2020 Office Space Rent & Sales
- $23.32 2020 Avg. Asking Rent
- -1.95% Y-o-Y Avg. Asking Rent Change
- 12.25% 2020 Office Vacancy Rate
Carmel office price per square foot in 2020 was $23.32 on average. This marked a -1.95% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 12.25% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Carmel Class A Office Space$24.71
- Carmel Class B Office Space$21.61
- Carmel Class C Office Space$20.50
- Indiana Class A Office Space$24.00
- Indiana Class B Office Space$19.58
- Indiana Class C Office Space$16.80
Carmel, IN Office Asking Rents by Class
Average office rent in Carmel rested at $23.32 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Carmel averaged $24.71 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.61 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.50 per square foot, on average. Comparably, statewide Indiana average office rents by class in 2020 were: $24.00 per square foot for class A office space; $19.58 per square foot for class B office space; $16.80 per square foot for class C office space.
2020 Office Construction in Carmel, IN
- Carmel, IN Total SF completed in 2020 93,500
- Carmel, IN Total SF under construction in 2021 191,808
During 2020, 93,500 square feet of new office space were delivered across the market. At the close of 2020, the Carmel office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 93,500 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 191,808 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Carmel Medical Arts Pavilion | 12174 North Meridian Street, 46032 | 40,000 | 2022 |
| The Agora at the Proscenium | 10 West Carmel Drive, 46032 | 100,000 | 2020 |
| St. Vincent Carmel Women's Center | 13420 North Meridian Street, 46032 | 85,847 | 2014 |
| Penn Medical Plaza | 11900 North Pennsylvania Street, 46032 | 29,000 | 2008 |
| City Center at Penn | 1320 City Center Dr, 46032 | 142,000 | 2007 |
| Meridian B | 12188-B North Meridian Street, 46032 | 88,887 | 2007 |
| 303 Congressional Blvd | 303 Congressional Blvd, 46032 | 44,849 | 2006 |
| North Meridian A | 12188-A North Meridian Street, 46032 | 84,332 | 2005 |
| Hamilton Crossing VI | 13085 Hamilton Crossing Blvd, 46032 | 180,000 | 2003 |
| Clay Terrace South | 14300 Clay Terrace Blvd, 46032 | 78,434 | 2003 |
Worth noting among recent office completions on the Carmel market is Carmel Medical Arts Pavilion, which is currently the largest new office development in the city, at 40,000 square feet.
See reports for nearby markets
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market 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.