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Office asking rents continue to see annual growth

  • ​Indianapolis office rents have been on the rise since 2012. New construction and building renovations have largely contributed to this trend in the past few years, especially for Class A office product.

  • But by looking at the graph, we can see that the trend applies to Class B office product as well. Class B rates rose by 4.6 percent in the past 12 months. At the submarket level, CBD Class B rates grew by 7.0 percent and North Meridian/Carmel Class B rates increased by an astonishing 16.7 percent!

  • With additional building renovations under way and new construction coming online, office rents should continue to rise in the near future. However, once these projects wrap up, other market forces such as vacancy could play a larger role in setting rents.​

Source: JLL Research​

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