Market Highlights
Evansville is Indiana’s 3rd-largest city with an MSA population of 314,038. Strategically located in the southwest corner of the state along the Ohio River, Evansville is within a 250-mile radius of major U.S. cities including Nashville, St. Louis, Indianapolis, Cincinnati, Louisville, and Chattanooga. The economy is supported by over 8,000 businesses, and major industries include advanced manufacturing (33,000 jobs), health & life sciences, plastics, food & beverage, and logistics & transportation. Deaconness Health System is the MSA’s largest employer, and University of Southern Indiana is the MSA’s largest university. Other notable employers include Toyota (Gibson County, 25 miles north of Evansville), Berry Global (plastics), Koch Enterprises, and TJ Maxx (distribution center). The Promenade is a 215-acre mixed-use development, anchored by Costco, with several construction projects underway.
The apartment market is composed of 105 properties and 17,217 units with a strong occupancy of 94.4%. While multifamily development is minimal, CRG Residential recently broke ground on Promenade Flats, a future 220-unit property within The Promenade Master Development.
