEastsubmarketistheonlyspecbuildingcompletedthisquarter.

Indianapolis’constructionlevelhasfallendramaticallyfromalmost30MSFunderconstructioninQ42022.However,withavailabilitytightening,developersareplanningmorenew

constructioninthespringof2026.Inparticular,NorthfieldDriveCommercialPhaseIIBuilding2at238,260SFisexpectedtohavewallsgoinguparoundMarch.EstimatedcompletionisinQ32026.Park65Building1intheNorthwestandMcCordsvilleCommercialPark1areplannedforconstructioninQ22026.

FIGURE4:NetAbsorptionTrend

Sq.Ft.millions

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0(1.0)

(2.0)

(3.0)

NetAbsorptionRolling4QAvg.

Source:CBREResearch,Q42025

FIGURE5:ConstructionActivity

Sq.Ft.millions

35.0

30.0

25.0

20.0

15.0

10.0

5.0

0.0

UnderConstructionDeliveries

Source:CBREResearch,Q42025

FIGURES|INDIANAPOLISINDUSTRIAL|Q42025

4CBRERESEARCH©2026CBRE,INC.

LeasingActivity

LeasingactivityintheIndianapolisIndustrialinQ42025totaledmorethan8.1MSF.61%oftheleaseswererenewals,heavilyconcentratedintheSouthwestsubmarketTherestoftheQ4

leaseswerenewdeals.MostofthenewdealswereconcentratedintheNorthwestsubmarket.

ThelargesttwowereFaithTechnologiesleasing672,944SFatI-65LogisticsCenteratPark130andaconfidentialtenant.

ThelargestnewdealswereHyster-Yaleleasing712,800SFatReaganLogisticsParkBuildingBandFaithTechnologies.

ThelargestrenewalswereHanzoLogisticsat450AirtechParkwayandRUSHLogisticsatSouthpointTwoinGreenwood.

FIGURE6:LeasingActivityTrend–Leases0sq.ft.andup

Sq.Ft.millions

12.0

10.0

8.0

6.0

4.0

2.0

0.0

FIGURE7:LeasingActivitybySubmarket–Leases0sq.ft.andup

North

CBD

Southeast

Northeast

East

West

4,000

42,130

56,160

207,635

626,370

783,000

1,827,648

Southwest

2,161,322

South

2,399,130

Northwest

Source:CBREResearch,Q42025

Source:CBREResearch,Q42025

FIGURE8:KeyLeaseTransactions

TenantSq.Ft.LeasedTransactionTypeAddressSubmarket

720,000

Renewal

Southwest

HanzoLogistics

450AirtechPkwy

712,800

10144VeteransDr

NewLease

West

Hyster-YaleMaterialsHandling

672,944

FaithTechnologies

Northwest

NewLease

6055CommerceDr

617,316

ConfidentialTenant

South

NewLease

822GatewayDr

RUSHLogistics584,820NewLease1175CollinsRdSouth

RUSHLogistics511,680Renewal764NGrahamRdSouth

ConfidentialTenant

501,120

Renewal

5300PerformanceWay

Northwest

ConfidentialTenant

497,860

Renewal

4080PerryBlvd

Northwest

ResMedCorp.446,500NewLease1415CollinsRdSouth

CumminsEngineCo.

414,424

NewLease

1100WhitakerRd

Southwest

Source:CBREResearch,Q42025

FIGURES|INDIANAPOLISINDUSTRIAL|Q42025

5CBRERESEARCH©2026CBRE,INC.

MarketStatisticsbySize

Avg.DirectAskingCurrentQuarterNet

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Rate(NNN/YR)

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

Under100,000sq.ft.

52,100,923

3.8

4.5

3.9

0.6

8.86

227,952

(176,450)

69,000

323,755

100,000-199,999sq.ft.

48,377,485

6.0

7.8

7.0

0.7

8.19

472,612

180,744

0

0

200,000-299,999sq.ft.

33,593,499

9.7

8.7

8.0

0.7

7.09

(157,423)

899,131

248,321

799,680

300,000-499,999sq.ft.

56,237,708

9.0

6.7

6.5

0.2

5.81

235,812

162,452

0

0

500,000-749,999sq.ft.

69,608,882

6.3

6.5

6.3

0.2

5.65

4,359,116

7,860,552

506,304

0

750,000sq.ft.

87,634,383

12.4

12.5

9.8

2.8

5.32

1,053,060

2,282,523

0

1,572,032

Total

347,552,880

8.2

8.1

7.1

1.0

6.24

6,191,129

11,208,952

823,625

2,695,467

MarketStatisticsbyProductType

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

Distribution/Logistics

280,119,878

9.6

9.5

8.3

1.2

6.18

6,135,73810,814,101

792,125

2,552,513

Manufacturing

51,890,183

1.6

1.5

1.4

0.1

4.88

83,743(113,986)

0

80,954

R&D/Flex

15,116,287

4.3

5.4

5.1

0.3

10.10

(28,352)(130,057)

31,500

32,000

OtherIndustrial

426,532

0.0

7.6

7.6

0.0

0.00

0638,894

0

30,000

Total

347,552,880

8.2

8.1

7.1

1.0

6.24

6,191,12911,208,952

823,625

2,695,467

MarketStatisticsbyClass

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

ClassA

118,369,628

17.1

16.3

13.9

2.4

5.84

5,358,99510,214,393

754,625

544,680

AllOtherBuildings

229,183,252

3.6

3.9

3.6

0.3

7.10

832,134994,559

69,000

2,150,787

Total

347,552,880

8.2

8.1

7.1

1.0

6.24

6,191,12911,208,952

823,625

2,695,467

FIGURES|INDIANAPOLISINDUSTRIAL|Q42025

6CBRERESEARCH©2026CBRE,INC.

MarketStatisticsbySubmarket

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

CBD

27,274,666

4.1

4.2

4.0

0.2

7.57

(1,599)

(497,246)

0

0

East

57,185,624

16.4

15.7

15.6

0.1

5.68

1,964,194

2,632,327

537,804

368,796

North

3,898,771

3.5

5.4

4.9

0.5

9.08

4,706

(20,002)

0

112,954

Northeast

24,616,046

3.3

3.5

3.1

0.4

8.71

248,955

9,687

0

325,341

Northwest

73,947,486

3.9

3.3

3.1

0.2

8.32

1,459,943

4,296,071

248,321

286,344

South

29,045,907

10.6

9.4

9.1

0.3

6.78

1,406,048

1,318,063

0

0

Southeast

15,704,294

19.2

21.1

16.2

4.9

4.89

57,360

877,251

0

0

Southwest

76,800,454

6.5

7.4

5.9

1.4

6.21

39,441

(769,060)

0

30,000

West

39,079,632

7.8

7.5

4.5

3.0

6.52

1,012,081

3,361,861

37,500

1,572,032

Total

347,552,880

8.2

8.1

7.1

1.0

6.24

6,191,129

11,208,952

823,625

2,695,467

FIGURES|INDIANAPOLISINDUSTRIAL|Q42025

7CBRERESEARCH©2026CBRE,INC.

EconomicOverview

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsare

helpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.Consumerconfidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouch

softerthanin2025.Akeycatalystisasofterlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofter

inflationandlong-termbondyieldstrendingjustbelow4%byH22026.

FIGURES|INDIANAPOLISINDUSTRIAL|Q42025

MarketAreaOverview

Definitions

AvailableSq.Ft.:Spaceinabuilding,readyforoccupancywithinsixmonths;canbeoccupiedorvacant.AvailabilityRate:Total

AvailableSq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgross

leaserate,weightedbytheircorrespondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,

typicallytakenatthe“dripline”ofthebuilding.GrossActivity:Allsaleandleasetransactionscompleted