PLAINFIELD, IN—VanTrust has completed the first new speculative warehouse development in the Indianapolis market in four years, a 450,000-sq.ft. building here.
The building at 2450 Stanley Road is dubbed Project One, and includes modern amenities such as 32-foot clear height, high-efficiency lighting and a 10-year real estate tax abatement.
Dustin Looper, vice president of industrial services at Colliers International, is the listing broker for the property. He said in a statement that minimal new construction over the past five years has equalized the industrial real estate market, and building values continue to increase in the Chicago area. This increased demand has pushed the total vacancy rate from nearly 10 percent in early 2008 down to its current level of 5.21 percent, he said.
“When looking at historical supply and demand, there is simply not enough warehouse space available to satisfy the market, should demand stay consistent as it has for the past few years” he said. “Even with VanTrust’s building and the other 2.5 million sq. ft. of bulk industrial space currently under construction, the market could possibly experience another shortage of warehouse space in the relatively near future given our historical levels of absorption.” He did not comment on any pending leases.
Andy Weeks, vice president at VanTrust, said the company selected the Indianapolis market because of the logistical advantages. “This market has consistently proved to be an attractive real estate solution for many corporations, and we’re quite excited to be in the center of it with this new investment-grade facility, which we have named Project One,” Weeks said.