Indianapolis office market report

Q1 2024

Indianapolis' office market in Q1 saw a slight increase in leasing activity and a decrease in availability compared to the end of 2023; contrary to other Midwest markets. Certain suburban areas like the Carmel submarket continued to perform well with high rental rates and extremely low vacancy. Office sales activity continued to decline, influenced by both investor sentiment and prevailing economic conditions.

473k sf

Total leasing activity in Q1 2024

Total annual leasing activity has grown consistently over the past three years. Total activity in Q1 2024 was 19% higher than Q1 of last year. Q1 leasing has increased every year since since 2020.

$301M

Total dollar volume of office building sales since 2022

Capital markets activity for office buildings has come to a standstill. Total dollar volume of sales for the past 9 quarters represents only 63% of the total in 2021 alone. Price per square foot has declined but not as significantly as in major gateway markets.

860k sf

Sublet availability across the market

This amount has decreased for two straight quarters.

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