The Indianapolis retail market has shown signs of progress in the Summer after a slow start to the year by absorbing over 300,000 square feet. Among the submarkets, the West submarket led the way with the largest net absorption of 310,138 SF, followed by the East submarket with positive 88,398 SF. Increased competition between grocery stores and big box retailers has led to the downfall of stores such as Marsh, Sears and JCPenney.
Although, more than half of the Marsh sites were purchased by Kroger and Ohio-based Fresh Encounter. The vacancy rate has increased from 5.1% since the beginning of the year to 5.9% mid-year. Recently, Money magazine ranked four Indiana cities in the “Best Places to Live” in the United States, Fishers being ranked 1st.