Expect to see more big distribution centers in the Indianapolis area as you drive around town or come in for a landing at Indianapolis International Airport. Indianapolis is leading the Midwest in industrial square footage under construction, thanks in large part to recovery in the housing and auto industries, booming online retail sales and a decades-low industrial vacancy rate of 3.3 percent, the real estate brokerage Cassidy Turley says in its annual State of Real Estate report. Cassidy says 3.2 millon square feet are under construction, putting Indianapolis well ahead in speculative development compared to nearby cities including Chicago (1.7 million square feet), Cincinnati (900,000 square feet) and Minneapolis (350,000 square feet). Projects under construction include a 795,000-square foot project in AmeriPlex by Atlanta-based Industrial Developments International, a 771,000-square-foot warehouse in GreenParke in Plainfield by Chicago-based Verus Partners (shown above), and a 622,000-square-foot project on Ronald Reagan Parkway by ProLogis and locally based Browning Investments.
Interested in Cassidy's outlook for retail, office and investment real estate? Check out IBJ's full State of Real Estate story.