Carmel Office Market Trends

Office Rental Market

  • $23.79 2019 Avg. Asking Rent
  • 10.27 % 2019 Avg. Vacancy Rate
  • 427,951 2019 Office Completions (Sqft)
  • 291,808 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Carmel was $23.79 per square foot, and the office vacancy rate across the market averaged 10.27 %. During 2019, developers added 427,951 square feet of new office space to the Carmel market inventory. Office developments estimated for delivery during 2020 total 291,808 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Carmel Class A Office Buildings$24.80
  • Carmel Class B Office Buildings$22.69
  • IN Class A Office Buildings$23.93
  • IN Class B Office Buildings$18.96
  • IN Class C Office Buildings$17.24

Carmel, IN Office Asking Rents by Class

OFFICE CONSTRUCTION IN Carmel, IN

  • Carmel, IN Total Sqft completed in 2019 427,951
  • Carmel, IN Total Sqft under construction in 2020 291,808
10 Largest Office Buildings in Carmel
Building name Address Total Sqft Year built
KAR Auction Services Corporate Headquarters 11299 North Illinois Street, 46032 250,000 2019
Landmark at Meridian - 12711 & 12811 North Meridian Street 12811 North Meridian Street, 46032 210,424 2009
Meridian Mark II 11711 North Meridian Street, 46032 188,082 1983
Meridian Mark I 11611 North Meridian Street, 46032 183,832 1983
Hamilton Crossing VI 13085 Hamilton Crossing Blvd, 46032 180,000 2003
111 Congressional Blvd 111 Congressional Blvd, 46032 177,957 1989
Meridian Crossing 11590 North Meridian Street, 46032 157,182 1981
IU Health North Medical Office Building 11725 North Illinois Street, 46032 156,468 2006
One Penn Mark 11595 North Meridian Street, 46032 145,182 1987
535 College Drive 535 College Drive, 46032 141,036 1999
Largest Office Properties Recently Completed in Carmel
Office building Address Sqft Completed
Zotec Partners Headquarters 11460 North Meridian Street, 46032 120,000 2021
Carmel Medical Arts Pavilion 12174 North Meridian Street, 46032 40,000 2021
Link Office Suites on Commerce Drive 10255 Commerce Drive, 46032 31,808 2021
The Agora at the Proscenium 10 West Carmel Drive, 46032 100,000 2020
KAR Auction Services Corporate Headquarters 11299 North Illinois Street, 46032 250,000 2019
Midtown West - Merchants Bank Headquarters 410 Monon Blvd, 46032 120,000 2019
13345 North Illinois Street 13345 North Illinois Street, 46032 38,537 2019
Monon & Main 211 West Main Street, 46032 35,414 2019
Midtown III 571 Monon Blvd, 46032 77,793 2018
Allied Solutions Headquarters 350 Veterans Way, 46032 137,000 2017
Data provided by Commercial Edge

Office Spaces for Rent in Indiana

See trends for nearby markets

The Carmel office market contains an inventory of 7,861,117 square feet of office space, in 159 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Carmel commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.