INDIANAPOLIS—Indiana has become known as one of the nation's top logistics and distribution hubs. But a new report by CBRE's Midwest multifamily group shows that the strengthening economy has also meant stable growth in the state's multifamily market. The report, called Multifamily Market Overview: The State of Indiana covers Anderson, Bloomington, Columbus, Evansville, Fort Wayne, Kokomo, Lafayette, West Lafayette, Muncie in addition to the Indianapolis metro area.

Although CBRE researchers found that some of these markets experienced a slight year-over-year decline in occupancy, the overall occupancy for the state was 94.1%. Furthermore, rental rates increased in nearly all of the markets, proof of the state's overall stability, according to Steve LaMotte, Jr., senior vice president at CBRE's Indianapolis office and member of its Midwest multifamily team.

“The market votes with its dollars,” LaMotte adds. “With $569 million in multifamily properties trading in 2014, we're finding a growing list of sources interested in deploying capital in Indiana. We expect this interest to continue to grow in 2015.”