Region office market stable even as vacancy rises nationwide
The Region office market remained stable last year even as vacancy surged nationwide.
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The Region office market remained stable last year even as vacancy surged nationwide.
Northwest Indiana's office market improved in 2022 despite a turbulent year for commercial real estate.
The complex, located west of Indianapolis Boulevard at the northeast corner of Main Street and Prairie Avenue, was originally scheduled to be finished this summer.
The office vacancy rate rose slightly to 15% in Northwest Indiana last year, according to the newly released 2022 annual Northwest Indiana Commercial In-Sites Class A office market report.
Office vacancy plunged from 19% to 14% in Northwest Indiana last year as the COVID-19 pandemic had little impact on the market, according to Commercial In-Sites' annual Class A multistory office market report. Northwest Indiana's office vacancy rate dipped below the 15% rate that information and analytics company CoStar reported in the overall suburban Chicago office. Commercial In-Sites tracked 26 office properties encompassing 1.35 million square feet, including One Professional Center in Crown Point, the Galleria in Dyer, Oxbow Landing in Hammond, Cardinal Campus in Highland, the Munster P...