Indianapolis Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $20.84 2023 Avg. Asking Rent
  • 21.70% 2023 Office Vacancy Rate
  • $121.2M2023 Total Office Sales
  • $147.01Avg. Sale Price/SF

Indianapolis office price per square foot in 2023 was $20.84 on average. The local office market recorded an average vacancy rate of 21.70% across all asset classes combined. The 16 transactions that closed here throughout 2023 amounted to a total sale volume of $121.2M. Indianapolis office space commanded an average sale price per square foot of $147.01.

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

  • Indianapolis Class A & A+ Office Space$26.36
  • Indianapolis Class B Office Space$18.99
  • Indianapolis Class C Office Space$17.89
  • Indiana Class A & A+ Office Space$24.47
  • Indiana Class B Office Space$18.61
  • Indiana Class C Office Space$19.83

Indianapolis, IN Office Asking Rents by Class

Average office rent in Indianapolis rested at $20.84 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Indianapolis averaged $26.36 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.99 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.89 per square foot, on average. Comparably, statewide Indiana average office rents by class in 2023 were: $24.47 per square foot for class A office space; $18.61 per square foot for class B office space; $19.83 per square foot for class C office space.

2023 Office Vacancy Rates in Indianapolis

Submarket Asking Rents Vacancy Rates
East $25.57 2.01%
Keystone $24.40 28.58%
Fishers $24.20 21.56%
Downtown $23.79 19.59%
Carmel - Meridian Corridor $23.44 18.38%
Park 100 $19.69 26.09%
Castleton $19.11 28.46%
South $19.02 9.12%
College Park $18.76 13.76%
West $17.20 18.18%
Midtown - Uptown $16.39 15.69%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Indianapolis market was 21.70% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Indianapolis was 2.01% in the East submarket, while the highest office vacancy in the market was 28.58%, recorded in Keystone.

Office Spaces for Rent in Indiana

Indianapolis Office Sale Price per SF

  • $147.012023 Avg. Price per SF
  • $121.2M2023 Office Sales Volume
  • 162023 Number of Transactions

Indianapolis, IN Sale Price per SF Trend

  • Indianapolis Avg. Sale Price per SF in 2023$147.01
  • Indiana Avg. Sale Price per SF in 2023$149.07
The sale price for office space in Indianapolis averaged $147.01 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Indiana average office sale price during the same time period was $149.07 per square foot.

2023 Office Sales Volume

  • Indianapolis, IN Total Office Sales Volume in 2023 $121.2M
  • Indianapolis, IN Total Number of Office Sales Closed in 2023 16
A total of 16 deals closed on the Indianapolis office market in 2023, adding up to a yearly sales volume of $121.2M. Notably, the largest transaction on the market saw 8711 at River North change hands for $18,000,000 on 9/7/2023.

Largest Indianapolis Office Sales in 2023

Property name Address Date Price
8711 at River North 8711 River Crossing Blvd 9/7/2023 $18,000,000
6330 Digital Way 6330 Digital Way 1/13/2023 $12,585,130
841 East 64th Avenue 841 East 64th Avenue 3/9/2023 $9,250,000
Lakefront at Keystone - Lakefront 9 3685 Priority Way South Drive 6/26/2023 $8,419,910
Walker Plaza 719 Indiana Avenue 10/12/2023 $7,200,000
Data provided by Commercial Edge

Coworking Spaces in Indiana

2023 Office Construction in Indianapolis, IN

  • Indianapolis, IN Total SF under construction in 2024 235,000
Largest Office Properties Recently Completed in Indianapolis
Office building Address SF Completed
1840 North Meridian Street 1840 North Meridian Street, 46202 40,000 2024
1351 Roosevelt Avenue 1351 Roosevelt Avenue, 46202 33,478 2024
Crosspoint Corner 9759 Crosspoint Blvd, 46256 5,600 2023
1411 Roosevelt Avenue 1411 Roosevelt Avenue, 46201 90,346 2020
6311 Westfield Blvd 6311 Westfield Blvd, 46220 65,305 2019
2150 N Illinois St 2150 N Illinois St, 46202 10,000 2019
Crosspoint Corner 10 9761 Crosspoint Blvd, 46256 11,500 2017
Larris Place 5445 Lafayette Road, 46254 6,823 2016
Woodland Corporate Park VII 7676 Interactive Way, 46278 119,000 2015
5724 Birtz Rd 5724 Birtz Rd, 46216 19,096 2015

Worth noting among recent office completions on the Indianapolis market is 1840 North Meridian Street, which is currently the largest new office development in the city, at 40,000 square feet.

Data provided by Commercial Edge

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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 Indianapolis 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.