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Indianapolis office market at a glance…

• After a slow end to 2017, the Indianapolis office market started off 2018 with a bang. The metro posted 170,000 square feet of occupancy growth in Q1 2018, the highest amount of growth in a single quarter in almost two years! Thanks to this growth, the vacancy rate dropped by 40 basis points in the last three months.

• Investors continue to be drawn to Indianapolis. Five sales occurred during the quarter. The two largest sales featured buyers making their first foray into the local office market. Look for investor interest to remain high throughout the year as several offerings are about to trade hands or be brought to market.

• Rental rates continued there upward trend this year, rising by 1.4 percent in the past 12 months. New ownership and new construction is still pushing up rates, with some buildings nearing the $30 per square foot mark.

Source: JLL Research

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