Indianapolis office market report
The Indianapolis office market has seen positive momentum in terms of a continued decline to the unemployment rate and an increase in jobs added to the office sector, marking levels greater than pre-COVID. The overall vacancy increased to 25.7% at the end of the first quarter; however, tenant activity is on the rise as available space tours have picked up, which is a strong gauge to increased market activity.
Overall vacancy increased at the end of the second quarter 2022, recorded at 25.7%, up 110 basis points from the prior quarter.
Despite concerns around COVID and economic uncertainty, tenants continued to tour available space at a steady pace throughout the first half of 2022, a positive sign for the market.
The Indianapolis unemployment rate dropped 150 basis points from the prior year as of June 2022, down to 2.4%.
Back to office
Employers in the Indianapolis market have seen an increase in employee return-to-office, taking advantage of the variety of activities the CBD has to offer as the summer months swing into high gear.
A total of -502,255 sf of net absorption was recorded year-to-date at the end of the second quarter as tenants are still evaluating their true real estate needs.
The Indianapolis MSA office sector has increased jobs by 6.4% since the start of the pandemic, a strong indicator of the overall health of the market.
Your source for the latest Indianapolis office market reports
Get in-depth office market reports and insights from commercial real estate experts in the Greater Indianapolis area. Avison Young advisors look at Indianapolis commercial real estate activities and the latest Indianapolis statistics to provide you expert market research on Indianapolis' office properties.
Explore different topics like the latest office market pricing trends and analysis of Indianapolis' current office real estate market conditions. Gain a better understanding of Indianapolis' office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Indianapolis' competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Indianapolis.
The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.