INDIANAPOLIS—The industrial market here has had a remarkable run in the past few years, but recently the pace of leasing fell off just as vast amounts of new spec space began to come online. But a major new lease by one of the metro area's top users, and several others that landlords will probably complete later this year, means the market will likely end 2015 with a burst of activity.

OHL, one of the largest 3PL companies in the world, has just signed a lease for an additional 321,627 square feet in the Indianapolis market, according to JLL officials. The company's decision to fully occupy 1251 S. Perry Rd. in suburban Plainfield expands its footprint here to more than three million square feet.

“It seems significant that OHL has continued to grow in what has been a somewhat stagnant market,” JLL's executive vice president Steve Schwegman tells GlobeSt.com, as it shows that the demand for local product has not abated. Earlier this year, for example, JLL, along with CBRE and ProVenture, closed two leases for OHL: a new lease for 450,000 square feet with TDC at 2450 Stanley Rd. and a 400,225 square foot renewal with Duke Realty at 2425 Perry Rd., both in Plainfield.