Indianapolis Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $23.79 2024 Avg. Asking Rent
  • 22.29% 2024 Office Vacancy Rate
  • $80M2024 Total Office Sales
  • $87.51Avg. Sale Price/SF

Indianapolis office price per square foot in 2024 was $23.79 on average. The local office market recorded an average vacancy rate of 22.29% across all asset classes combined. The 12 transactions that closed here throughout 2024 amounted to a total sale volume of $80M. Indianapolis office space commanded an average sale price per square foot of $87.51.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Indianapolis Class A & A+ Office Space$28.77
  • Indianapolis Class B Office Space$18.49
  • Indianapolis Class C Office Space$23.98
  • Indiana Class A & A+ Office Space$25.33
  • Indiana Class B Office Space$18.68
  • Indiana Class C Office Space$20.61

Indianapolis, IN Office Asking Rents by Class

Average office rent in Indianapolis rested at $23.79 per square foot in 2024. 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 Indianapolis averaged $28.77 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.49 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $23.98 per square foot, on average. Comparably, statewide Indiana average office rents by class in 2024 were: $25.33 per square foot for class A office space; $18.68 per square foot for class B office space; $20.61 per square foot for class C office space.

2024 Office Vacancy Rates in Indianapolis

Submarket Asking Rents Vacancy Rates
Downtown $30.26 19.42%
Carmel - Meridian Corridor $28.67 19.23%
Keystone $24.22 26.01%
College Park $21.14 18.01%
Castleton $20.34 30.69%
Fishers $20.01 12.67%
Park 100 $19.08 28.94%
South $18.06 10.49%
West $17.59 9.62%
East $17.23 14.96%
Midtown - Uptown $16.87 21.60%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Indianapolis market was 22.29% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Indianapolis was 9.62% in the West submarket, while the highest office vacancy in the market was 30.69%, recorded in Castleton.

Office Spaces for Rent in Indiana

Indianapolis Office Sale Price per SF

  • $87.512024 Avg. Price per SF
  • -31.38%Y-o-Y Avg. PpSF Change
  • $80M2024 Office Sales Volume
  • 122024 Number of Transactions

Indianapolis, IN Sale Price per SF Trend

  • Indianapolis Avg. Sale Price per SF in 2024$87.51
  • Indiana Avg. Sale Price per SF in 2024$89.97
Indianapolis office space cost in 2024 marked a -31.38% change compared to the previous year. The sale price for office space in Indianapolis averaged $87.51 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Indiana average office sale price during the same time period was $89.97 per square foot.

2024 Office Sales Volume

  • Indianapolis, IN Total Office Sales Volume in 2024 $80M
  • Indianapolis, IN Total Number of Office Sales Closed in 2024 12
A total of 12 deals closed on the Indianapolis office market in 2024, adding up to a yearly sales volume of $80M. Notably, the largest transaction on the market saw Commerce Park North change hands for $11,500,000 on 2/12/2024.

Largest Indianapolis Office Sales in 2024

Property name Address Date Price
Commerce Park North 8650 Commerce Park Place 2/12/2024 $11,500,000
Castle Creek VI 5975 Castle Creek Pkwy North Drive 1/9/2024 $11,000,000
Castle Creek IV 5875 Castle Creek Pkwy North Drive 1/9/2024 $11,000,000
Buick, The 1302 North Meridian Street 5/10/2024 $9,100,000
INTECH Ten 6640 Intech Blvd 7/12/2024 $8,900,000
Data provided by Commercial Edge

Coworking Spaces in Indiana

2024 Office Construction in Indianapolis, IN

  • Indianapolis, IN Total SF completed in 2024 446,541
  • Indianapolis, IN Total SF under construction in 2025 322,442

During 2024, 446,541 square feet of new office space were delivered across the market. At the close of 2024, the Indianapolis office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 446,541 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 322,442 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Indianapolis
Office building Address SF Completed
2160 W 86th 2160 West 86th Street, 46260 62,000 2024
1840 North Meridian Street 1840 North Meridian Street, 46202 40,000 2024
Parkside at Tarkington 3901 North Meridian Street, 46208 44,828 2023
1411 Roosevelt Avenue 1411 Roosevelt Avenue, 46201 90,346 2020
8511 Madison Ave 8511 Madison Ave, 46227 8,970 2020
6311 Westfield Blvd 6311 Westfield Blvd, 46220 65,305 2019
2150 N Illinois St 2150 N Illinois St, 46202 10,000 2019
Walker Place at River North 8940 River Crossing Blvd, 46240 55,000 2017
Crosspoint Corner 10 9761 Crosspoint Blvd, 46256 11,500 2017
Larris Place 5445 Lafayette Road, 46254 6,823 2016

Worth noting among recent office completions on the Indianapolis market is 2160 W 86th, which is currently the largest new office development in the city, at 62,000 square feet.

Data provided by Commercial Edge

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Indianapolis 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.