Indianapolis Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Indianapolis is $23.62 per square foot, 0.71% lower compared to the previous year.
  • The average sale price for office space in Indianapolis is $70.19 per square foot, marking an increase of 8.52% compared to 2024.
  • The market’s vacancy rate stands at 18.83%, higher than the state average of Indiana, which is 15.90%.
  • Renting Class A/A+ office space here costs $29.25 per square foot, while Class B averages $18.81 and Class C stands at $18.54.

2025 Office Space Rent & Sales

  • $23.62 2025 Avg. Asking Rent
  • -0.71% Y-o-Y Avg. Asking Rent Change
  • 18.83% 2025 Office Vacancy Rate
  • $136.7M2025 Total Office Sales
  • $70.19Avg. Sale Price/SF

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

Average asking rents for office space here stand at $23.62 per square foot. The local office market recorded an average vacancy rate of 18.83% in 2025, unchanged from 18.83% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $136.7M across 17 sales. These transactions commanded an average sale price per square foot of $70.19.

Indianapolis, IN Office Asking Rents by Class

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

  • Avg. Asking Rent Class A & A+$29.25
  • Avg. Asking Rent Class B$18.81
  • Avg. Asking Rent Class C$18.54

The average asking rent for Class A and A+ office space stood at $29.25 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Indianapolis averaged $18.81 per square foot, while the average for Class C space was $18.54 per square foot.

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.

Indianapolis, IN Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in Indianapolis was South at 2.19%. Meanwhile, the highest office vacancy rate in the market was 32.66%, recorded in Castleton.
Submarket Asking Rents Vacancy Rates
Downtown $28.96 18.98%
East $28.00 17.72%
Carmel - Meridian Corridor $25.31 15.33%
Fishers $25.20 13.26%
Keystone $23.82 18.23%
South $22.48 2.19%
West $20.88 12.20%
College Park $19.79 19.71%
Castleton $19.72 32.66%
Midtown - Uptown $16.81 15.64%
Park 100 $15.99 26.18%
Data provided by Yardi Research

Explore Top Office Markets in Indiana

2025 Office Sales Volume

  • $70.192025 Avg. Price per SF
  • 8.52%Y-o-Y Avg. PpSF Change
  • $136.7M2025 Office Sales Volume
  • 172025 Number of Transactions

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

Average sale prices for office space in this market recorded a +8.52% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $70.19 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.

Indianapolis, IN Sale Price per SF Trend

  • Indianapolis Avg. Sale Price per SF in 2025$70.19
  • Indiana Avg. Sale Price per SF in 2025$71.88

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

The local office market recorded 17 deals in 2025, adding up to a yearly sales volume of $136.7M.

  • Indianapolis, IN Total Office Sales Volume in 2025 $136.7M
  • Indianapolis, IN Total Number of Office Sales Closed in 2025 17

What were the largest office building sales in Indianapolis in 2025?

The market’s largest transaction last year was the sale of 240 North Meridian Street for $46,695,850 on 1/8/2025.
The next-highest sale was the transaction involving 130 East Washington, which traded for $9,310,000. The third-largest transaction was the sale of North Meridian Professional Center for $8,987,000.

Property name Address Date Price
240 North Meridian Street 240 North Meridian Street 1/8/2025 $46,695,850
130 East Washington 130 East Washington Street 1/3/2025 $9,310,000
North Meridian Professional Center 8801 North Meridian Street 12/11/2025 $8,987,000
500 Place 501 Indiana Avenue 3/25/2025 $6,900,000
Two Metroplex 8383 Craig Street 5/30/2025 $4,600,000
Data provided by Yardi Research

2025 Office Construction in Indianapolis, IN

  • Indianapolis, IN Total SF completed in 2025 220,000

How much office space was built in Indianapolis in 2025?

220,000 square feet of new office space was delivered across the market in the previous year. New construction included 1 properties, with an average new property size of 220,000 square feet.

What are the largest recent office completions in Indianapolis?

The largest recent office completion here is Bottleworks District at 162,280 square feet, completed in 2021. The next largest completions are Woodland Corporate Park VII and 1411 Roosevelt Avenue.

Office building Address SF Completed
2160 W 86th 2160 West 86th Street, 46260 62,000 2024
Parkside at Tarkington 3901 North Meridian Street, 46208 44,828 2023
Bottleworks District 906 Carrollton Avenue, 46202 162,280 2021
1411 Roosevelt Avenue 1411 Roosevelt Avenue, 46201 90,346 2020
2150 N Illinois St 2150 N Illinois St, 46202 10,000 2019
Crosspoint Corner 10 9761 Crosspoint Blvd, 46256 11,500 2017
2301 N Meridian Street 2301 N Meridian Street, 46208 10,122 2016
525 Massachusetts Ave 525 Massachusetts Ave, 46204 2,426 2016
Woodland Corporate Park VII 7676 Interactive Way, 46278 119,000 2015
5724 Birtz Rd 5724 Birtz Rd, 46216 19,096 2015
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.