Indianapolis office market report

Q3 2021

The Indianapolis MSA recently gained more jobs than the time just prior to the pandemic, although office-using jobs contracted by 4.9%. The office-using labor market has been slower to recover as the country attempts a return to the office, however positive trending toward pre-COVID levels is being observed. Recent announcements by some of the largest employers in Indianapolis concerning their return to office will add increased pressure to the office market, although several companies have revised execution dates amid Delta variant concerns.


Vaccination rate

Indianapolis vaccination rate of 48.7 percent far below national average, however full MSA rate of 53.5 percent on par with national trends.


Unemployment rate

Indianapolis’ employment has surged since the initial shock of the pandemic, and now has nearly 7,000 more employed than in February 2020.


Office-using employment

Change in office-using employment during pandemic. The office-using labor market has been slower to recover than overall employment, possibly due to lower-than U.S. average vaccination rates.


Vacancy rate

Indianapolis vacancy rate is a record high in terms of direct and total percentages; however, it did improve since the second quarter.


Asking rents

Landlords have not yet had large tenant considerations since the beginning of COVID, with increasing sublease space entering the market asking rents are expected to decline in the near-term.


Pricing since 2019

Investment activity has been near average since the start of the pandemic and is expected to remain relatively flat through 2022.

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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.

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