Office Rental Market
- $20.10 2019 Avg. Asking Rent
- 12.86 % 2019 Avg. Vacancy Rate
- 0 2019 Office Completions (Sqft)
- 369,000 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Indianapolis Class A Office Buildings$23.52
- Indianapolis Class B Office Buildings$18.66
- Indianapolis Class C Office Buildings$16.29
- IN Class A Office Buildings$23.93
- IN Class B Office Buildings$18.96
- IN Class C Office Buildings$17.24
Indianapolis, IN Office Asking Rents by Class
Office asking rents vary across the Indianapolis office market depending on several factors, one of which is property class. While rents for Class A office buildings in Indianapolis averaged $23.52 per square foot in 2019, Class B office properties garnered average rental rates of $18.66 per square foot. Rental rates for Class C office property in Indianapolis averaged $16.29 per square foot. On a statewide level, Class B office space rents averaged $18.96 per square foot, while rents for Class A office space across Indiana averaged $23.93 per square foot. On average, Class C office properties in Indiana commanded rents of $17.24 per square foot.
2019 OFFICE VACANCY RATES
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Keystone | $23.06 | 6.77 % |
| Carmel - Meridian Corridor | $21.79 | 10.92 % |
| Downtown | $21.50 | 8.45 % |
| Fishers | $21.15 | 14.22 % |
| Park 100 | $20.85 | 15.37 % |
| South | $20.35 | 6.12 % |
| Castleton | $18.37 | 9.62 % |
| College Park | $17.94 | 12.32 % |
| West | $17.77 | 9.31 % |
| Midtown - Uptown | $16.48 | 13.67 % |
- The lowest office vacancy rate in 2019 in Indianapolis was 6.12 % in the South submarket, where asking rents averaged $20.35.
- The highest office vacancy rate in 2019 in Indianapolis was 15.37 % in the Park 100 submarket, where asking rents averaged $20.85.
OFFICE CONSTRUCTION IN Indianapolis, IN
- Indianapolis, IN Total Sqft completed in 2019 0
- Indianapolis, IN Total Sqft under construction in 2020 369,000
| Building name | Address | Total Sqft | Year built |
|---|---|---|---|
| Salesforce Tower | 27 East Ohio Street, 46204 | 957,667 | 1989 |
| Regions Tower | 211 North Pennsylvania Street, 46204 | 705,292 | 1971 |
| OneAmerica Tower | 1 American Sq, 46282 | 691,769 | 1982 |
| PNC Center | 101 West Washington Street, 46204 | 636,550 | 1976 |
| Market Tower | 10 West Market Street, 46204 | 515,000 | 1988 |
| BMO Plaza | 135 North Pennsylvania Street, 46204 | 442,000 | 1988 |
| Simon Headquarters | 225 West Washington Street, 46204 | 350,000 | 2006 |
| 101 West 103rd Street | 101 West 103rd Street, 46290 | 348,250 | 1994 |
| 300 North Meridian | 300 North Meridian Street, 46204 | 336,000 | 1989 |
| 500 & 550 North Meridian Street | 500 North Meridian Street, 46204 | 334,506 | 1975 |
| Office building | Address | Sqft | Completed |
|---|---|---|---|
| Innovation 1 at 16 Tech | 1220 Waterway Blvd, 46202 | 120,000 | 2020 |
| 8711 at River North | 8711 River Crossing Blvd, 46240 | 78,000 | 2020 |
| Eye Surgeons of Indiana Headquarters | 9202 North Meridian Street, 46260 | 50,000 | 2018 |
| 301 East Market Street | 301 East Market Street, 46204 | 174,000 | 2017 |
| Roche Diagnostics - Building E | 9115 Hague Road, 46256 | 111,151 | 2017 |
| The Center | 6320 Intech Way, 46278 | 107,446 | 2017 |
| Walker Information Headquarters | 8940 River Crossing Blvd, 46240 | 57,228 | 2017 |
| 9115 Hague Road | 9115 Hague Road, 46256 | 111,151 | 2017 |
| Roche Diagnostics - Building B | 9115 Hague Road, 46256 | 222,033 | 2016 |
| River North at Keystone - 8801 River Crossing Blvd | 8801 River Crossing Blvd, 46240 | 102,000 | 2016 |
Office Spaces for Rent in Indiana
INDIANAPOLIS OFFICE SALES TRENDS
- $124.022019 Avg. Price per Sqft
- 20.12 %Y-o-Y Avg. PpSF Change
- $384.3M2019 Office Sales Volume
- 212019 Number of Transactions
In 2019, office sales in Indianapolis averaged $124.02 per square foot. This marked a 20.12 % increase in office price per square foot, compared to the previous year. A total of 21 office sales closed on the Indianapolis office market in 2019, amounting to a total sales volume of $384.3M.
Average Office Sale Price per Sqft
Indianapolis, IN Sales Trends
- Indianapolis Price per Sqft$124.02
- Indiana Price per Sqft$117.46
Office Sales - Trend and Volume
- Indianapolis, IN Total Office Sales Volume in 2019 $384.3M
- Indianapolis, IN Total Number of Office Sales Closed in 2019 21
Largest Indianapolis Office Sales in 2019
| Property name | Address | Date | Price |
|---|---|---|---|
| Keystone at the Crossing - 8888 Keystone Crossing | 8888 Keystone Crossing | 7/9/2019 | $63,090,000 |
| Keystone at the Crossing - 8900 Keystone Crossing | 8900 Keystone Crossing | 7/9/2019 | $43,948,000 |
| Keystone at the Crossing - 9100 Keystone Crossing | 9100 Keystone Crossing | 7/9/2019 | $31,434,000 |
| Keystone at the Crossing - 9200 Keystone Crossing | 9200 Keystone Crossing | 7/9/2019 | $27,043,000 |
| Shadeland Station Office Park - 7240 & 7330 Shadeland Station Way | 7240 Shadeland Station Way | 8/8/2019 | $23,300,000 |
See trends for nearby markets
The Indianapolis office market contains an inventory of 41,932,880 square feet of office space, in 585 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.