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Indianapolis office market at a glance…

  • ​The year wrapped up with 540,000 square feet of new office space brought online, nearly three-quarters of which delivered this quarter. This is the greatest amount of new construction since the recession. 
  • As tenants moved into their new offices, they left behind large blocks of vacant space. This combined with a few other large tenants downsizing has increased the vacancy rate. This bump could be short lived, as several large leases signed this year will occupy space in early 2018.​
  • Asking rates continue to rise due to upgraded spaces, but the trend has trickled down to Class B buildings as well. Overall Class B rates increased by 4.6 percent since last year, and more specifically by 7.0 percent in the CBD.

Source: JLL Research

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