by Dan Rafter
The Indianapolis office market remains on the rise, according to the latest research from CBRE.
According to CBRE’s second quarter Office MarketView report, the Indianapolis metropolitan area saw 95,156 square feet of positive net absorption during the second quarter of the year. The office market here also posted an improving vacancy rate of 17.5 percent.
Several big projects are ready to hit the Indianapolis office market, though, and might have an impact on its vacancy rate. The Artistry Phase II, River North at Keystone and The Switch are all under construction now. CBRE reports that these projects will add 143,256 square feet of office space to the Indianapolis market.
These projects, while important, are not the only office developments now under construction. CBRE reported that in downtown Indianapolis alone has $1.4 billion worth of commercial real estate under construction.
“A surge in mixed-use urban development and leasing activity continued to drive organic growth,” said Mary Beth Kohart, first vice president at CBRE’s Indianapolis office. “Indianapolis is positioning itself for the future by attracting and retaining influential occupiers and workforce talent.”
Other big office transactions in the Indianapolis market in the second quarter includes Carrington Mortgage Services expanding by 76,000 square feet and Centene Management Company signing a new lease in Park Fletcher for 36,000 square feet.