Insights
Indiana
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BACK TO INSIGHTSEXPLORE 3 Indiana MARKETSToggle markets
VACANCY
Apartment
Average Vacancy Rate 5.1%
- Drifted upward by 20 basis points.
- Highest level since year-end 2011.
- Expected to finish 2021 at 4.9%.
Distribution / Warehousing
Average Vacancy Rate 13.9%
- Declined by 50 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2021 at 13.4%.
Flex / R&D
Average Vacancy Rate 12.1%
- No change since year-end 2020.
- Among the 20 highest vacancies nationally.
- Expected to finish 2021 at 12.9%.
Office
Average Vacancy Rate 19.2%
- Increased by 70 basis points.
- Highest level since Q1 2015.
- Expected to finish 2021 at 19.9%.
Retail
Average Vacancy Rate 10.6%
- Lowest in the Midwest region, thirty-fifth lowest in the nation.
- No change since year-end 2020.
- Lowest level since year-end 2005.
RENT
Apartment
Average Asking Rent $968
- Up 0.3% from year-end 2020.
- Expected to finish 2021 at $989.
Distribution / Warehousing
Average Asking Rent $3.85
- Flat since year-end 2020.
- Expected to finish 2021 at $3.94.
Flex / R&D
Average Asking Rent $6.68
- Up 0.3% from year-end 2020.
- Expected to finish 2021 at $6.71.
Office
Average Asking Rent $19.88
- Down 0.8% from year-end 2020.
- Expected to finish 2021 at $19.50.
Retail
Average Asking Rent $16.50
- Up 0.1% from year-end 2020.
- Expected to finish 2021 at $15.83.
VACANCY
Apartment
Average Vacancy Rate 5.3%
- No change since year-end 2020.
- Highest level since Q1 2018.
- Expected to finish 2021 at 5.3%.
Distribution / Warehousing
Average Vacancy Rate 11.6%
- Drifted upward by 10 basis points.
- Expected to finish 2021 at 11.0%.
Flex / R&D
Average Vacancy Rate 9.8%
- Lowest in the Midwest region, twenty-first lowest in the nation.
- Drifted upward by 40 basis points.
- Expected to finish 2021 at 10.1%.
Office
Average Vacancy Rate 21.0%
- Drifted upward by 30 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2021 at 22.2%.
Retail
Average Vacancy Rate 16.3%
- Drifted downward by 10 basis points.
- Among the 10 highest vacancies nationally.
- Expected to finish 2021 at 18.6%.
RENT
Apartment
Average Asking Rent $944
- Up 0.5% from year-end 2020.
- Expected to finish 2021 at $965.
Distribution / Warehousing
Average Asking Rent $4.55
- Up 0.4% from year-end 2020.
- Expected to finish 2021 at $4.63.
Flex / R&D
Average Asking Rent $7.29
- Up 0.3% from year-end 2020.
- Expected to finish 2021 at $7.29.
Office
Average Asking Rent $20.05
- Up 0.2% from year-end 2020.
- Expected to finish 2021 at $19.69.
Retail
Average Asking Rent $15.65
- Up 0.1% from year-end 2020.
- Expected to finish 2021 at $14.72.
VACANCY
Apartment
Average Vacancy Rate 7.4%
- Has risen for six consecutive quarters.
- Among the 10 highest vacancies nationally.
- Expected to finish 2021 at 7.4%.
Distribution / Warehousing
Average Vacancy Rate 13.1%
- Drifted downward by 30 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2021 at 12.7%.
Office
Average Vacancy Rate 20.4%
- Drifted downward by 20 basis points.
- Expected to finish 2021 at 21.3%.
Retail
Average Vacancy Rate 9.9%
- Drifted downward by 20 basis points.
- Expected to finish 2021 at 11.5%.
RENT
Apartment
Average Asking Rent $870
- Up 0.6% from year-end 2020.
- Fastest rate of increase in five quarters.
- Expected to finish 2021 at $887.
Distribution / Warehousing
Average Asking Rent $4.37
- Up 0.5% from year-end 2020.
- Expected to finish 2021 at $4.42.
Office
Average Asking Rent $17.72
- Down 0.2% from year-end 2020.
- Expected to finish 2021 at $17.59.
Retail
Average Asking Rent $17.32
- Fourth fastest rent growth in the nation, and the second in the South Atlantic region, behind only Jacksonville.
- Expected to finish 2021 at $17.07.