Indianapolis, IN Office Overview
Indianapolis is home to a population of nearly 900,000 residents, and is the economic hub of the greater Indianapolis metropolitan region, which encompasses nearly 2 million people. The state capital of Indiana is also a consolidated city-county administrative unit, which can at times translate into a more streamlined business environment.
Driven in large part by the health care and insurance industries, the city’s economy yields a gross annual product in excess of $100 million. Top producing industries in the city also include real estate, rental, and leasing, manufacturing, professional and business services, and wholesale trade.
Indianapolis, IN Office Inventory Description
As of mid-2017, the Greater Indy market encompassed over 36 million square feet of office space in properties larger than 50,000 square feet. In addition to the health care and insurance industries, financial services, manufacturing and education also drive a significant portion of activity and demand on the local market. More than 43% of the office space in Indianapolis is Class A, while Class B value-add investment opportunity properties accounts for 55% of inventory.
Though Downtown Indianapolis is a naturally attractive part of town for office users, the submarket is not yet over-dense, as is generally the case with a metro central business district. Office use zones are more or less evenly distributed throughout the city, which brings an additional balance to the local business environment.
The Castleton neighborhood, located in North Indianapolis, boasts two rich office corridors: along Interstate 69 and Interstate 465. The submarket is poised to continue growing within its corridor triangle region. Notable properties include 9800 Crosspoint Boulevard, the Castleton Park Building projects, and the One Concourse office building on Crosspoint Boulevard.
College Park is another growing North Indianapolis subdivision, with larger office properties located mainly along Michigan Road.
Indianapolis, IN Commercial Inventory Breakdown
Office Spaces
Total: 39,600,070 SF
By square footage range:
- 50k to 100k SF: 13,572,554 SF / 34.27% of total office
- 100k to 500k SF: 22,513,007 SF / 56.85% of total office
- 500k to 1M SF: 3,514,509 SF / 8.88% of total office
By class:
- Class A: 16,004,849 SF / 40.42% of total office
- Class B: 21,330,756 SF / 53.87% of total office
- Class C: 887,190 SF / 2.24% 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 |
| 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 |
| Market Square Center | 151 North Delaware Street, 46204 | 420,492 | 1975 |
| 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 |
Most Recently-Built Office Buildings
in Indianapolis
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 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 |
| The Center | 6320 Intech Way, 46278 | 107,446 | 2017 |
| Roche Diagnostics - Building E | 9115 Hague Road, 46256 | 87,135 | 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 |
| Marietta on Mass Ave | 350 Massachusetts Avenue, 46204 | 30,000 | 2016 |
| Indiana Univeristy School of Medicine Campus - Regenstrief Headquarters | 1101 West 10th Street, 46202 | 80,000 | 2015 |
| The Post at Ft. Harrison | 9165 Otis Avenue, 46216 | 37,082 | 2015 |
Indianapolis, IN Green Office Space
The 2017 National Green Building Adoption Index looked at office properties in the largest U.S. metros and listed the top 30 greenest in the country, by percentage of green office space out of total inventory. This report found that the percentage of green certification has increased from just under 5% in 2005 to nearly 40%, in mid-2017. The survey looked at EPA Energy Star-rated properties, USGBC LEED-certified buildings, as well as otherwise-compliant developments.
While the Indiana state capital did not make the top 30, ongoing development of green buildings throughout the metropolitan area are an attractive aspect to modern-minded office space seekers, both national and global.
The One River Crossing office building at 3815 River Crossing Parkway is just one example of local sustainability oriented construction practices. Built in 1999, this 121,480-square-foot Class A office property has earned a LEED Silver certification.
The 2017 National Green Building Adoption Index looked at office properties in the largest U.S. metros and listed the top 30 greenest in the country, by percentage of green office space out of total inventory. This report found that the percentage of green certification has increased from just under 5% in 2005 to nearly 40%, in mid-2017. The survey looked at EPA Energy Star-rated properties, USGBC LEED-certified buildings, as well as otherwise-compliant developments.
While the Indiana state capital did not make the top 30, ongoing development of green buildings throughout the metropolitan area are an attractive aspect to modern-minded office space seekers, both national and global.
The One River Crossing office building at 3815 River Crossing Parkway is just one example of local sustainability oriented construction practices. Built in 1999, this 121,480-square-foot Class A office property has earned a LEED Silver certification.
Indianapolis, IN's Top Office-Using Sectors
A diverse mixture of business and industry, including high-technology, manufacturing, and education, contributes to the robust demand for office space in city.
- High technology – the high-tech sector is one of the fastest growing in the city, 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, drive a fair share of the commercial real estate demand in town;
- Corporate Offices – companies such as CNO Financial Group, Simon Property Group, Republic Airways, Dow AgroSciences, and Roche Diagnostics are among the city’s largest white-collar employers and office space users.
FREQUENTLY ASKED QUESTIONS
How much does office space cost in Indianapolis, IN?
The average office rental rate in Indianapolis, IN is $19.15 per square foot. Asking prices vary based on the property’s location, overall rating, amenities, proximity to restaurants, cafes and entertainment venues, as well as public transport, airports and highways.
What is the size of available office spaces in Indianapolis, IN?
The Indianapolis, IN office market can accommodate various businesses, sporting a range of office space availabilities. The average size of office space availabilities is 93,325 square feet. If you’re just starting out as a company or as an entrepreneur, the smallest available office space in Indianapolis, IN is 150 square feet, while the maximum rentable space on the market now is 186,500 square feet.
How do I get office space in Indianapolis, IN?
Start your search for office space in Indianapolis, IN by using our filters that allow you to find the best space for your business needs. Filter listings by location, property size, available space or lease rate. Property pages will offer details about an office building’s rating, year built, availabilities, price per square foot and more. After drawing up a shortlist, make sure you contact the listed broker(s) to schedule a viewing and begin the negotiation process for your lease contract.
How many office listings are available in Indianapolis, IN?
There are 518 office listings on the Indianapolis, IN market.
Indianapolis Demographics
Population
- Total Population857,637
- Male Population(48.2 %) 413,806
- Female Population(51.8 %) 443,831
- Median Age34.20
Income/Financial
- Average Household Income$65,566
- Median Household Income$46,442
- Median Income Under 25$26,667
- Median Income 25-44$48,035
- Median Income 45-64$54,714
- Median Income Over 65$38,170
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