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Commercial Real Estate in Indianapolis, IN - 414 Properties Available

Indianapolis, IN Economic Overview

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Indianapolis is the largest city in Indiana, with a population of about 850,000 and a metropolitan statistical area population of nearly 2 million people. Indianapolis is also the capital of Indiana and the second most-populated city in the Midwestern U.S. Nicknamed the “Crossroads of America," the city is within a one-day drive of 80% of the population of the country. Business services, financial services, hospitality, distribution services, education, and transportation and logistics services all contribute to the increasing demand for commercial real estate in Indianapolis.

With a gross metropolitan product of nearly $126 billion annually, the Indianapolis metro area ranks as the 42nd-largest economic region in the world. The city is within a one-day drive of 80% of the U.S. population and half-a-day's drive of more than 20 major metropolitan areas.

FedEx's second-largest facility in the world is based at the Indianapolis International Airport, which is also the eighth-largest cargo airport in North America. Indianapolis has three Foreign Trade Zones located on the Lake Michigan and the Ohio River inland waterways, and four major interstate highways intersect in Indianapolis giving it direct access to other markets. Each year, over $1.1 billion worth of freight travels through the area, making Indiana the fifth-busiest state for commercial traffic and the seventh in value of NAFTA exports, totaling over $15 billion per year.

The largest industry sectors in Indianapolis contributing to the economy are manufacturing, health care and social services, and retail trade.

Indianapolis, IN Commercial Real Estate Market

The industrial commercial real estate market in Indianapolis includes roughly 240 million square feet of warehouse and flex product with an average vacancy rate of just over 5%. Over the last several years, absorption has steadily increased, direct vacancy rates have continued to slide downward, and asking rents have inched up. Investment portfolio money continues to seek opportunity in the industrial market here, driving the occupancy rate of flex product in the Northeast submarket to nearly 94%.

With about 38 million square feet of office inventory in Indianapolis, the metrics for direct vacancy, asking rent, net absorption, leasing activity and investment sales are all looking healthy. In the Central Business District submarket alone there has been a nearly 80% increase in leasing activity, driven by the transition of downtown to a tech-centric destination along with the growth of co-working facilities.

The commercial retail real estate market in Indianapolis has seen asking rents consistently increase and vacancies drop. With nearly 77 million square feet of inventory in all of the 15 trade areas, food-related retail, dollar stores, discounters and off-priced apparel outlets are driving the bulk of tenant leasing activity.

Indianapolis, IN Office Sales Volume

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Indianapolis, IN Office Transactions

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Indianapolis, IN Commercial Inventory Breakdown

Office Spaces

Total: 37,986,227 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 12,211,241 SF / 32.15% of total office
  • 100k to 500k SF: 22,261,330 SF / 58.6% of total office
  • 500k to 1M SF: 3,513,656 SF / 9.25% of total office

By class:

  • Class A: 15,892,556 SF / 41.84% of total office
  • Class B: 20,392,349 SF / 53.68% of total office
  • Class C: 544,745 SF / 1.43% of total office

Employment in Indianapolis, IN


With an unemployment rate of under 4%, an average annual salary of nearly $46,000 and a cost of living that is lower than in many other parts of the U.S., the city has seen consistently strong job growth over the past several years. More than 90 national companies have their headquarters in the metro area, including Eli Lilly and Company, Angie's List, RCI, Simon Property Group, and the NCAA.

Key employers by industry in Indianapolis are:

  • Healthcare and social assistance, with over 132,000 employees;
  • Specialty trade contractors, with over 73,000 workers;
  • Professional, scientific, and technical services, with nearly 55,000 people.

Fortune 500, Fortune 1000 and other major companies based in Indianapolis include Calumet Specialty Products, Allison Transmission, CNO Financial Group, Republic Airways, Celadon Group, OneAmerica, and Anthem, Inc.

Other significant contributors to the economy and employment in Indianapolis are the biotechnology, health care, life sciences, logistics, high-technology, and the hospitality industries.

Education in Indianapolis, IN

Indianapolis has 100 public elementary, middle and high schools, and 158 private schools. Twenty-two of the high schools in Indianapolis are recognized by U.S. News & World Report as having the best high school rankings in the country. The public school system employs nearly 8,600 teachers for its total student body of nearly 210,000.

Colleges and universities in Indianapolis include Indiana University - Purdue University Indianapolis, Ivy Tech Community College of Indiana, Butler University, and Martin University.

Commuting Time in Indianapolis, IN

The average commute time in Indianapolis is just over 22 minutes, with almost 1.5% of the workforce having a 'super commute' of 90 minutes or more. Carpooling in Indianapolis is a popular commuting option, with almost 10% of the labor force driving to work together.

Benefiting both business and residents alike, Indianapolis' integrated transportation infrastructure includes transport by bus, Amtrak train, freight rail, multiple interstates and freeways, airports, a heliport, a mass transit people mover, and both car-share and bike-share systems.

  • The I-65, I-69, I-70 and I-74 interstates all intersect in Indianapolis.;
  • Rail service for both passenger and freight traffic is an important part of the Indianapolis transportation system, with Amtrak providing daily service for commuters, and Indiana Rail Road, Louisville & Indiana Railroad, and CSX Transportation all providing and expanding freight rail service in Indianapolis.;
  • The Indianapolis Public Transportation Corporation, dba IndyGo, operates the city's mass transit bus system.;
  • Alternative forms of public transportation in Indianapolis include the Indiana University Health People mover connecting IU Health's campus to the Indiana University School of Medicine, a multi-station bicycle sharing system, and an electric car-sharing system operating under the name BlueIndy.;
  • Serving over 8.5 million passengers annually and home to the second-largest FedEx facility in the world, the Indianapolis International Airport is the busiest in Indiana.;
  • The Indianapolis Airport Authority also oversees the operation of five additional, smaller airports in the metro area and the Indianapolis Downtown Heliport.

Indianapolis Demographics


  • Total Population853,431
  • Male Population(48.3 %) 411,970
  • Female Population(51.7 %) 441,461
  • Median Age34.10


  • Average Household Income$63,698
  • Median Household Income$44,709
  • Median Income Under 25$26,355
  • Median Income 25-44$46,177
  • Median Income 45-64$52,788
  • Median Income Over 65$37,111

Residential Rents in Indianapolis, IN

Multi-family development in Indianapolis is also a key component of the commercial real estate market, with nearly 60% of the residents renting rather than owning, giving Indianapolis one of the lowest home ownership rates both in the state and in the country.

Residential rental rates in Indianapolis have been steadily moving upward at a rate of about 6% annually. The average rent for a one-bedroom unit is about $835 monthly, while a two-bedroom rental comes in at just under $960 per month.


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