• Add a Listing
  • Log In
  • For Lease
    • Carmel Office Spaces for Lease
    • Carmel Retail Spaces for Lease
    • Carmel Industrial Spaces for Lease
  • For Sale
    • Carmel Office Properties for Sale
    • Carmel Retail Properties for Sale
    • Carmel Industrial Properties for Sale
  • Commercial Real Estate
  • Coworking

Carmel Office Rent Price & Sales Report

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.

Largest Office Properties Recently Completed in Carmel
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.

Data provided by Commercial Edge

See reports for nearby markets

  • Indianapolis Office Rent Price
  • Fishers Office Rent Price
  • Greenwood Office Rent Price
  • Anderson Office Rent Price

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.

    • United States
    • Canada

© 2022 - Yardi Systems, Inc. All Rights Reserved.
About Us
  • Contact Us
  • Who We Are
  • Terms Of Service
  • Privacy Statement
  • Your CA Privacy Rights
  • Sitemap
  • Blog
Our Tools
  • Add a listing
  • Real Estate Terms