Markets · Indianapolis–Carmel–Anderson, IN MSA · Core Market
Indianapolis Industrial Market Report
Bluebird CRE Research · As of 2026 Q1 · Data: CoStar Group, www.costar.com
A national logistics nexus at the crossroads of six interstates — within a one-day drive of ~80% of the U.S. population. Big-box vacancy has risen as speculative supply cleared, but small-bay and infill product remains tight and below replacement cost, exactly where Bluebird focuses.
Asking Rent / SF
2016–2026Now $7.71 · +0.2% YoY
Vacancy Rate
2016–2026Now 7.6%
Net Absorption (12 mo)
2016–2026Now 11.5M SF
Annual figures through 2026 Q1. Source: CoStar Group, www.costar.com.
4333 W 71st Street · Indianapolis, IN · 179,725 SF
Market overview
As of 2026 Q1, Indianapolis industrial vacancy stands at 7.6% with asking rents near $7.71/SF. The market absorbed 11.5M SF over the trailing year, and investment sale pricing implies roughly a 8.6% cap rate. Those are the figures that frame how we underwrite here.
Bluebird's read
A national logistics nexus at the crossroads of six interstates — within a one-day drive of ~80% of the U.S. population. Big-box vacancy has risen as speculative supply cleared, but small-bay and infill product remains tight and below replacement cost, exactly where Bluebird focuses. Bluebird targets functional small-bay and IOS product here at a basis below replacement cost, with leasing and mark-to-market as the value-add levers.
Economy
- Population
- 2.2M
- Total employment
- 1.2M
- Industrial employment
- 167,965
- Median HH income
- $82,774
Key submarkets
- • Plainfield / AmeriPlex
- • Whitestown / Lebanon
- • Southeast / I-74
- • Park 100
Representative tenants
- • FedEx Express (global #2 hub)
- • Amazon
- • Rolls-Royce
- • Cooper Tire
Explore other markets
Market data sourced from CoStar Group, www.costar.com (as of 2026 Q1); figures are point-in-time estimates and forecasts are not guarantees. Provided for informational purposes only and not an offer to sell securities. Past performance does not guarantee future results.
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