Carmel Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Carmel is $27.87 per square foot, 10.90% lower compared to the previous year.
  • The market’s vacancy rate stands at 13.20%, lower than the state average of Indiana, which is 15.90%.
  • 122,000 square feet is currently under construction.

2025 Office Space Rent & Sales

  • $27.87 2025 Avg. Asking Rent
  • -10.90% Y-o-Y Avg. Asking Rent Change
  • 13.20% 2025 Office Vacancy Rate
  • $37.6M2025 Total Office Sales
  • $110.80Avg. Sale Price/SF

What is the average asking rent price for office space in Carmel?

Average asking rents for office space here stand at $27.87 per square foot. The local office market recorded an average vacancy rate of 13.20% in 2025, unchanged from 13.20% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $37.6M across 5 sales. These transactions commanded an average sale price per square foot of $110.80.

Carmel, IN Office Asking Rents by Class

What is the average office rent per square foot by property class in IN?

  • Avg. Asking Rent Class A & A+$26.78
  • Avg. Asking Rent Class B$19.27
  • Avg. Asking Rent Class C$15.47

For comparison, the average rent for Class A and A+ office space in Indiana was $26.78 per square foot. The state-wide average for Class B space was $19.27 per square foot, and Class C office spaces averaged $15.47 per square foot.

Explore Top Office Markets in Indiana

2025 Office Sales Volume

  • $110.802025 Avg. Price per SF
  • -38.35%Y-o-Y Avg. PpSF Change
  • $37.6M2025 Office Sales Volume
  • 52025 Number of Transactions

What is the average sale price per square foot for office space in Carmel?

Average sale prices for office space in this market recorded a -38.35% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $110.80 per square foot. For comparison, the statewide Indiana average during the same time period stood at $71.88 per square foot, while the national average was $182.48 per square foot.

Carmel, IN Sale Price per SF Trend

  • Carmel Avg. Sale Price per SF in 2025$110.80
  • Indiana Avg. Sale Price per SF in 2025$71.88

What was the total office sales volume in Carmel in 2025?

The local office market recorded 5 deals in 2025, adding up to a yearly sales volume of $37.6M.

  • Carmel, IN Total Office Sales Volume in 2025 $37.6M
  • Carmel, IN Total Number of Office Sales Closed in 2025 5
Data provided by Yardi Research

2025 Office Construction in Carmel, IN

  • Carmel, IN Total SF completed in 2025 91,350
  • Carmel, IN Total SF under construction in 2026 122,000

How much office space was built in Carmel in 2025?

91,350 square feet of new office space was delivered across the market in the previous year. New construction included 2 properties, with an average new property size of 45,675 square feet.

Looking forward, development activity in 2026 is estimated to add 122,000 square feet of office space to the market in total.

What are the largest recent office completions in Carmel?

The largest recent office completion here is City Center at Penn at 142,000 square feet, completed in 2007. The next largest completions are St. Vincent Carmel Women's Center and North Meridian A.

Office building Address SF Completed
Link Office Suites at WestClay II 12770 W New Market St, 46032 4,780 2022
Link Office Suites on Commerce Drive 10255 Commerce Drive, 46032 1 2020
Link Office Suites at WestClay 1905 S New Market St, 46032 14,424 2019
Monon and Main 211 W. Main St. , 46032 34,406 2018
11939 North Meridian Street 11939 North Meridian Street, 46032 60,000 2017
580 East Carmel Drive 580 East Carmel Drive, 46032 30,430 2015
St. Vincent Carmel Women's Center 13420 North Meridian Street, 46032 85,847 2014
City Center at Penn 1320 City Center Dr, 46032 142,000 2007
10801 North Michigan Road 10801 North Michigan Road, 46077 41,168 2006
North Meridian A 12188 A North Meridian Street, 46032 84,332 2005
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

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 Yardi Research Data can guarantee that the information provided is complete.