Indianapolis office market report

Q2 2022

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.

110 bps

Vacancy rate

Overall vacancy increased at the end of the second quarter 2022, recorded at 25.7%, up 110 basis points from the prior quarter.

Tenant activity

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. 

150 bps

Unemployment rate

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.

-502,255 sf

Net absorption

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.


Job market

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. 

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