INDIANAPOLIS Office vacancy rates in the Indianapolis metro area are trending downward; the current vacancy rate stands at 22.5%, according to real estate services firm JLL.

Thats an improvement from last year, which John Vandenbark, a managing director, says the company predicted would mark the bottom of the office downturn.

Vacancy rates are one of those indicators that tell us where the market is headed, and this shows were moving in the right direction relative to a recovery, Vandenbark.

The pandemic left many office buildings empty, but companies are slowly returning, and in some cases, expanding.

Of the 90-some tenants in the market right now, over 50% of them are growing their footprint, said Matt Waggoner, with JLL. About 15% are shrinking, and the rest are stable.

Experts say

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