{"id":1004115557,"date":"2015-03-26T06:42:02","date_gmt":"2015-03-26T14:42:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004115557"},"modified":"2021-05-15T08:29:55","modified_gmt":"2021-05-15T16:29:55","slug":"market-snapshot-indianapolis-flexes-multi-family-construction-muscle","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/market-snapshot-indianapolis-flexes-multi-family-construction-muscle\/","title":{"rendered":"Market Snapshot: Indianapolis Flexes Multi-Family-Construction Muscle"},"content":{"rendered":"<p style=\"text-align: justify\"><i>By Adriana Pop, Associate Editor<\/i><i> <\/i><\/p>\n<div id=\"attachment_100411\" style=\"width: 253px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Multifamily-Supply-and-Demand-Indianapolis.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-100411\" data-attachment-id=\"1004115558\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-indianapolis-flexes-multi-family-construction-muscle\/multifamily-supply-and-demand-indianapolis\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Multifamily-Supply-and-Demand-Indianapolis.png\" data-orig-size=\"366,256\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Multifamily Supply and Demand &#8211; Indianapolis\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Multifamily-Supply-and-Demand-Indianapolis.png?w=366\" loading=\"lazy\" class=\" wp-image-1004115558 \" alt=\"Indianapolis Multifamily Market - Supply and Demand - 2015 Outlook\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Multifamily-Supply-and-Demand-Indianapolis.png\" width=\"243\" height=\"169\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Multifamily-Supply-and-Demand-Indianapolis.png 366w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Multifamily-Supply-and-Demand-Indianapolis.png?resize=300,210 300w\" sizes=\"auto, (max-width: 243px) 100vw, 243px\" \/><\/a><p id=\"caption-attachment-100411\" class=\"wp-caption-text\">Indianapolis Multifamily Market &#8211; Supply and Demand &#8211; 2015 Outlook<\/p><\/div>\n<p style=\"text-align: justify\">Indianapolis metro area&#8217;s steady employment growth will drive up apartment demand in 2015, according to a recent market forecast from Marcus &amp; Millichap. This year, local employers are expected to increase payrolls by 2.4 percent with the addition of 23,000 jobs. This estimate outpaces last year\u2019s increase of 2.1 percent.<\/p>\n<p style=\"text-align: justify\">Many of the newly created jobs will be located downtown, an area which is currently going through a complex revitalization process. The redevelopment of the Market Square Arena is especially significant in this part of the city, where engine manufacturer Cummins is building its new global distribution headquarters. Upon completion, the <a title=\"Cummins Announces $30M HQ Project at Former Arena Site in Downtown Indianapolis\" href=\"https:\/\/www.commercialsearch.com\/news\/cities\/indianapolis\/cummins-announces-30m-hq-project-at-former-arena-site-in-downtown-indianapolis\/1004093772.html\" target=\"_blank\" rel=\"noopener\"><i>$30 million office project<\/i> <\/a>will house 400 employees. On another portion of the site, Flaherty &amp; Collins Properties is developing an <a title=\"City Committee Green Lights $81M MSA Apartment Tower Project in Indianapolis\" href=\"https:\/\/www.commercialsearch.com\/news\/cities\/indianapolis\/city-committee-green-lights-81m-msa-apartment-tower-project-in-indianapolis\/1004092615.html\" target=\"_blank\" rel=\"noopener\"><i>$81 million, 28-story, apartment high-rise<\/i><\/a> with 300 units scheduled to come online at the end of the year.<\/p>\n<p style=\"text-align: justify\">Developers are also active in Hamilton and Boone counties. Marcus &amp; Millichap data shows that in these areas, as well as in other parts of the metro, it typically costs more to rent a newly built apartment than to pay the mortgage on an existing median-priced single-family home.<\/p>\n<p style=\"text-align: justify\">Overall, multifamily deliveries in Indianapolis will continue an upward trend in 2015, with the addition of 3,000 units, a slight increase from the 2,800 apartments developers completed in 2014.<\/p>\n<div id=\"attachment_100411\" style=\"width: 253px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Rents-Trends-Multifamily-Indianapolis.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-100411\" data-attachment-id=\"1004115560\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-indianapolis-flexes-multi-family-construction-muscle\/rents-trends-multifamily-indianapolis\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Rents-Trends-Multifamily-Indianapolis.png\" data-orig-size=\"370,256\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Rents Trends &#8211; Multifamily, Indianapolis\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Rents-Trends-Multifamily-Indianapolis.png?w=370\" loading=\"lazy\" class=\" wp-image-1004115560 \" alt=\"Indianapolis Multifamily Market - Effective Rent Trends - 2015 Outlook\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Rents-Trends-Multifamily-Indianapolis.png\" width=\"243\" height=\"167\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Rents-Trends-Multifamily-Indianapolis.png 370w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Rents-Trends-Multifamily-Indianapolis.png?resize=300,208 300w\" sizes=\"auto, (max-width: 243px) 100vw, 243px\" \/><\/a><p id=\"caption-attachment-100411\" class=\"wp-caption-text\">Indianapolis Multifamily Market &#8211; Effective Rent Trends &#8211; 2015 Outlook<\/p><\/div>\n<p style=\"text-align: justify\">Meanwhile, the high pace of rental construction along with the strengthening housing market will push vacancy up 20 basis points this year to 7.4 percent. Last year, apartment vacancy in Indianapolis decreased 150 basis points.<\/p>\n<p style=\"text-align: justify\">This year\u2019s higher vacancy rate will slow rent growth. Effective rents are expected to rise by 3 percent to $786 per month, following a 4.2 expansion in 2014.<\/p>\n<p style=\"text-align: justify\">As a result of the elevated deliveries and increased vacancy, Indianapolis ranks on the last spot in the firm\u2019s 2015 National Apartment Index.<\/p>\n<p style=\"text-align: justify\">As for multifamily investment opportunities, the city\u2019s improving economy and its vast supply of new developments will continue to attract out-of-state buyers, many of whom are especially drawn to smaller markets that offer larger returns. Investors in Indianapolis are especially interested in projects located in the downtown and Hamilton County areas.<\/p>\n<p><em>Charts courtesy of <\/em><a title=\"Marcus &amp; Millichap\" href=\"https:\/\/www.marcusmillichap.com\/research\" rel=\"nofollow noopener\" target=\"_blank\"><i>Marcus &amp; Millichap<\/i><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indianapolis metro area&#8217;s steady employment growth will drive up apartment demand in 2015.<\/p>\n","protected":false},"author":260,"featured_media":1004115558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[39441],"class_list":["post-1004115557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-indianapolis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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