Indianapolis Industrial MarketBeat Q1 2026

Cushman & Wakefield's Q1 2026 Indianapolis industrial market report shows strong tenant demand with net absorption reaching 3.3 million square feet (up 3,798.1% year-over-year), while the overall vacancy rate declined 380 basis points to 7.2% and asking rents remained relatively flat at $6.15 per square foot. Construction completions totaled just over 500,000 square feet—the lowest since Q1 2019—with the under-construction pipeline at 3.9 million square feet consisting primarily of build-to-suit projects, while warehouse and distribution leasing accounted for 90.2% of new leasing activity.