2023 Office Space Rent & Sales
- $24.31 2023 Avg. Asking Rent
- 11.25% 2023 Office Vacancy Rate
Carmel office price per square foot in 2023 was $24.31 on average. The local office market recorded an average vacancy rate of 11.25% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Indiana Class A & A+ Office Space$24.47
- Indiana Class B Office Space$18.61
- Indiana Class C Office Space$19.83
Carmel, IN Office Asking Rents by Class
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Coworking Spaces in Indiana
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2023 Office Construction in Carmel, IN
- Carmel, IN Total SF completed in 2023 132,138
- Carmel, IN Total SF under construction in 2024 72,000
During 2023, 132,138 square feet of new office space were delivered across the market. At the close of 2023, the Carmel office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 132,138 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 72,000 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Monon and Main | 211 W. Main St. , 46032 | 34,406 | 2018 |
| Monon & Main | 211 W Main St, 46032 | 34,406 | 2018 |
| Monon & Main | 211 W Main St, 46032 | 34,406 | 2018 |
| St. Vincent Carmel Women's Center | 13420 North Meridian Street, 46032 | 85,847 | 2014 |
| City Center at Penn | 1320 City Center Dr, 46032 | 142,000 | 2007 |
| Meridian B | 12188 B North Meridian Street, 46032 | 88,887 | 2007 |
| North Meridian A | 12188 A North Meridian Street, 46032 | 84,332 | 2005 |
| Hamilton Crossing VI | 13085 Hamilton Crossing Blvd, 46032 | 180,000 | 2003 |
| Carmel Physicians Surgery Center | 13421 Old Meridian Street, 46032 | 50,726 | 2003 |
| Hamilton Crossing V | 13000 North Meridian Street, 46032 | 43,054 | 2003 |
Worth noting among recent office completions on the Carmel market is Monon and Main, which is currently the largest new office development in the city, at 34,406 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Carmel commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.