Indianapolis, IN Office Overview
Indianapolis’ office market includes the Central Nora, Northern Hills, and Park Meridian office submarkets. With a metropolitan population of nearly 2 million people, the metro area commercial real estate market is driven in large part by the health care and insurance industries, creating a strong demand for Class A Indianapolis white-collar office space.
As of mid-2017, the Greater Indianapolis office market encompasses over 36 million square feet of existing office space in properties larger than 50,000 square feet. As the capital of Indiana and the largest city in the State, the area's diversified economy results in a robust demand for office space.
Indianapolis, IN Office Inventory Description
In addition to the health care and insurance industries, financial services, manufacturing and education also contribute heavily to the demand for commercial real estate in Indianapolis. With a gross metropolitan product of over $118 billion annually, there is constant demand for white-collar office space in the Indianapolis metro area. Over 43% of the office space in Indianapolis is Class A or A+, while Class B office inventory adds another 55% of inventory to the office market.
The Castleton office submarket in Indianapolis sees consistently high demand for white-collar Class A office space. Located along both I-69 and I-465 this neighborhood is home to prime office buildings such as 9800 Crosspoint Boulevard, the Castleton Park Building projects, and the One Concourse office building on Crosspoint Boulevard.
Indianapolis, IN Commercial Inventory Breakdown
Office Spaces
Total: 36,759,277 SF
By square footage range:
- 50k to 100k SF: 11,753,230 SF / 31.97% of total office
- 100k to 500k SF: 21,492,391 SF / 58.47% of total office
- 500k to 1M SF: 3,513,656 SF / 9.56% of total office
By class:
- Class A+: 957,667 SF / 2.61% of total office
- Class A: 14,977,113 SF / 40.74% of total office
- Class B: 20,095,252 SF / 54.67% of total office
- Class C: 613,245 SF / 1.67% of total office
Top 10 Largest Office Buildings
in Indianapolis
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Salesforce Tower | 27 East Ohio Street, 46204 | 957,667 | 1989 |
| Regions Tower | 211 North Pennsylvania Street, 46204 | 705,292 | 1971 |
| The OneAmerica Tower | 1 American Square, 46282 | 700,000 | 1982 |
| PNC Center | 101 West Washington Street, 46204 | 635,697 | 1976 |
| Market Tower | 10 West Market Street, 46204 | 515,000 | 1988 |
| BMO Plaza | 135 North Pennsylvania Street, 46204 | 442,000 | 1988 |
| Market Square Center | 151 North Delaware Street, 46204 | 420,492 | 1975 |
| 500 North Meridian Street | 500 North Meridian Street, 46204 | 400,000 | 1975 |
| The Pyramids Office Park | 3500 Depauw Blvd, 46268 | 361,261 | 1970 |
| Simon Headquarters | 225 West Washington Street, 46204 | 350,000 | 2006 |
Most Recently-Built Office Buildings
in Indianapolis
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Cummins Distribution Center | 301 East Market Street, 46204 | 174,000 | 2017 |
| Walker Information Headquarters | 8940 River Crossing Blvd, 46240 | 57,228 | 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 |
| Woodland Corporate Park - Building VII | 7676 Interactive Way, 46278 | 118,993 | 2015 |
| Indiana Univeristy School of Medicine Campus - Regenstrief Headquarters | 1101 West 10th Street, 46202 | 80,000 | 2015 |
| Two Concourse | 10194 Crosspoint Blvd, 46256 | 132,991 | 2014 |
| IU Health Neuroscience Center | 355 West 16th Street, 46202 | 270,000 | 2013 |
| Keystone Office Centre - 8335 Keystone Crossing | 8335 Keystone Crossing, 46240 | 80,699 | 2013 |
| Eskenazi Administration Building | 640 Eskenazi Avenue, 46202 | 273,479 | 2012 |
Indianapolis, IN Green Office Space
The 2017 National Green Building Adoption Index looked at office properties in 30 large U.S. metros and found that the percentage of green certification has increased from just under 5% in 2005 to approximately 38%, as of mid-2017. The survey looked an EPA Energy Star, LEED, and green building ratings.
While not yet ranking in the Top 30 Green Office Markets in the U.S., green office space in Indianapolis is growing, with seven LEED-certified projects in place and ongoing development of green buildings throughout the metropolitan area.
The One River Crossing office building at 3815 River Crossing Parkway in Indianapolis is an outstanding example of green building in Indianapolis. Built in 1999, this 121,480-square- foot Class A office property has a LEED Silver certification and is one of the few currently LEED- certified buildings in the metropolitan area.
Indianapolis, IN's Top Office-Using Sectors
A diverse mixture of business and industry including high-technology, manufacturing, and education all contribute to the robust demand for Class A office space in the Indianapolis IN commercial real estate market.
- High Technology – The high-tech sector is one of the fastest growing in Indianapolis, with companies such as Formstack, Genesys, and Salesforce Marketing Cloud attracted to the qualified work force in the city.
- Manufacturing – Pharmaceutical companies such as Eli Lilly, hydrocarbon manufacturer Calumet Specialty Products, and transmission manufacturer Allison Transmission all call Indianapolis home.
- Education – Higher education institutions such as Ball State, Butler University, and Indiana University-Purdue along with the business they attract help to drive demand for Class A office product in Indianapolis.
- Corporate Offices – The demand for white collar office space in Indianapolis also comes from a diverse mix of companies such as CNO Financial Group, Simon Property Group, Republic Airways, Dow AgroSciences, and Roche Diagnostics.
Indianapolis Demographics
Population
- Total Population841,449
- Male Population(48.2 %) 405,843
- Female Population(51.8 %) 435,606
- Median Age34.00
Income/Financial
- Average Household Income$59,003
- Median Household Income$41,987
- Median Income Under 25$24,876
- Median Income 25-44$43,880
- Median Income 45-64$49,118
- Median Income Over 65$34,981
- Babe Denny Demographics
- Beechler Estates Demographics
- Castleton Demographics
- Central Nora Demographics
- Chatham Arch and Mass Avenue Demographics
- College Commons Demographics
- College Park Demographics
- Devonshire Demographics
- East Avalon Hills Demographics
- Fletcher Place Demographics
- Herron - Morton Place Demographics
- Keystone at The Crossing Demographics
- Lake Maxinhall Estates Demographics
- North Meridian Demographics
- Northern Hills Demographics
- Northridge Demographics
- Park 100 Demographics
- Park Fletcher Demographics
- Park Meridian Demographics
- Quail Ridge Demographics
- Southern Springs Demographics
- Speights Demographics
- Sunset Heights Demographics
- Sycamore Run Demographics
- The Reserve at Springmill Demographics
- The Villages Demographics
- Westchester Estates Demographics
- Wholesale District Demographics
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Cities near Indianapolis, IN
Indianapolis, IN zip codes
- 46107 Office Space
- 46202 Office Space
- 46204 Office Space
- 46205 Office Space
- 46208 Office Space
- 46214 Office Space
- 46216 Office Space
- 46217 Office Space
- 46218 Office Space
- 46219 Office Space
- 46220 Office Space
- 46222 Office Space
- 46224 Office Space
- 46225 Office Space
- 46226 Office Space
- 46227 Office Space
- 46229 Office Space
- 46231 Office Space
- 46234 Office Space
- 46237 Office Space
- 46240 Office Space
- 46241 Office Space
- 46250 Office Space
- 46254 Office Space
- 46256 Office Space
- 46260 Office Space
- 46268 Office Space
- 46278 Office Space
- 46280 Office Space
- 46290 Office Space
- + More - Less
Neighborhoods
- Babe Denny Office Space
- Beechler Estates Office Space
- Castleton Office Space
- Central Nora Office Space
- Chatham Arch and Mass Avenue Office Space
- College Commons Office Space
- College Park Office Space
- Devonshire Office Space
- East Avalon Hills Office Space
- Fletcher Place Office Space
- Herron - Morton Place Office Space
- Keystone at The Crossing Office Space
- Lake Maxinhall Estates Office Space
- North Meridian Office Space
- Northern Hills Office Space
- Northridge Office Space
- Park 100 Office Space
- Park Fletcher Office Space
- Park Meridian Office Space
- Quail Ridge Office Space
- Southern Springs Office Space
- Speights Office Space
- Sunset Heights Office Space
- Sycamore Run Office Space
- The Highlands Office Space
- The Islands Office Space
- The Reserve at Springmill Office Space
- The Villages Office Space
- Westchester Estates Office Space
- Wholesale District Office Space
- + More - Less
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