HSA Commercial’s CEO Bob Smietana was featured in a recent article by Midwest Real Estate News’ Dan Rafter regarding the limited amount of available industrial space in the Indianapolis market that has spurred on new spec development in the market including HSA’s recently-completed 220,000-square-foot facility. Though many industrial developers have focused on building large-scale projects targeting tenants over 200,000 square feet, HSA’s new project at Gateway Business Park can accommodate tenants as small as 50,000 square feet–a niche market that is seemingly ignored within the marketplace.
That’s because many of the new industrial spec buildings in the Indianapolis market are large projects, often totaling 1 million square feet of space. The developers of these buildings are not eager to break their buildings into 200,000-square-foot chunks of space. They’d rather lease them out to one or two larger tenants.
HSA’s spec building — Gateway Industrial 3 — provides an opportunity for smaller tenants to move their businesses to a smaller yet modern space.
Given the project’s unique capability to attract smaller tenants, interest level has been strong thus far according to Smietana. Despite the amount of new projects coming online, Smietana also believes that the business-friendly environment in Indiana is creating plenty of depth in the market.
Smietana says that the number of spec industrial developments hasn’t overwhelmed the demand. “We still have some runway left,” Smietana said. “The amount of leasing activity in this market is still strong.”
Located on 13 acres immediately southwest of the Indianapolis International Airport, the new freeway-visible Gateway Industrial 3 building features 32’ clear heights, 24 truck docks, four drive-in doors, 256 parking spaces and quick access to Interstate 70.
The full article by Dan Rafter is featured online on the website for Midwest Real Estate News.