2024 Office Space Rent & Sales
- $31.28 2024 Avg. Asking Rent
- 16.50% 2024 Office Vacancy Rate
Carmel office price per square foot in 2024 was $31.28 on average. The local office market recorded an average vacancy rate of 16.50% 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
2024 Average Office Rent per Square Foot
- Indiana Class A & A+ Office Space$25.33
- Indiana Class B Office Space$18.68
- Indiana Class C Office Space$20.61
Carmel, IN Office Asking Rents by Class
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Coworking Spaces in Indiana
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2024 Office Construction in Carmel, IN
- Carmel, IN Total SF completed in 2024 67,200
- Carmel, IN Total SF under construction in 2025 91,350
During 2024, 67,200 square feet of new office space were delivered across the market. At the close of 2024, the Carmel office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 67,200 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 91,350 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 |
| 580 East Carmel Drive | 580 East Carmel Drive, 46032 | 30,430 | 2015 |
| 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 |
| Monon & Main | 240 W Main St, 46032 | 2,292 | 2006 |
| North Meridian A | 12188 A North Meridian Street, 46032 | 84,332 | 2005 |
| 811 W Main Street | 811 W Main St, 46032 | 12,374 | 2005 |
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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.