Distribution of available office space in Indy is shifting
At year-end 2018, there was 6.7 million square feet of office space available – or 20.2 percent of the Indianapolis office inventory.
February 25, 2019
- At year-end 2018, there was 6.7 million square feet of office space available – or 20.2 percent of the Indianapolis office inventory. But where is most of this space located?
- Half of the available space is located in the CBD or North Meridian/Carmel. This is unsurprising as these are Indianapolis’ two largest submarkets. However, the distribution of available space between them has shifted in the past 24 months.
- In 2016, the CBD accounted for nearly 40.0 percent of all available space. Now that is down to 31.7 percent. On the other hand, North Meridian/Carmel has seen availability rise from 11.7 percent to 19.1 percent in that same time frame.
- The other seven submarkets have seen their share of available space remain stable. Keystone has hovered around 14.0 percent, the Northwest at 12.0 percent, and the Northeast at 11.0 percent.
Source: JLL Research