Industrial vacancy at 10-year low
3.60% rate comes despite economic woes during virus
SHERRY SLATER | The Journal Gazette
Demand for industrial space boomed in northeast Indiana last year as the market's vacancy rate declined to 3.60%, the lowest in the past decade, despite adding 2.97 million square feet, according to the 2021 report being released today.
The Zacher Co.'s 2020 study, released 12 months ago, found a 4.32% vacancy rate. The highest vacancy rate in the past decade – 6.84% – was recorded in 2013. The latest report is the first time the rate has fallen below 4%.
The region's industrial space totaled 113 million square feet as of Jan. 1, 2021, compared to 111 million square feet one year earlier.