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CoreCast Alpha is Live! - Indianapolis Market Update
Building the ultimate real estate investment management workflow solution
Spencer Vickers
June 03, 2025
Get Ready to See What We’ve Been Building
After months of building, testing, and refining, our Alpha version is here.
You are getting the first look at a new kind of tool for real estate pros focused on clarity, speed, and control.
Here are the benefits if you sign up now:
Ability to have a significant influence on the product roadmap
$50/user early access fee that takes you until Sept 1, 2025
$50/user/mo for 12 months (until Sept 1, 2026)
We expect final pricing to land around $105/user/mo, so we’re thrilled to provide you this locked-in discount
Sign up now for the best pricing we can offer!
We expect to release new features every couple of weeks and look forward to your feedback as an early user to help us determine what should come next.
What’s Inside Right Now
The alpha version includes the first features of our multifamily acquisitions forecasting and pipeline tracking tools. Whether you are managing 3 deals or 30, this gives you a streamlined way to:
Forecast multifamily acquisitions (core risk profile)
Track your pipeline across stages without messy spreadsheets
Spot bottlenecks, improve underwriting, and make faster decisions
We have focused on solving your actual workflow pain points—and this is just the beginning.
What’s Coming Next
This alpha launch is more than early access – it’s a front-row seat to the build. Over the next few months, here is our roadmap:
Underwriting – All major CRE asset classes and risk profiles
Historicals – Import your financials and rent rolls via direct integrations with your property management system or by uploading files for CoreCast to read/write directly into your underwriting.
Custom Capital Stacks – Build and flex equity waterfalls tailored to your deals.
Portfolio Rollup – See property-level data at the portfolio level, instantly.
Stakeholder Reporting – Generate personally branded, shareable reports for investors, lenders, and team members.
Comp Analysis – Benchmark against market comps to stay sharp.
Machine Learning – CoreCast learns from your usage, getting smarter and more useful over time.
...and so much more.
But you tell us! Reach out to let us know what is most important to your CRE Investment workflow. We’re excited to build this for you.
Market Update - Indianapolis (Q1 2025)
1. Vacancy / Availability Rates
Office: The metro office vacancy rate decreased slightly to 20.0% in Q1 2025, down from 20.2% in Q4 2024. However, the Central Business District (CBD) experienced a record-high vacancy rate of 24.1%, indicating ongoing challenges in the urban core.
Industrial: Industrial vacancy remained steady at 11.2%. The East submarket had the highest vacancy at 23.7%, while the CBD reported the lowest at 3.1%.
Retail: Retail vacancy increased slightly by 10 basis points to 4.2%. Notably, three trade areas reported zero vacancy, and seven others had sub-2% vacancy rates, reflecting strong demand in specific locations.
Multifamily: The multifamily sector maintained a healthy occupancy rate of 92.6%, with vacancy rates expected to decline to 6.0% as robust net absorption continues to offset new supply.
2. Net Absorption
Office: The office market posted positive net absorption of 73,721 square feet in Q1 2025, a significant improvement from the negative 62,909 square feet recorded in Q4 2024. This uptick suggests a stabilizing demand for office spaces.
Industrial: Industrial net absorption totaled 336,759 square feet, marking a 39.08% increase from the previous quarter. Leasing activity also rose to 4.3 million square feet, indicating a rebound in industrial demand.
Retail: Retail experienced negative net absorption of 40,000 square feet. However, 12 out of 25 trade areas recorded positive absorption, with the Irvington and Pendleton Pike/Lawrence areas leading with gains of 138,000 and 34,000 square feet, respectively.
Multifamily: The multifamily sector saw a quarterly net absorption of 1,105 units in Q1 2025, contributing to an annual absorption of approximately 5,548 units. This strong demand is particularly notable in suburban areas like Hamilton and Johnson counties.
3. Asking Rents
Office: Average asking rents remained stable at $22.31 per square foot, with minimal change from the previous quarter. Class A spaces continued to attract tenants seeking higher-quality environments.
Industrial: Industrial asking rents averaged $5.99 per square foot annually, a slight decrease of $0.01 from the previous quarter. Despite the minor dip, rents remain in line with historical norms, supporting predictable income streams for investors.
Retail: Retail asking rents averaged $18.55 per square foot, with rent growth ranking among the top ten major metros. The low vacancy rates in certain submarkets are putting upward pressure on rents.
Multifamily: Average multifamily rents stood at $1,311 per unit per month, reflecting a 2.0% annual increase. The steady rent growth is supported by strong renter demand and a slowing pipeline of new construction.
Overall, Indianapolis's CRE market in Q1 2025 showed signs of stabilization and resilience, particularly in the industrial and multifamily sectors. While challenges persist in the office and retail markets, positive absorption figures and steady rent growth indicate a cautiously optimistic outlook for the remainder of the year.
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We are building CoreCast to be your operating system for real estate underwriting, asset management, and stakeholder communication. The foundation is going in now — thanks for being here early to help us build it right.
We appreciate your patience and support as we bring CoreCast to life. Exciting things ahead.
Know other investors who could benefit from CoreCast? Share this update with them! Anyone who pre-orders CoreCast will be added to these exclusive updates.
— The CoreCast Team
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