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Northeast Indy office inventory pushes into Fishers

• Historically, the Northeast office submarket was concentrated in the Castleton area of Indianapolis. But in the past two decades, the inventory has stretched up the I-69 corridor into Fishers. In fact, since 1990 all but two new construction projects have occurred north of 96th Street.

• This trend has accelerated recently with the redevelopment of Downtown Fishers and will continue into 2020. In the past few weeks alone, three developers have announced plans to build office product in the area.  This will add an additional 101,000 square feet of office space to the Downtown Fishers market.

• The demand for Fishers office space is evident in the asking rents they are able to command. Asking rents for office buildings north of 96th Street have risen by nearly $4.00 since Q2 2016- an increase of nearly 25.0 percent! The average asking rent for Fishers is $21.30 while the rate for the Northeast submarket overall is $20.26.

Source: JLL Research

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