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Market Trends Q3 2026

Commercial Real Estate Market Trends

Welcome to our page offering up-to-date quarterly reports on the office and industrial real estate sectors in St. Joseph County, Elkhart County, La Porte County, Southwestern Michigan, and the Indianapolis market. Stay informed with the latest data on vacancy, cap, and lease rates, lease availability and construction updates. Whether you’re tracking trends in South Bend, Goshen, Michigan City, or Indianapolis, our detailed reports provide valuable insights into the local commercial real estate landscapes. Check back regularly for the most current information to guide your investment decisions and strategic planning efforts.

ST. JOSEPH COUNTY, INDIANA*

St. Joseph County, Indiana, is a vibrant area renowned for its blend of urban amenities and natural beauty. Home to the city of South Bend, it offers a rich history intertwined with modern advancements. St. Joseph County boasts a diverse economy supported by sectors like education, healthcare, manufacturing, and technology. Residents and visitors alike enjoy a variety of cultural attractions to parks and recreational areas along the scenic St. Joseph River.

Q3 2026 Office Stats

Total Inventory = 11.3M SF

Up from 11.1M in Q2

Average Lease Rate = $20.51 / SF

Up from $19.47 / SF in Q2

YTD Absorption = (62,100) SF

Down from (52,560) SF in Q2

Under Construction = 0 SF

Same as Q2

CAP Rate = 10.7%

Down from 10.8% in Q2

Average Vacancy Rate (Gross) = 7.3%

Down from 7.6% in Q2

Q3 2026  Industrial Stats

Total Inventory = 42.1M SF

Up from 40.3M SF in Q2

Average Lease Rate = $6.20 / SF

Up from $6.11 / SF in Q2

YTD Absorption = 1M SF

Up from (189,381) SF in Q2

Under Construction = 2.1M SF

Same as Q2

CAP Rate = 10.8%

Down from 10.9% in Q2

Average Vacancy Rate (Gross) = 8.9%

Up from 8.6% in Q2

ELKHART COUNTY, INDIANA

Elkhart County, Indiana, is celebrated for its industrious spirit and cultural diversity. Located in the northern part of the state, it is renowned as the “RV Capital of the World,” hosting numerous manufacturers that produce recreational vehicles. The county’s economy is also bolstered by manufacturing, healthcare, and retail sectors. Elkhart County is characterized by its picturesque countryside, dotted with Amish farms and quaint communities.

Q3 2026 Office Stats

Total Inventory = 5M SF

Same as Q2

Average Lease Rate = $18.49 / SF

Up from $18.00 / SF in Q2

YTD Absorption = 29,800 SF

Up from (7,216) SF in Q2

Under Construction = 0 SF

Same as Q2

CAP Rate = 11.1%

Down from 11.3% in Q2

Average Vacancy Rate (Gross) = 2.6%

Down from 2.7% in Q2

Q3 2026 Industrial Stats

Total Inventory = 93M SF

Down from 94.4M SF in Q2

Average Lease Rate = $5.15 / SF

Same as Q2

Net Absorption = 3.1M SF

Up from 362,542 SF in Q2

Under Construction = 173,000 SF

Up from 0 SF in Q2

CAP Rate = 11.2%

Up from 11.0% in Q2

Average Vacancy Rate (Gross) = 2.9%

Up from 2.6% in Q2

INDIANAPOLIS, INDIANA METRO AREA

The Indianapolis metropolitan area, often referred to as the Crossroads of America, is a bustling hub of culture, commerce, and sports in the heart of Indiana. Anchored by the state’s capital city, Indianapolis, the metro area is known for its vibrant downtown district with a skyline dominated by the iconic Monument Circle and the renowned Indianapolis Motor Speedway. The metro area encompasses surrounding communities known for their historic charm, recreational opportunities, and growing industries in technology, healthcare, and education.

Q3 2026 Office Stats

Total Inventory = 111M SF

Same as Q2

Average Lease Rate = $23.46 / SF

Up from $23.10 / SF in Q2

Net Absorption = (123,000) SF

Up from (376,787) SF in Q2

Under Construction = 1.2M SF

Same as Q2

CAP Rate = 10.5%

Down from 10.6% in Q2

Average Vacancy Rate (Gross) = 9.7%

Down from 9.8% in Q2

Q3 2026 Industrial Stats

Total Inventory = 406M SF

Up from 404M SF in Q2

Average Lease Rate = $7.84 / SF

Up from $7.60 / SF in Q2

Net Absorption = 11.7M SF

Up from 4M SF in Q2

Under Construction = 8.0M SF

Down from 8.4M SF in Q2

CAP Rate = 8.4%

Up from 8.3% in Q2

Average Vacancy Rate (Gross) = 7.1%

Up from 7.0% in Q2

LA PORTE COUNTY, INDIANA

La Porte County, IN is nestled along the southern shore of Lake Michigan, La Porte County offers a strategic location, a diverse economy, and a supportive business environment. Whether you’re in manufacturing, agriculture, tourism, or any other industry, La Porte County provides the perfect setting for your business to thrive.

Q3 2026 Office Stats

Total Inventory = 1.9M SF

Same as Q2

Average Lease Rate = $19.66 / SF

Up from $19.01 / SF in Q2

YTD Absorption = 54,000 SF

Up from 1,252 SF in Q2

Under Construction = 0 SF

Same as Q2

CAP Rate = 10.8%

Down from 10.9% in Q2

Average Vacancy Rate (Gross) = 4.3%

Up from 3.8% in Q2

Q3 2026 Industrial Stats

Total Inventory = 13.5M SF

Down from 14.2M SF in Q2

Average Lease Rate = $5.43 / SF

Down from $5.49 / SF in Q2

Net Absorption = (808,000) SF

Down from (284,420) SF in Q2

Under Construction = 98,600 SF

Up from 54,000 SF in Q2

CAP Rate = 11.0%

Up from 10.8% in Q2

Average Vacancy Rate (Gross) = 11.3%

Up from 11.0% in Q2

SOUTHWESTERN MICHIGAN

Southwestern Michigan is nestled along the shores of Lake Michigan, this vibrant region offers a unique blend of natural beauty, economic opportunity, and a high quality of life. Whether you’re in manufacturing, technology, agriculture, or any other industry, Southwestern Michigan has something to offer your business. The stats below reflect the Michigan counties of Berrien, Cass, and St. Joseph.

Q3 2026 Office Stats

Total Inventory = 4.9M SF

Up from 4.8M SF in Q2

Average Lease Rate = $17.98 / SF

Up from $17.35 / SF in Q2

YTD Absorption = (39,957) SF

Down from (16,638) SF in Q2

Under Construction = 0 SF

Same as Q2

CAP Rate = 11.7%

Down from 11.8% in Q2

Average Vacancy Rate (Gross) = 7.5%

Up from 6.0% in Q2

Q3 2026 Industrial Stats

Total Inventory = 27.8M SF

Up from 19.8M SF in Q2

Average Lease Rate = $5.83 / SF

Up from $5.74 / SF in Q2

YTD Absorption = (879,600) SF

Down from (667,337) SF in Q2

Under Construction = 0 SF

Same as Q2

CAP Rate = 10.3%

Up from 10.0% in Q2

Average Vacancy Rate (Gross) = 13.1%

Up from 11.3% in Q2

Source: Market data obtained from CoStar represents a snapshot in time based on the date it was sourced. Market conditions are dynamic, and metrics such as asking rents, vacancy rates, absorption, inventory, and sales activity may fluctuate daily as properties are listed, leased, sold, or updated.

*CoStar has realigned the market boundaries for St. Joseph County, Indiana, which has impacted the total inventory metrics reported in the current data.

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